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Stefan Wredenborg

Macro Prud Policy&Financial Stability

Current Position

Adviser

Fields of interest

Financial Economics,International Economics

Email

[email protected]

Education
2000-2002

Master of Science in Business Administration and Economics, Stockholm University

1997-2000

Bachelor of Science in Business Administration and Economics, Stockholm University

Professional experience
2023-

Adviser, Directorate General Macroprudential Policy and Financial Stability, European Central Bank

2020-2023

Senior Team Lead - Financial Stability, Directorate General Macroprudential Policy and Financial Stability, European Central Bank

2014-2019

Principal Financial Stability Expert, Directorate General Macroprudential Policy and Financial Stability, European Central Bank

2006-2014

Senior Financial Stability Expert / Financial Stability Expert, Directorate General Macroprudential Policy and Financial Stability, European Central Bank

2004-2006

Analyst, Directorate Financial Stability and Supervision, European Central Bank

2000-2004

Analyst, Directorate General International and European Relations, European Central Bank

1999-2000

Research Assistant, Research Department, Sveriges Riksbank

1998-1999

Statistics Officer, Monetary Policy Department, Sveriges Riksbank

20 November 2024
FINANCIAL STABILITY REVIEW - ARTICLE
Financial Stability Review Issue 2, 2024
Details
Abstract
This edition of the ECB’s Financial Stability Review (FSR) marks the 20th anniversary of its inaugural publication. The FSR was originally launched to help in preventing financial crises, and this special feature draws lessons from two decades of experience in identifying, analysing and communicating about systemic risks via this publication. Although risk analysis and risk communication are distinct processes, the special feature emphasises that they are inextricably intertwined in a seamless cycle where each informs and enhances the other. Effective risk identification is founded on the ability to combine structured, data-driven assessments with qualitative insights and expert judgement. Such an approach requires a comprehensive and adaptive framework that continuously integrates broad reviews of indicators with focused analyses on emerging risks. Early identification of vulnerabilities enables timely intervention, but the complex, non-linear way that the financial system functions means that flexibility remains essential. Clear and transparent communication of systemic risks supports this analytical process by shaping expectations and enhancing market discipline, creating a feedback loop that strengthens both policy response and risk awareness. However, central banks face the challenge of balancing communication frequency and depth in order to avoid false alarms while at the same time maintaining credibility. As the ECB’s FSR has evolved, it has sought to become more accessible and data-driven, while utilising diverse media channels to broaden its audience. Experience confirms that targeted, proactive communication reinforces financial stability by aligning policymakers and markets, underscoring the symbiotic relationship between risk analysis and effective communication in maintaining financial system resilience.
JEL Code
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G01 : Financial Economics→General→Financial Crises
16 May 2024
FINANCIAL STABILITY REVIEW - BOX
Financial Stability Review Issue 1, 2024
Details
Abstract
Implied equity market volatility has been low in recent quarters, in both absolute and relative terms, despite tighter monetary policy, rising geopolitical tensions and a balance of risks to economic growth tilted to the downside. This box discusses several factors that may have contributed to the low levels of implied equity market volatility. It describes how progress in bringing inflation down without a deep economic contraction has supported investor optimism and highlights how increasingly common short volatility strategies may also have suppressed implied equity market volatility. The box then examines the divergence of implied equity market volatility from the implied volatility in interest rate markets and discusses possible implications for financial stability. Elevated implied interest rate market volatility could point to downside macro-financial risks that seem not fully priced in by equity investors. Subdued implied equity market volatility – despite broader uncertainties – might suggest an underestimation of risks in equity markets and excessive risk-taking. Consequently, adverse economic surprises or geopolitical shocks could lead to significant market corrections. Large exposures in volatility instruments could, in turn, increase the likelihood of a disorderly correction.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G15 : Financial Economics→General Financial Markets→International Financial Markets
30 July 2004
OCCASIONAL PAPER SERIES - No. 18
Details
Abstract
This paper analyses the main features of the market for euro-denominated bonds issued by non-euro area residents on the basis of a new database. It shows that large private corporations from mature economies have contributed significantly to the internationalisation of the euro since 1999, more than sovereigns in transition and emerging economies, whose part was initially expected to be stronger. It confirms that the euro