Member of the ECB's Executive Board


PhD, Economics, University of Mannheim
Diploma in Economics, University of Mannheim
Studies in Economics at the Universities of Mannheim, Paris I (Sorbonne) and UC Berkeley
Professional training, Deutsche Bank, Dortmund


Since 2020
Member of the Executive Board, European Central Bank
Since 2015
Professor of Financial Economics, University of Bonn (on leave)
Member of German Council of Economic Experts (Sachverständigenrat zur Begutachtung der gesamt-wirtschaftlichen Entwicklung)
Professor of Financial Economics, University of Mainz
Senior Research Fellow, Max Planck Institute for Research on Collective Goods, Bonn
Visiting Postdoctoral Fellow at Harvard University
Assistant Professor of Economics, University of Mannheim

Selected professional activities

  • Council Member, European Economic Association, since 2020
  • Research Affiliate, Max Planck Institute for Research on Collective Goods, Bonn (on leave), since 2007
  • Research Affiliate, Centre for Economic Policy Research (CEPR) (Research Fellow since 2015), since 2006
  • Spokesperson, Cluster of Excellence “ECONtribute – Markets & Public Policy”, 2019
  • Co-Chair, Franco-German Council of Economic Experts, 2019
  • Executive Board Member, Reinhard Selten Institute, Bonn and Cologne, 2017-2019
  • Member, Scientific Advisory Board of Research Data and Service Centre at Deutsche Bundesbank (Deputy Chair as of June 2017), 2016-2019
  • Member, Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) (Vice Chair in 2019), 2015-2019
  • Member, Administrative Council of BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), 2013-2019
  • Member, Advisory Board of BaFin (Chair as of 2016), 2008-2019

Research interest

  • Banking (banking stability and regulation, “too big to fail”, systemic risk)
  • International finance (financial crises, financial integration, capital flows)
  • Economic history (financial crises and institutions)
  • Financial law and economics

Selected awards

  • Member, North Rhine-Westphalian Academy of Sciences, Humanities and the Arts (currently inactive), since 2019
  • Member, Berlin-Brandenburg Academy of Sciences and Humanities (currently inactive), since 2018
  • Stolper Prize, Verein für Socialpolitik, 2018
  • Prize of Monetary Workshop, 2018
  • Best Teaching Award, Goethe University Frankfurt, 2010
  • Best Teaching Award, University of Mannheim, 2000
  • Scholarship of German National Academic Foundation (Studienstiftung des Deutschen Volkes), 1993-1998

Selected research publications in refereed journals

  • “Asset Price Bubbles and Systemic Risk,” with Markus K. Brunnermeier and Simon Rother, Review of Financial Studies, forthcoming.
  • “Financial Sector Reform After the Crisis: Has Anything Happened?”, with Alexander Schäfer and Beatrice Weder di Mauro, Review of Finance, 2016, 20(1), 77-125.
  • “Financial Integration and Growth – Why Is Emerging Europe Different?”, with Christian Friedrich and Jeromin Zettelmeyer, Journal of International Economics, 2013, 89, 522-538.
  • “Competition, Risk-Shifting, and Public Bail-out Policies,” with Reint Gropp and Hendrik Hakenes, Review of Financial Studies, 2011, 24(6), 2084-2120.
  • “Liquidity and Contagion: The Crisis of 1763,” with Hyun Song Shin, Journal of the European Economic Association, 2(6), December 2004, 929-968.
  • “The German Twin Crisis of 1931,” Journal of Economic History, 64(3), September 2004, 822-871.

Selected policy publications

  • Target-Salden, Leistungsbilanzsalden, Geldschöpfung, Banken und Kapitalmärkte [Target Balances, Current Account Balances, Money Creation, Banks and Capital Markets], with Martin Hellwig, Wirtschaftsdienst, 99(9), 2019, 632–640.
  • Verursachen Target-Salden Risiken für die Steuerzahler? [Do Target Balances Create Risks for Taxpayers?], with Martin Hellwig, Wirtschaftsdienst, 99(8), 2019, 553–561.
  • Completing Europe’s Banking Union means breaking the bank-sovereign vicious circle, with Nicolas Véron, VoxEU column, 16 May 2018, available at, also available at the Peterson Institute for International Economics and at Bruegel.
  • Breaking the stalemate on European deposit insurance, with Nicolas Véron, VoxEU column, 6 April 2018, available at, also available at the Peterson Institute for International Economics and at Bruegel.
  • Reconciling risk sharing with market discipline: A constructive approach to euro area reform, with Agnès Bénassy-Quéré, Markus K Brunnermeier, Henrik Enderlein, Emmanuel Farhi, Marcel Fratzscher, Clemens Fuest, Pierre-Olivier Gourinchas, Philippe Martin, Jean Pisani-Ferry, Hélène Rey, Nicolas Véron, Beatrice Weder di Mauro, Jeromin Zettelmeyer, CEPR Policy Insight No. 91, also available at the Peterson Institute for International Economics and at Bruegel.