Daniel C. Hardy is currently Chief of the Debt and Capital Market Instruments Division, part of the Monetary and Capital Markets Department of the IMF. His current work focuses on debt management; sovereign debt restructurings; development of and innovations in securities markets; and analyzing the stability of nonbank financial institutions. During his career he has worked on macroeconomic and financial sector surveillance; Fund-supported programs; and technical assistance regarding financial sector policies in a wide range of industrialized, emerging market, and developing countries. He has undertaken research on such topics as cross-border policy coordination, credit market behavior, and stress testing. He has worked also at the Deutsche Bundesbank and the Austrian Financial Market Authority, and studied at the universities of Oxford and Princeton.