Apply for the ongoing European Stability Mechanism (ESM) Job Recruitment 2022 via our latest job vacancies & employment portal. This European Stability Mechanism (ESM) job opening is available to all qualified candidates.
The European Stability Mechanism (ESM) was set up as an international financial institution by the euro area Member States to help euro area countries in severe financial distress. It provides emergency loans but in return, countries must undertake reform programmes. Together with its predecessor, the European Financial Stability Facility (EFSF), it can lend a total of €700 billion.
With a paid-in capital of more than €80 billion, the ESM is one of the largest International Financial Institutions in the world. The ESM is the only official institution of the euro area. Combined with the EFSF, it has disbursed €250 billion in loans during the crisis, more than three times what the IMF disbursed globally during that period. It is one of the largest issuers of euro-denominated debt in the world. Based in Luxembourg, it has 220 staff members.
During Europe’s sovereign debt crisis, the ESM and the EFSF helped to hold the euro together. They lent money to Greece, Ireland, Portugal, Spain, and Cyprus. Without this help, some of these countries would have needed to leave the euro.
No taxpayer money is spent in ESM or EFSF assistance programmes. Both institutions obtain their funds in financial markets. Since they are financially backed by euro area countries, they can borrow money at very favourable rates. These are then passed on to programme countries.
The ESM replaces the EFSF, a temporary vehicle set up in 2010. The EFSF cannot enter new assistance programmes but continues to be active in the bond market to manage its debt.
Job Title: Experienced Financial Economists
Sector: Non Profit
Experience: Mid Career / Advanced
Deadline for application: 8 June 2022
We are looking for experienced Financial Economists to support our team of quantitative analysts, econometricians, 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 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 systemic risks stemming from the 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. They may also support country-specific teams in 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 210 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 perform the following tasks:
- Serve as subject matter experts on financial sector risks, financial stability, and macrofinancial linkages.
- Build and apply 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 risks, macrofinancial linkages, and related policies.
- 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.
- 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.
- Ideally, at least six years of practical experience in macrofinancial analysis using statistical software (e.g., R, Stata). 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.
- At least four years of relevant experience in banking industry analysis with a solid background in applied economics, research, statistics, modelling, and econometrics.
- 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.
Interested and qualified candidates should:
Click here to apply online
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