Senior Financial Stability Experts (ESCB/IO) - Stress Test Modelling

General Information

• Type of contract: Short-term contract, which may be extended to up to 36 months subject to individual performance and organisational needs
• Contract end date: 31.07.2025
• Who can apply?: EU nationals working for national central banks of the ESCB, international governmental organisations or other employers performing central banking or banking supervision tasks within the framework of the Eurosystem
• Salary: F/G (bracket 2 - step 1) full time monthly net salary: €7,613 plus benefits, for further information see
• Working time: Full time
• Place of work: Frankfurt am Main, Germany
• Closing date: 08.09.2024

Your team

You will be part of the Stress Test Modelling Division in the Directorate General Macroprudential Policy and Financial Stability. Our Division has around 30 members of staff and is responsible for developing and maintaining the ECB models, infrastructure and systems that are used to perform stress test exercises, scenario-based analyses and sensitivity analyses, with a focus on macroprudential stress tests. Our stress testing models are used to analyse the interaction between macroprudential policy, financial stability and monetary policy, the interconnectedness of the euro area financial system, and the implications of climate change and systemic liquidity for financial stability.

You will contribute to the ECB part of the 2025 EU-wide stress test coordinated by the European Banking Authority (EBA), in particular the top-down, model-based part of the quality assurance process and related model-based macroprudential analyses and impact assessments. You will join one of the teams focusing on the modelling and quality assurance of credit risk or market risk submissions of banks or the team focusing on the system-wide analysis of banks’ submissions using a variety of analytical tools. 

The ECB is an inclusive employer and we strive to reflect the diversity of the population we serve. We encourage you to apply irrespective of age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics.

Your role

As a Senior Financial Stability Expert contributing to the 2025 EBA stress test, you will:

• run top-down stress testing tools and conduct quantitative sensitivity analyses;
• critically review bottom-up stress test results produced by banks by comparing them with top-down stress test results, and propose and coordinate top-down analyses of the results;
• run dynamic, macro/micro stress test models and analyse their results to provide a macroprudential perspective to the 2025 EU-wide stress test;
• develop new and refine existing impact assessment tools, including credit risk models, market and liquidity risk models, contagion models of linkages between the financial and non-financial sectors, and macro stress testing tools;
• provide support to junior colleagues;
• liaise with other stakeholders in the process, notably ECB Banking Supervision, national competent authorities and the EBA, and foster alignment between different views.

These positions offer you a unique opportunity to contribute to European financial stability and to learn from some of the best experts in the field of stress testing and macroprudential impact assessments. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.

Qualifications, experience and skills

Essential: 

• a master’s degree or equivalent in economics, finance or another relevant field (see How you can join us for details on degree equivalences);
• in addition to the above, a minimum of seven years’ professional experience at expert level in financial stability and macroprudential policy analysis;
• experience in stress testing, preferably in the development and/or implementation of top-down models;
• a working knowledge of one or more programming languages or statistical or econometric software packages (such as Stata, Python, Dynare, R, SQL and/or MATLAB);
• an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages.

Desired: 

• a PhD and a publication record in an area relevant to the work of the Division. 

You engage collaboratively with others. You pursue team goals and learn willingly from other people’s diverse perspectives. You signal any need for change by explaining it and proposing alternative solutions. You analyse complex information effectively and can evaluate different views to arrive at solutions. You know and anticipate stakeholder needs.

You are motivated to be part of our team and to develop and use your skills and competencies to achieve the aims of this position.

Working modalities

We would be happy to discuss a part-time arrangement for this role.

Further information

The contracts offered will be short-term ESCB/IO, the appointment being for six to nine months as of the exact starting date of the selected person, extendable to up to 36 months.

Candidates must have a contract of employment with their home institution for a period of at least one year beyond the duration of the ECB contract being offered.

For additional information on this specific vacancy, you can speak to the hiring manager, Costanza Rodriguez d’Acri, on +49 (0)69 1344 8474 between 16:00 and 18:00 on Monday, 2 September 2024, or between 13:00 and 14:30 on Wednesday, 4 September 2024.

Application and selection process

The recruitment process for this position will be conducted remotely. It will include an interview.

If you are not selected for this position but are still considered suitable, you will be placed on a reserve list (see step 4 of How we hire), from which you might be considered for similar positions within the ECB.

Find out how to apply for a position at the ECB. 

Read more about how you can join us.