Lamfalussy Research Fellowship
Call for projects
The European Central Bank (ECB) is seeking applications from promising young researchers for up to five Lamfalussy Fellowships in 2023. The Lamfalussy Fellowship programme was launched in 2003 and aims to promote high-quality research on the structure, integration and performance of the European financial system. The programme is named after the late Baron Alexandre Lamfalussy, the first President of the European Monetary Institute. Each fellowship is endowed with an honorarium of €10,000. The selection committee will be composed of Diana Bonfim (Banco de Portugal), Angela Maddaloni (ECB), Simone Manganelli (ECB), Loriana Pelizzon (Goethe University Frankfurt), Dominik Thaler (ECB), and Xavier Vives (IESE Business School).
Research projects
Successful candidates will be required to write a research paper over the course of 2023 in one of the following areas.
(i) Price and financial stability in the euro area in the current high inflation environment:
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- Financial stability implications of high inflation and the ensuing monetary policy response, in particular through its impact on the balance sheets of banks and non-banks and through its effect on sovereign finances.
- Appropriate policy response of monetary, micro- and macro-prudential policies, potentially accounting for interactions and coordination.
(ii) Broadening access to the European Central Bank balance sheet:
- The case for broader access to the central bank balance sheet: Central bank digital currency and/or access for non-financial institutions.
- Challenges and opportunities for the conduct and transmission of monetary policy.
- Implications for stability and efficiency of financial intermediaries.
(iii) The changing nature of monetary policy transmission in the euro area:
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- Transmission of unconventional monetary policy through the financial system (targeted long term refinancing operations, asset purchases, quantitative tightening).
- The role of non-bank financial intermediaries.
Lamfalussy Fellows are expected to present their papers at relevant ECB conferences and, ultimately, to have them published in the ECB Working Paper Series and in leading peer‑reviewed journals.
Candidate profile
Candidates should hold a position in a research institution. Researchers at the assistant professor level and PhD students whose research is at a very advanced stage are particularly encouraged to apply. None of the authors involved in the paper should be more than 36 years old by the submission deadline, in an employment relationship with the ECB or be eligible for an ESCB/IO contract.[1]
Applications
Applications should be submitted in English and include the following:
- a cover letter;
- a curriculum vitae;
- two letters of recommendation;
- a two-page research proposal falling under one of the topics mentioned above;
- a statement indicating the candidate’s current sources of funding and date of birth.
Applications should be sent by email to lamfalussy.fellowships@ecb.europa.eu no later than 31 January 2023 (before 24:00 CET). To further enhance diversity, the ECB particularly encourages applications from female candidates. The selection committee aims to award five fellowships by April 2023.
About Baron Lamfalussy
Alexandre Lamfalussy was one of the leading central bankers of his time and also one of the main supporters of a single capital market within the European Union. He was a member of the Delors Committee for the Study of European Economic and Monetary Union (EMU), the General Manager of the Bank for International Settlements and the first President of the European Monetary Institute (in charge of preparing the third stage of EMU). Furthermore, he was an Executive Director of Banque Bruxelles Lambert and the Chairman of EuroMTS. He also chaired the “Committee of Wise Men on the Regulation of European Securities Markets”, whose reform proposals were adopted by the European Council in Stockholm in March 2001.
Baron Lamfalussy was born in Hungary in 1929 and studied at the Catholic University of Louvain in Belgium. He obtained a doctorate (D.Phil.) in economics from Oxford University (Nuffield College) and taught at the University of Louvain and Yale University. He was the author of numerous research articles and books on economic policy. He passed away on 9 May 2015
