Economist (ESCB/IO) - External Developments

Analysis and Policy Advice
International & European Relations

General Information

Type of contract Short-term contract, which may be extended to up to 36 months subject to individual performance and organisational needs

Contract end date 31.08.2024

Who can apply? EU nationals working for national central banks of the ESCB, international governmental organisations or other employers performing central banking or banking supervision tasks within the framework of the Eurosystem

Salary F/G (bracket 1 - step 1) full time monthly net salary: €6,909 plus benefits, for further information see what we offer.

Working time Full time

Place of work Frankfurt am Main, Germany

Closing date 12.04.2023

Your team

The External Developments Division of the Directorate General International and European Relations monitors and analyses economic conditions in non-EU countries and the global economic situation. The Division prepares macroeconomic projections for non-EU countries and the global economy, coordinates the international part of the ECB/Eurosystem staff projection exercise, and conducts simulation and scenario analysis relating to the international environment of the euro area economy. The Division also provides analysis and briefings on EU candidate and potential candidate countries and the EU accession process. In addition, the Division prepares papers in the form of studies, briefings and reports in its area of competence, for the decision-making bodies of the ECB. These papers may also form the basis for documents used by Executive Board members and senior managers when they attend international and European meetings. Finally, the Division acts as the primary contact for central banks and other institutions in non-EU countries.

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 Economist you will:
  • contribute to monitoring, analysing and forecasting key macroeconomic developments at the global level, with an emphasis on model-based analysis;
  • contribute to the development and maintenance of the modelling tools used in the Division for policy analysis and short/medium-term forecasting;
  • conduct analytical studies of an applied nature on pertinent topical and policy-relevant international macroeconomic issues in the Division’s area of expertise;
  • prepare briefing material for internal and international meetings, and draft contributions for the ECB’s official publications (e.g. the Economic Bulletin);
  • present policy analysis and studies to internal and external committees and fora.

The position offers you excellent opportunities to develop and use state-of-the-art macroeconomic modelling tools for conducting empirical analytical work on topical international policy issues of relevance for the euro area, thereby contributing to the shaping of the ECB’s policy views. 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 master’s degree or equivalent 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 two years’ professional experience (other than as a trainee or intern) in developing and applying model-based analysis in the context of medium-term international forecasting and global policy analysis;
  •  experience of applied empirical work, the application of econometric methods and/or structural modelling for the purposes of policy analysis (such as Bayesian Vector Autoregressions and machine learning);
  • experience in preparing briefing material on global macroeconomic issues for internal and international policy fora;
  • excellent communication skills and the ability to present complex empirical analysis in non-technical terms, paired with strong team orientation;
  • a very high level of computer literacy and the ability to use various software applications, with an emphasis on expert knowledge of econometric software (e.g. MATLAB; Julia and Dynare);
  • 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.

  • a PhD degree in economics or another relevant field (see How you can join us for details on degree equivalences); 
  • proven expert knowledge and the ability to develop and implement complex semi-structural or dynamic stochastic general equilibrium multi-country models for policy simulations and the quantification of spillovers. 

You engage collaboratively with others. You pursue team goals and learn willingly from other people’s diverse perspectives. You analyse complex information effectively and can evaluate different views to arrive at solutions. You know and anticipate stakeholder needs.

You are motivated to contribute to the ECB’s mission, to serve the citizens of the EU as a member of a public institution and to work with colleagues from all over Europe.

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.

Working modalities

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

Further information

The contract offered will be short-term ESCB/IO, the appointment being for 12 months as of the exact starting date of the selected person, extendable to up to 36 months. 

Candidates must have a contract of employment with their home institution for a period of at least one year beyond the duration of the ECB contract being offered. 

For additional information on this specific vacancy, you can speak to the hiring manager, Stelios Makrydakis, on +49 (0) 160 90672776 on Fridays between 14:30 and 15:30.

Application and selection process

The recruitment process for this position will be conducted remotely. It will include a written exercise and interviews. 

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 joining us.