Philipp Hartmann


  • Deputy Director General Research
  • Chairman Editorial Board of the ECB Working Paper series
  • Chairman ESCB Macroprudential Research Network (MaRs)
  • Research Fellow Centre for Economic Policy Research
  • Associate Editor Journal of Financial Stability
  • Chairman ECB Lamfalussy Fellowship Program
  • Co-Editor ECB Research Bulletin
  • Member ECB Macroprudential Contact Group
  • Member ECB Committee on Financial Integration
  • Member Scientific Committee Fondation Banque de France

Fields of interest:

  • Financial Economics
  • Financial stability and macro-prudential supervision
  • International Economics
  • Monetary Economics
  • EMU, European financial integration
  • International financial architecture
  • Monetary policy and financial markets


  • Doctorat en Sciences Economiques, DELTA (ENS-EHESS-CNRS), European Doctoral Program in Quantitative Economics, Paris, France, 1996
  • M.A. in Economics (Monetary and Macroeconomics), Université Catholique de Louvain, Belgium, 1993
  • Diplom in Volkswirtschaftslehre, Universität Mannheim, Germany, 1992

Professional experience:

  • Principal Adviser, European Central Bank, Directorate General Research, Frankfurt, Germany, 4/2011-11/2011
  • Chaired part-time professor for Macro-financial Economics, Erasmus University Rotterdam, Netherlands, since 2010
  • Vice President of SUERF, The European Money and Finance Forum, Vienna, Austria, 2006-2011
  • Head of the Financial Research Division at the European Central Bank, Directorate General Research, Frankfurt, Germany, 6/2004-3/2011
  • Principal of the Economic and Financial Research Unit at the European Central Bank, Directorate General Research, Frankfurt, Germany, 1/1999-5/2004
  • Senior Economist at the European Central Bank, Directorate General Research, General Economic Research Division, Frankfurt, Germany, 6/1998-12/1998
  • Economist at the European Monetary Institute, Monetary, Economics and Statistics Department, Stage Three Division, Frankfurt, Germany, 10/1997-5/1998
  • Research Fellow in Financial Regulation at the London School of Economics and Political Science, Financial Markets Group, London, United Kingdom, 10/1995-9/1997
  • Policy work: Contributions to ECOFIN Council, ECB Governing and General Council, ECB Executive Board, European Systemic Risk Board, European Commission fora, Basel Committee on Banking Supervision, IMF Article IV consultations, United Nations Economic Commission for Europe, Bank of England Central Bank Governors’ Symposium, Center for European Policy Studies Chief Economist Meeting, European League for Economic Cooperation, ECB Monthly Bulletin and Annual Report, ECB Financial Stability Review, ECB Report on Financial Integration in Europe, ECB Review of the International Role of the Euro and other reports; Chair or member of various internal and external task forces and working groups


  • First CEPR/European Summer Institute Prize for the best central bank research paper, 2002

Teaching experience:

  • Design and teaching of various courses and modules in finance, microeconomics, macroeconomics and international economics
Title Authors Where Date
Financial Integration, Specialisation and Systemic Risk F. Fecht, H.P. Grüner and P. Hartmann Journal of International Economics 2012-09-01
Heavy Tails and Currency Crises P. Hartmann, S. Straetmans and C. de Vries Journal of Empirical Finance 2010-03-01
Systemic Risk in Banking: An Update O. de Bandt, P. Hartmann and J. Peydro Oxford Handbook of Banking, Oxford University Press 2009-12-17
Handbook of European Financial Markets and Institutions X. Freixas, P. Hartmann and C. Mayer (eds.) Oxford University Press 2008-01-01
International Financial Stability R. Ferguson, P. Hartmann, F. Panetta and R. Portes Geneva Report on the World Economy 2007-11-01
Bank Mergers, Competition and Liquidity E. Carletti, P. Hartmann and G. Spagnolo Journal of Money, Credit and Banking 2007-01-01
Banking System Stability: A Cross-Atlantic Perspective P. Hartmann, S. Straetmans and C. de Vries The Risks of Financial Institutions (National Bureau of Economic Research and Chicago University Press) 2006-01-01
Managing Financial Research in Central Banks P. Hartmann and M. Kwast Central Banking 2005-01-01
Asset Market Linkages in Crisis Periods P. Hartmann, S. Straetmans and C. de Vries Review of Economics and Statistics 2004-01-01
The Euro-area Financial System: Structure, Integration and Policy Initiatives P. Hartmann, A. Maddaloni and S. Manganelli Oxford Review of Economic Policy 2003-01-01
Features of the Euro’s Role in International Financial Markets C. Detken and P. Hartmann Economic Policy 2002-01-01
The Microstructure of the Euro Money Market P. Hartmann, M. Manna and A. Manzanares Journal of International Money and Finance 2001-01-01
The Euro and International Capital Markets C. Detken and P. Hartmann International Finance 2000-01-01
Trading Volumes and Transaction Costs in the Foreign Exchange Market: Evidence from Daily Dollar-Yen Spot Data P. Hartmann Journal of Banking and Finance 1999-01-01
Do Reuters spreads reflect currencies' differences in global trading activity? P. Hartmann Journal of International Money and Finance 1998-10-01
Extreme Returns, Value-at-Risk and the Basel Multiplication Factor J. Danielsson, P. Hartmann and C. de Vries Risk 1998-01-01
Currency Competition and Foreign Exchange Markets: The Dollar, the Yen and the Euro P. Hartmann Cambridge University Press 1998-01-01
Credit Derivatives: A New Beast to Be Tamed? P. Hartmann The Financial Regulator 1997-01-01