Manfred Kremer is Deputy Head of the Financial Research Division at the European Central Bank. In this function he supervises the work of around 15 professional researchers covering a wide range of topics in central bank-related financial research. Before joining Financial Research in 2009, he was Deputy Head in the Capital Markets and Financial Structure Division of the ECB’s Directorate General Economics where he also started his career at the ECB as economist in 2000. His time as economist in the Monetary Policy Department of the Deutsche Bundesbank adds to 20 years of first-hand central banking experience. Prior to that he spent 5 years as full-time teaching and research fellow in the economics department of the University of Duisburg in Germany from which he also graduated. He holds a Ph.D. from the University of Wuppertal in Germany. Apart from his long-standing general interest in monetary theory and policy, his more recent research interests include the measurement of systemic risk, macro-financial linkages, the predictive content of asset prices and risk premia as well as international asset price linkages. Some of his publications can be accessed online via http://ssrn.com/author=92197.