Paul Hiebert

Paul Hiebert heads the Systemic Risk and Financial Institutions Division at the ECB. In the realm of climate, he has been leading key initiatives for the ECB/ Eurosystem, the European Systemic Risk Board, and the Basel Committee on Banking Supervision. In addition to these roles, he serves as a Visiting Professor at the College of Europe and is a member of the Florence School of Banking and Finance Team. 

Background

Paul leads the Systemic Risk and Financial Institutions Division at the European Central Bank (ECB). In this capacity, he oversees systemic risk analysis for the euro area, contributing to the ECB’s flagship Financial Stability Review, and develops macroprudential policy for the region’s largest banks. Paul chairs the 60+ member Eurosystem Macroprudential Analysis Group (MPAG), which includes representatives from 27 European Union countries, as well as the Analytical Working Group (AWG) of the European Systemic Risk Board (ESRB), comprising over 80 member institutions. These roles build on over 20 years of experience at the ECB, the International Monetary Fund, the Reserve Bank of Australia, and the Canadian Department of Finance, covering economic, financial, and policy functions across various countries. 

In the climate realm, Paul has been leading financial stability initiatives for the ECB and ESRB, and has also chaired the measurement methodologies workstream of the Basel Committee on Banking Supervision (BCBS) Task Force on Climate-related Financial Risks (TFCR) and has been actively involved in work of the Basel-based Financial Stability Board (FSB). This work has culminated in several comprehensive reports on the financial stability impacts of climate change and setting the foundation for a robust macroprudential strategy. 

In the academic sphere, Paul has published extensively on topics such as financial cycles, climate change, global banks, macroprudential policy, housing markets, and fiscal policy. He is a Visiting Professor at the College of Europe and is a member of the Florence School of Banking and Finance team, teaching sustainable finance and climate risk. He holds an M.A. in Economics from McGill University in Montréal.

Research Interests

• Systemic risk
• Financial stability 
• Macroprudential policy