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Philipp Hartmann



Current Position

Deputy Director General

Fields of interest

Financial Economics,International Economics,Macroeconomics and Monetary Economics


Other current responsibilities

Coordinator, Committee on Financial Integration, European Central Bank


Associate Editor, Journal of Financial Stability


Research Fellow, Centre for Economic Policy Research, London, United Kingdom


Chairman, ESCB Macroprudential Research Network (MaRs)


Research Affiliate, Centre for Economic Policy Research (CEPR), London, United Kingdom

Chairman Editorial Board of the ECB Working Paper series

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


Doctorat en Sciences Economiques, DELTA (ENS-EHESS-CNRS), Paris, France, European Doctoral Program in Quantitative Economics


MA in Economics (Monetary and Macroeconomics), Université Catholique de Louvain, Belgium


Diplom in Volkswirtschaftslehre, Universität Mannheim, Germany

Professional experience

Deputy Director General - Directorate General Research, European Central Bank, Frankfurt, Germany


Principal Adviser - Directorate General Research, European Central Bank, Frankfurt, Germany

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


EU Commission scholarship "Human Capital and Mobility"

Teaching experience

Design and teaching of various courses and modules in finance, microeconomics, macroeconomics and international economics - European Central Bank, Frankfurt, Germany


Market Economics - Eastern German civil servants after reunification, Riesa, Germany

20 December 2018
22 August 2018
ECB Forum on Central Banking
28 May 2015
15 February 2012
24 September 2007
26 July 2007
28 September 2005
17 March 2004
20 November 2003
1 May 2003
1 May 2002
1 October 2001
1 July 2001
1 November 2000
1 April 2000
Journal of International Economics
Financial Integration, Specialisation and Systemic Risk
  • Fecht
  • F.
  • Grüner
  • H.-P.
  • and Hartmann
  • P.
Oxford Handbook of Banking, Oxford University Press
Systemic Risk in Banking: An Update
  • O. de Bandt
  • P. Hartmann and J. Peydro
Journal of Empirical Finance
Heavy Tails and Currency Crises
  • P. Hartmann
  • S. Straetmans and C. de Vries
Oxford University Press
Handbook of European Financial Markets and Institutions
  • X. Freixas
  • P. Hartmann and C. Mayer (eds.)
Geneva Report on the World Economy
International Financial Stability
  • R. Ferguson
  • P. Hartmann
  • F. Panetta and R. Portes
Journal of Money, Credit and Banking
Bank Mergers, Competition and Liquidity
  • E. Carletti
  • P. Hartmann and G. Spagnolo
The Risks of Financial Institutions (National Bureau of Economic Research and Chicago University Press)
Banking System Stability: A Cross-Atlantic Perspective
  • P. Hartmann
  • S. Straetmans and C. de Vries
Central Banking
Managing Financial Research in Central Banks
  • P. Hartmann and M. Kwast
Review of Economics and Statistics
Asset Market Linkages in Crisis Periods
  • P. Hartmann
  • S. Straetmans and C. de Vries
Oxford Review of Economic Policy
The Euro-area Financial System: Structure, Integration and Policy Initiatives
  • P. Hartmann
  • A. Maddaloni and S. Manganelli
Economic Policy
Features of the Euro’s Role in International Financial Markets
  • C. Detken and P. Hartmann
Journal of International Money and Finance
The Microstructure of the Euro Money Market
  • P. Hartmann
  • M. Manna and A. Manzanares
International Finance
The Euro and International Capital Markets
  • C. Detken and P. Hartmann
Journal of Banking and Finance
Trading Volumes and Transaction Costs in the Foreign Exchange Market: Evidence from Daily Dollar-Yen Spot Data
  • P. Hartmann
Journal of International Money and Finance
Do Reuters spreads reflect currencies' differences in global trading activity?
  • P. Hartmann
Extreme Returns, Value-at-Risk and the Basel Multiplication Factor
  • J. Danielsson
  • P. Hartmann and C. de Vries
Cambridge University Press
Currency Competition and Foreign Exchange Markets: The Dollar, the Yen and the Euro
  • P. Hartmann
The Financial Regulator
Credit Derivatives: A New Beast to Be Tamed?
  • P. Hartmann