European Central Bank

Frankfurt, Germany


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You will join the Monetary Analysis Division in the Directorate General Monetary Policy. Our Division is responsible for monitoring and analysing monetary and financial developments in the euro area from a microeconomic and macroeconomic perspective, focusing on monetary and credit aggregates, as well as the financial accounts. We also monitor, analyse and conduct, from a monetary policy perspective, studies looking at the bank lending channel of monetary policy, including loans, lending rates and funding conditions, surveys on lending policies and individual bank information.

In your role as an economist in the Money, Credit and Financial Accounts Section, you will be one of 12 members of staff responsible for analysing and modelling money and credit dynamics through the business cycle and their implications for risks to price stability and asset prices. We analyse flows of funds, sectoral balance sheets and the debt levels of firms and households, also taking non-bank financing into account. We also monitor and analyse the bank interest rate pass-through and make regular contributions to staff projection exercises.

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 your gender, gender identity, ethnicity, sexual orientation, age, religion, disability or other characteristics.

Your Role

As an economist, you will:

  • assess the monetary policy transmission mechanism in the euro area, with a particular focus on the dynamics of money, credit, bank lending rates and the financial accounts;
  • contribute to a wide range of tasks related to the preparation for monetary policy decisions and monetary policy communication, such as preparing documents analysing money, credit and the financial accounts, briefing materials for members of the Executive Board and senior management in preparation for meetings of the ECB’s Governing Council, policy papers, speeches, empirical and conceptual studies, and various official publications;
  • carry out analytical work regarding financial intermediation, macro-financial linkages and the monetary policy transmission mechanism;
  • represent the Division in both internal and external fora.

This position will offer excellent opportunities to contribute to the assessment of the monetary policy transmission mechanism via money and credit flows (including flows from non-banks) and apply state-of-the-art econometric models to policy-relevant issues. 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


  • a master’s degree or equivalent in economics or another relevant field (for details of degree equivalences, see read more);
  • sound knowledge of statistical and econometric techniques for analytical purposes, particularly from a macroeconomic perspective;
  • experience in preparing policy-related briefing and analytical material;
  • a sound academic record in areas of applied macroeconomics or microeconomics that relate to the monetary policy transmission mechanism;
  • very good writing skills and the ability to draft well-structured notes in accordance with strict deadlines;
  • the ability to identify and address policy issues, and the ability to present analytical findings both in non-technical terms in dealings with policymakers and in technical terms at academic conferences;
  • an advanced command (level C1) of English and an intermediate command (level B1) of at least one other official language of the EU, according to the Common European Framework of Reference for Languages (read more).


  • a PhD, together with a research and publication record;
  • experience in analysing financial accounts;
  • knowledge of advanced time-series analysis techniques.

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.

Further Information

The contract offered will be short-term ESCB/IO, the appointment being for 12 months as of the exact starting date of the selected person, extendable to up to 36 months.

For additional information on this specific vacancy, you can speak to the hiring manager, Bettina Landau, on +49 (0)69 1344 7867 between 25 and 28 November.

The recruitment process for this position will include an online interview via WebEx or telephone.


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