Financial Stability Economist

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

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 financial markets, 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: how to build a financial system that stays resilient when the next shock arrives, particularly in the parts that sit outside traditional banking.

Invited faculty, European University Institute.
Technical advisor to IOSCO and ESMA on investment fund stress testing.

  1. EU Non-bank Financial Intermediation Risk Monitor 2025
    ESRB · contributing author · 2025
  2. Shock amplification in an interconnected financial system of banks and investment funds
    Journal of Financial Stability · 2024

The Macro Prudential View

A Substack on market plumbing, ETF liquidity, and shadow banking. Notes on how modern markets actually work, and where they break.

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