Paweł Fiedor
Macroprudential policy and systemic risk in non-bank finance.
Central Bank of Ireland
Seconded to the ESRB Secretariat, European Central Bank
Paweł Fiedor is a senior financial stability economist at the Central Bank of Ireland, currently on secondment to the ESRB Secretariat at the European Central Bank. He began in hedge fund operations, turned to academic research on complex systems and market microstructure, and now works at the centre of European macroprudential policy.
A single question runs through the work: whether macroprudential policy still reaches the credit cycle as lending moves outside banks. His current research puts that question to the countercyclical capital buffer, the main tool built to lean against credit booms.
Invited faculty, European University Institute.
Formerly technical advisor to IOSCO and ESMA on investment fund stress testing.
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The Shrinking Perimeter: Does the Countercyclical Capital Buffer Push Credit to Non-Banks?
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EU Non-bank Financial Intermediation Risk Monitor 2025
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Shock amplification in an interconnected financial system of banks and investment funds
The Macro Prudential View
A Substack on non-bank finance, market plumbing and the macroprudential toolkit. Notes on how the system actually works, and where it breaks.
