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: Insurance Sector Experts
Sector: Non Profit
Experience: Mid Career / Advanced
Deadline for application: 14 June 2022
We are looking for Insurance Sector Experts to join our dynamic and diverse team 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 macro analyses with the market view. The risk analysis informs country-based monitoring of financial assistance post-programme activities and assists other divisions in responding to financial assistance requests by estimating potential financing needs and sectoral weaknesses. Financial Sector and Market Analysis experts may participate in country missions as part of the post-programme monitoring framework.
The successful candidates will support the division in the development and execution of an enhanced risk-monitoring framework to detect systemic and non-systemic risks stemming from the insurance sector. They will assess how economic, policy, and regulatory developments can affect the performance and riskiness of insurance companies and the financial sector of euro area countries to inform the ESM policy responses. They will also participate in developing and maintaining the division’s analytical tools to support the analysis of insurance and financial sector risks. The selected candidates will participate in country monitoring activities under the ESM’s Early Warning System and contribute to the broader surveillance and analysis of the non-banking sector. They will also contribute to the research agenda of the division in cooperation with the other two divisions of the Chief Economist department.
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.
- Analyse the business profile of insurers and identify key drivers of their profitability, solvency, and market valuation.
- Analyse developments in the financial sector, particularly in the insurance sector, to identify risks to financial stability.
- Identify macro and financial factors affecting the insurance sector in specific countries and in the euro area as a whole through qualitative and quantitative analysis.
- Understand and analyse macrofinancial linkages and stress test results.
- Develop analytical tools to support the risk monitoring activity of the division.
- Participate in building a monitoring framework to analyse the links between the banking and non-banking sectors.
- Support the preparation of financial-sector policy notes for ESM governing bodies’ and senior management meetings.
KEY BACKGROUND & EXPERIENCE
- Advanced university degree, preferably in insurance, finance, or actuarial science. A relevant PhD would be an asset.
- At least four years of relevant professional experience in insurance sector analysis using public databases. 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.
- Thorough understanding of insurance sector analysis, including stress testing.
- Good experience in applied econometric/actuarial analysis and familiarity with modelling methods.
- Ability to draft technical documents and professional reports.
- Proven ability to present information professionally and concisely with supporting data.
- Experience in financial stability analysis would be a strong asset.
- Experience with Bloomberg, Reuters, or other data providers would be an asset.
- Diverse experience within the private sector and international financial institutions or other international organisations would be an asset.
- 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, any additional languages are an asset.
- Analytical and problem-solving skills
- Critical, innovative and strategic thinking
- Rigour and attention to detail
- Communication and interpersonal skills
- Teamwork and collaboration oriented
- Resilience, flexibility, and adaptability
- Inclusiveness and respect to diversity
Contract 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 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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