European Stability Mechanism (ESM)

ESM HQ Luxembourg

Deadline for application: 29 July 2022

We are looking for a candidate studying towards (or recent graduate from) a Masters’ degree, PhD, or postdoctoral programme to assist our Economic and Market Analysis division which is part of the Chief Economist department. The aim of the traineeship is to provide promising young professionals an opportunity to understand how the European Stability Mechanism (ESM) works and contribute to its mission, while also pursuing their research interests.

The ESM is the permanent crisis resolution mechanism for the countries of the euro area. During the euro crisis, it launched six financial assistance programmes for five countries, providing financial support, monitoring repayment capacity, and engaging with partner institutions on programme design in areas of financial interest. As a policy institution, the ESM is also one of the big issuers of euro-denominated debt with a large global investor base. European leaders have agreed to an expanded mandate for the ESM, which it will implement next year. The ESM will act as the backstop for the Single Resolution Fund and have a stronger role in financial stability risk analysis and the design of policy measures in programmes jointly with the European Commission. 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 210 individuals 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.


During a six-month period , the trainee will closely collaborate with ESM colleagues and assist them in their duties or carry out an agreed research project in line with the division’s agenda.

The Economic and Market Analysis (EMA) Division focuses on the monitoring and analysis of aggregate and cross-country euro area macroeconomic and financial market trends and risks. EMA also monitors global developments to detect external risks to the euro area and engages regularly with experts in academia, peer institutions, and financial markets. The Division conducts policy-relevant research and is seeking support for analytical projects in international macroeconomics and sovereign bond markets, as well as assistance with regular monitoring work.


  • Candidate (or recent graduate under one year since graduation) for a Master’s Degree in economics or finance. PhD student within a year or two of completion with active student status; or postdoctoral candidate who recently completed her/his PhDs within maximum one year since graduation
  • Fluency in English, both oral and written


  • Strong analytical skills
  • Intellectual curiosity and eagerness to learn new topics
  • Proactive attitude and self-organised
  • Good collaboration and communication skills


  • Deadline for application: 29 July 2022
  • Expected start date: September/October 2022
  • Expected duration: at least six months
  • Competitive allowance granted

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.

Tags: covid, economist, financial assistance, financial stability, macroeconomics, market analysis, public sector, risk analysis, young professionals