Financial Stability Strategy and Risk (FSSR)
Interns, Industrial Placement Students, First Degree Graduates, Postgraduates, PhDs.
FSSR plays a vital role in delivering on one of the Bank’s key objectives – securing a stable financial system that is fit to serve the needs of the people of the United Kingdom.
The recent financial crisis laid bare the importance of financial stability for a healthy economy. The development of macroprudential policy regimes around the world has been a major part of the response. In the United Kingdom, the Financial Policy Committee (the FPC), chaired by Governor Mark Carney, has been set up within the Bank of England to implement policies aimed at reducing the frequency and severity of future financial crises.
FSSR is responsible for supporting the work of the FPC. We assess risks to financial stability from across the financial system and define the Bank’s strategy for responding to them. We also work closely with other areas of the Bank, as well as foreign central banks and international organisations. The challenge is vast and ever-changing and that makes it exciting.
What big issues might I be working on?
There are a great variety of issues to work on. Whether your interests lie in reaching a deep understanding of financial markets or the real economy, monitoring and briefing on latest developments or doing long-term research and developing new policy tools, FSSR is the place to be!
Our flagship publication – the Financial Stability Report – gives an overview of the issues that we are working on.
To deliver on our vast responsibilities, we need people with diverse skills and experiences. Hence, we are open to anyone with an inquisitive mind, strong analytical skills and an interest in financial stability. Knowledge of economics and finance is helpful, but not essential to apply for our programmes.
What sort of things could I do here?
Early on our graduates are given responsibility to lead on pieces of work. Their analysis, research and creative thinking provide a vital contribution to the policy debate and the decisions that the Bank makes. In particular, you could find yourself answering the following questions:
- Are UK banks strong enough to survive the next financial meltdown?
- Are there ‘bubbles’ in financial markets that are about to burst?
- Could non-banks (e.g. investment and hedge funds) be a source of systemic risk?
- Are UK households piling up on too much debt?
- What is the overall level of risk to UK financial stability and how should the FPC use its policy tools?
What could I be doing day-to-day?
A typical day does not exist here. On any given day, you could be:
- Doing analysis and research to inform the FPC thinking on financial stability issues;
- Attending training courses and seminars by leading academics to deepen your knowledge and understanding;
- Travelling to meet and work with colleagues from other institutions;
- Working on the Financial Stability Report and policymaker speeches to help communicate the Bank views to the outside world.