Despite a more robust international governance framework, financial crises remain frequent, and their consequences are often devastating and long-lasting.
They can take various forms: debt crises and international banking crises, geopolitical shocks, inflation, currency collapses or devaluations.

The severity and relatively high frequency of these crises — as well as their ability to spread from one market or country to another — have generated growing interest among researchers, practitioners, regulators, and public decision-makers.

The subprime crisis in the United States, followed by its transmission to the euro area in the form of sovereign debt crises in several countries and a severe recession, shed unprecedented light on the weaknesses of the existing financial architecture.

Research activities will focus on the following themes:

• The characteristics of financial crises
• Crisis forecasting
• The influence of institutions on crises
• The new macroeconomic and financial order
• Asset allocation in a complex environment
• Risk measurement

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