Policy

Panel Discussion on Financial Stability at Lindau Nobel Meetings

In August ‘25 I was invited to the 8th Lindau Nobel Meeting in Economic Sciences and participated in a panel discussion on Financial Stability with Nobel Laureate Simon H. Johnson. Have a look here.

Written

Advancements in stress-testing methodologies (Budnik et al.)
ECB Occasional Paper 348 (2024)

This paper provides an overview of stress-testing methodologies in Europe, with a focus on the advancements made by the European Central Bank’s Financial Stability Committee Working Group on Stress Testing (WGST). Over a four-year period, the WGST played a pivotal role in refining stress-testing practices, promoting collaboration among central banks and supervisory authorities and addressing challenges in the evolving financial landscape. The paper discusses the development and application of various stress-testing models, including top-down models, macro-micro models and system-wide models. It highlights the integration of new datasets and model validation efforts as well as the expanded use of stress-testing methodologies in risk and policy evaluation and in communication. The collaborative efforts of the WGST have demystified stress-testing methodologies and fostered trust among stakeholders. The paper concludes by outlining the future agenda for continued improvements in stress-testing practices.

Measuring the impact of the Russian Invasion on Ukraine on firm defaults (with Julian Metzler and Aurea Ponte Marques) VoXEU column on the impact of the Russian invasion of Ukraine on corporate defaults in Europe (2022)

SUERF Policy Brief on the Evidence of a macroeconomic reversal rate (with Anna Samarina, Irina Stanga and Jan Willem van den End) Policy Briefs No 133, July 2021,