Adviser – Monetary Analysis

Monetary Policy
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General Information

Type of contract Fixed-term contract, which may be extended subject to individual performance and organisational needs

Contract end date 14.06.2026

Who can apply? EU nationals

Salary I (bracket 1 - step 1) full time monthly net salary: €8,282 plus benefits, for further information see what we offer.

Role specialisation Leadership

Working time Full time

Place of work Frankfurt am Main, Germany

Closing date 19.06.2024

Your team

You will be part of the Monetary Analysis Division in the Directorate General Monetary Policy. Our Division consists of around 40 people spread across two sections – the Bank Lending Conditions Section and the Money, Credit and Financial Accounts Section. We are responsible for monitoring and analysing monetary and financial developments in the euro area from a microeconomic and macroeconomic perspective with a view to providing advice on the conduct of monetary policy. The Division oversees the assessment of bank and non-bank liquidity and funding conditions across the euro area, the assessment of macro-financial linkages, the functioning of the bank lending channel and the calibration of standard and non-standard measures working through bank and non-bank intermediaries. We are currently working on the monetary policy response to inflation and its transmission to lending conditions and the wider economy.

In your role as Adviser, you will be in charge of policy dossiers and analytical projects that focus on the role of bank and non-bank financial intermediaries in the transmission of monetary policy, starting with the initial stages that operate through money markets and going full circle to the borrowing and saving of firms and households. You will steer and provide thought leadership to diverse project teams – spanning the Division’s sections and the other divisions in the Directorate General. You will help develop tools and models to analyse monetary policy transmission, including mobilising large, transaction or entity-level datasets to analyse bank and non-bank lending or money markets.

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 age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics.

Your role

As an Adviser you will:
  • plan and steer the Division’s analytical work and channel it towards relevant policy contributions;
  • supervise and coordinate the preparation of the Division’s input to the monetary policy meetings of the ECB’s Governing Council;
  • help to recruit, coach and appraise team members; 
  • present the Division’s work at internal and external meetings;
  • ensure close cooperation with other divisions in the Directorate General Monetary Policy and other ECB business areas;
  • support the work of the Division and the Directorate General with policy assessments based on state-of-the-art econometric analysis.

We are seeking candidates for this role who demonstrate the potential for growth, and we will support the selected candidate in their future development of the required knowledge, skills or competencies.

The position offers excellent opportunities to plan and guide the Division’s analytical work. You will utilise state-of-the-art econometric frameworks and analyse credit dynamics using a wide range of data, including transaction data from credit registries. Additionally, you will support the Division’s work to provide quantitative-based policy assessments of current and prospective monetary policy developments. 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 PhD in economics or another relevant field (see How you can join us for details on degree equivalences);
  • in addition to the above, a minimum of seven years’ professional experience in the field of monetary policy, including empirical banking and macro-financial modelling;
  • experience in coordinating a team of qualified professionals or projects in the field of monetary policy transmission, credit dynamics, bank lending or non-bank intermediaries;
  • a sound academic record in applied microeconomics or macroeconomics related to banking and the transmission mechanism of monetary policy;
  • experience of preparing high-quality policy documents drawing on state-of-the-art analytical studies and models;
  • a professional network across research and international institutions;
  • very good written and verbal communication skills; 
  • an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages.

You engage collaboratively with others. You pursue team goals and can draw on the strengths of a diverse team to get the best results. You support the efforts of team members to develop their abilities and are able to build up high-performing teams. You facilitate change and can articulate strategic priorities and scenarios for your team.

You are motivated to be part of our team and to develop and use your skills and competencies to achieve the aims of this position.
You are highly motivated to guide teams in their daily work and support their professional development.

Working modalities

We would be happy to discuss a part-time arrangement for this role.

Further information

The contract offered will be fixed-term, the appointment being until 14 June 2026.

Temporary appointments may be extended or made permanent subject to organisational needs and budgetary constraints. This may result in a staff member with a non-convertible fixed-term contract being offered a convertible contract in accordance with the ECB Conditions of Employment.

For additional information on this specific vacancy, you can send an email to the hiring manager, Carlo Altavilla, at 

Application and selection process

The recruitment process for this position will be conducted remotely. It will include a written exercise, a presentation and an interview. 

If you are not selected for this position but are still considered suitable, you will be placed on a reserve list (see step 4 of How we hire), from which you might be considered for similar positions within the ECB.

Find out how to apply for a position at the ECB. 
Read more about how you can join us.