Annalisa Ferrando is Senior Lead Economist at the Capital Markets/Financial Structure division at the European Central Bank. Previously she worked at the Research Department of the Bank of Italy and at the European Commission, DG-Enterprise. She has also been a visiting Advisor at the European Investment Bank. She holds an MPhil in Economics from Oxford University. Her current research interests lie in firms’ financial decisions with a focus on small and medium enterprises and financing constraints. She is also an expert on firm-level surveys. In these fields she has published several journal articles and working papers.