Manfred Kremer is Head of Financial Markets Analysis Section in the Financial Research Division at the European Central Bank. Before joining Financial Research in 2009, Manfred was Deputy Head in the Capital Markets and Financial Structure Division of the ECB’s Directorate General Economics where he also started his ECB career as economist. His time as economist in the Monetary Policy Department of the Deutsche Bundesbank adds to more than 25 years of first-hand central banking experience. Apart from his long-standing general interest in monetary theory and policy, his more recent research interests include the measurement of systemic risk and stress, the empirical modelling of macro-financial linkages and macroprudential policy, the predictive content of asset prices and international asset price linkages. He holds a PhD from the University of Wuppertal.