European Stability Mechanism (ESM)
ESM HQ Luxembourg
Deadline for application: 18 November 2022
We are looking for experts and senior experts to support a team of financial economists and financial sector experts in the Financial Sector and Market Analysis division, part of the Chief Economist department of the European Stability Mechanism (ESM). The selected candidates will report to the Head of Financial Sector and Market Analysis division.
The Financial Sector and Market Analysis division analyses risk developments in the euro area financial sector and investigates macrofinancial interlinkages and policy implications for the euro area and its member states. The division follows the market activity of financial institutions (banks and non-bank financial institutions) and the related indicators to complement the fundamental macroanalyses with the market view. The risk analysis informs country-based monitoring of financial assistance programme and post-programme activities and assists other divisions in responding to financial assistance requests by estimating potential financing needs and sectoral weaknesses.
The successful candidates will be part of a team tasked with the development and integration of the existing analytical toolkit to detect risks stemming from the banking and overall financial sector and assess how economic and policy developments can affect the performance and riskiness of financial institutions and the financial sector of euro area countries. The selected candidates will also assist with the enhancement of a novel framework to detect financial stability risks, build scenario analysis, project financial metrics, and evaluate macrofinancial linkages. They will also support the team in the execution of its risk monitoring processes and in informing the ESM policy response in relevant fora. In addition, they will support country-specific teams in monitoring Beneficiary Member and non-Beneficiary Member states under the ESM’s Early Warning System by providing technical analysis and advice on the design and implementation of financial sector policies in programme countries.
The ESM is the permanent crisis resolution mechanism for euro area countries. It provides financial assistance to Members facing financing difficulties. European leaders have agreed to an expanded mandate for the ESM, which it will implement in the years ahead. The ESM will have a stronger role in the analysis of financial stability risks and design of policy measures in programmes, jointly with the European Commission; it will provide the Single Resolution Board with a financial backstop to support effective and orderly resolution of banks. In the context of the current Covid-19 crisis, the ESM has established a precautionary credit line as one important element in the joint European response to the pandemic.
The ESM is a unique place to work with around 220 individuals from around the world committed to making a difference to the future of the euro area. It recruits talented professionals of any nationality from both the private and public sector.
In support of the ESM’s Financial Sector and Market Analysis division, the selected candidates will:
- Serve as subject matter experts on banking and/or financial sector risks, financial stability, and macrofinancial linkages.
- Contribute to building and applying analytical tools and models that provide insight on economic and financial developments and risks in euro area countries and at the euro area level.
- Produce high-quality research on topics related to the ESM’s role as a crisis resolution organisation with specific focus on systemic and micro risks related to the banking and financial sector.
- Contribute to policy design and to the translation of analytical results into policy guidance.
- Produce notes and reports to support the ESM’s monitoring and analysis of economic and financial developments in member countries and the euro area as a whole.
- Support ESM’s interactions with the economic and research teams of peer organisations in the euro area and globally, in particular with the European Commission, the European Central Bank, and the International Monetary Fund, as well as researchers and analysts in academia and financial market institutions.
KEY BACKGROUND & EXPERIENCE
- Master’s degree, preferably in economics, finance, or econometrics. A relevant PhD would be an asset.
- A range of relevant work experience in the banking industry, and financial sector analysis from at least one year for officers and at least eight years for senior officers. For PhD holders, up to two years of relevant research work performed in the context of PhD studies can be considered as relevant work experience.
- A solid background in applied economics, research, statistics, modelling, and econometrics is required.
- Ideally, at least one year of practical experience in macrofinancial analysis using statistical software (e.g. R, Stata) for officer level and at least six years for senior officer level.
- Experience in analysing financial institutions’ performance with public databases (like SNL, FITCH Connect, Bloomberg and similar) and supervisory data would be an asset.
- Ability to transform data into compelling and influential written and oral arguments.
- Proven ability to draft technical documents and present information professionally and concisely.
- Experience working with cross-functional teams would be an asset.
- An academic publication track record would be an asset.
- Excellent oral and written English skills, additional languages are an asset.
- Analytical and problem-solving skills
- Critical and innovative thinking
- Rigour and attention to detail
- Communication and interpersonal skills
- Teamwork and collaboration oriented
- Resilience, flexibility, and adaptability
- Inclusiveness and respect to diversity
Duration: four-year fixed term contract, with possibility of extension.
The ESM aims to provide equal opportunity to all candidates irrespective of their gender, nationality, age, race, culture, education, religious beliefs, sexual orientation, or disability. To further enhance the diversity of our workforce, we particularly encourage women to apply.
Note 1: The ESM reserves the right to refrain from hiring, or to slightly modify job responsibilities, as needed,
Note 2: As a result of the selection process, please note that you may be placed on a ‘reserve list’ valid for a duration of six months during which you might be considered for a similar position with a similar level of requirements. Only those candidates who have been notified will be placed on the ‘reserve list’. After this period, you will need to apply again for our vacancies to be considered for a different selection process.