Three decades of policy work
My policy work began in the early 1990s, advising governments in Eastern Europe on privatization and banking reform, alongside visits to the IMF and World Bank. From 1997 to 2000, I led banking research at the EU-sponsored RECEP centre in Moscow, advising the government and central bank during the Russian financial crisis.
Since the global financial crisis, my work has focused on financial stability and prudential regulation. As an advisor to the Dutch Central Bank and a fellow at the Bank of England and European Central Bank, I have contributed to debates on liquidity charges, Basel III, insurance regulation, and the treatment of financial collateral in bankruptcy. A recurring concern is how rules that protect individual creditors can increase instability across the financial system.
My recent work examines contingent capital, timely supervisory intervention, and measures to contain runs on banks, money market funds, and stablecoins. I advocate automatic stabilizers that support early intervention and bank recovery. My current research considers AT1 capital reform and the coordination of stablecoin regulation across jurisdictions, including the US GENIUS Act and the EU’s MiCAR.
Policy Reports
Policy reports and policy papers.
A dedicated area for reports, policy papers, and institutional work that connects academic research to financial-stability practice.
Advisory Roles
Central-bank and regulatory advisory roles.
Selected advisory work with the ECB, ESRB, DNB, IMF, World Bank, and European Commission.