Traineeships – Chief Economist Department

Economics and Policy Strategy
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Deadline for application: 17 May 2021


We are looking for candidates studying towards (or recent graduates from) a Masters’ degree, PhD, or postdoctoral programme to assist our Chief Economist Department (CED). The aim of the traineeships is to provide promising young professionals an opportunity to understand how the European Stability Mechanism (ESM) works and contribute to its mission, while also pursuing their research interests.

The European Stability Mechanism (“ESM”) is the permanent crisis resolution mechanism for euro area countries. In the context of the current Covid-19 crisis the ESM has established a precautionary credit line as one important element in the joint European response to the pandemic. During the euro crisis it has launched five financial assistance programmes, provided financial support, monitored repayment capacity, and engaged with partner institutions for programme design in areas of financial interest. In parallel to its activities as a policy institution the ESM is also one of the big issuers of euro-denominated debt with a large global investor base. The ESM has recently received an expanded mandate from European leaders, which it will implement in the months and years ahead. The ESM will act as the backstop to the Single Resolution Fund (SRF) and have a stronger role in financial stability risk analysis and the design of policy measures in programmes jointly with the European Commission.

The ESM is a unique place to work with around 200 individuals committed to making a difference to the future of the euro area. It recruits talented professionals of any nationality from both the private and public sector.



During a three-to-six-month period, trainees will closely collaborate with ESM colleagues and assist them in their duties or carry out an agreed research project in line with the department’s agenda.

Prospective candidates can apply for an internship in one of the three divisions in the CED department:

  • The Economic and Market Analysis (EMA) Division focuses on the monitoring and analysis of aggregate and cross-country euro area macroeconomic and financial market trends and risks. EMA also monitors global developments to detect external risks to the euro area and engages regularly with experts in academia, peer institutions, and financial markets. The Division conducts policy-relevant research and is seeking support for analytical projects in international macroeconomics and sovereign bond markets, as well as assistance with  regular monitoring work.  
  • The Economic Risk Analysis (ERA) Division assesses and reports on macroeconomic and financial risks in euro area countries. It focuses on identifying and analysing vulnerabilities that could threaten macroeconomic and financial stability and thus trigger a potential need for ESM financial assistance. The Division is the focal point for the ESM’s response to financial assistance requests, coordinating with other units in the institution in preparing programme engagement, managing ongoing programmes, and handling post-programme activities. The Division is seeking support for the development of a number of analytical tools supporting the country monitoring framework as well as for analytical projects in relevant topics.
  • The Financial Sector and Market Analysis (FSM) Division: monitors financials sector developments and market activity of bank and non-bank financial institutions; analyses system-wide risks; provides support in the design of financial sector policies; and contributes to the evolving framework for banking crisis resolution with policy studies. The team is seeking support in the following research fields: macro-financial risk modelling, bank risk analysis, financial stability risks analysis, market-based finance risks, and the signaling power of financial market indicators.



  • Candidates (or recent graduates (under one year since graduation)) for a Master’s Degree in economics, finance, or financial economics. PhD students must be within a year or two of completing a Ph.D. and be in active student status
  • Postdoctoral candidates, who have recently completed their Ph.D.s
  • Fluency in English, both oral and written



  • Strong analytical skills
  • Intellectual curiosity and eagerness to learn new topics
  • Proactive attitude



  • Candidates are asked to specify to which of the three divisions they are applying
  • Deadline for application: 17 May 2021
  • Expected start date: as soon as possible
  • Expected duration: 3-6 months
  • Competitive allowance granted


The ESM aims to provide equal opportunity to all candidates irrespective of their gender, nationality, age, race, culture, education, religious beliefs, sexual orientation or disability. To further enhance the diversity of our workforce, we particularly encourage women to apply.

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