Marcellino joins the ESRB Advisory Scientific Committee

Massimiliano Marcellino, BAFFI Director and Asset and Risk Management (ASSET) Research Unit Director, has been appointed full member of the Advisory Scientific Committee (ASC), which advises the European Systemic Risk Board (ESRB) on relevant issues from an academic perspective. Marcellino was appointed with other 10 members for a term of 4 years. The appointment took place during the 63rd General Board of the European Systemic Risk Board (ESRB), which took place on 1st October 2026.

The ESRB

The ESRB is responsible for the macroprudential oversight of the EU financial system and the prevention and mitigation of systemic risk. The ESRB therefore has a broad remit, covering banks, insurers, asset managers, shadow banks, financial market infrastructures and other financial institutions and markets. In pursuit of its macroprudential mandate, the ESRB monitors and assesses systemic risks and, where appropriate, issues warnings and recommendations.

The role of the ASC

The ASC is an integral part of the ESRB and provides advice and assistance to it at the request of the ESRB’s Chair or the General Board. The ASC members are expected to make a substantial contribution to the delivery of the mandate of the ASC. Among other tasks, ASC members are required to provide: 

1. contributions on how to improve analytical methodologies to detect risks and assess potential impacts of their materialisation; 
2. contributions on how to design and calibrate effective macro-prudential policy tools, including improving existing tools and models as well as proposing new and/or complementary tools and models; 
3. consultative tasks, including an open, independent and analytical review of macro-prudential strategies and operational frameworks, in order to contribute to ensuring a state-of-the-art ESRB policy framework.

Who is Massimiliano Marcellino

Marcellino is a Full Professor of Econometrics in the Economics Department of Bocconi University and a fellow of CEPR, IGIER and EABCN. Previously, he held the Pierre Werner Chair on the Monetary Union at the European University Institute, where he was also the Director of the Department of Economics. He has acted as an advisor for several institutions, including the ECB, Bank of Italy, Bundesbank, ESM, SRB, Eurostat, BIS, and IMF.

He has published over one hundred academic articles in leading international journals on econometrics, applied macroeconomics, economic statistics and forecasting, his main areas of research and teaching.

Click to learn more about the outcomes of the 63rd General Board meeting of the ESRB