Centre for European Transformation
Our next event
Join us for Session 13 of our AI Frontiers in Finance webinar series on 8 September 2026.
Join us for Session 13 of our AI Frontiers in Finance webinar series on 8 September 2026.
Driving Research Excellence for Europe's Transformative Progress
The Centre for European Transformation (CfET) is a research centre at Frankfurt School of Finance & Management, dedicated to advancing the scholarship and public dialogue Europe needs to finance its sustainable future. CfET brings together academics, business leaders, and policymakers to address the most pressing challenges at the intersection of capital markets, financial regulation, technological change, and industrial competitiveness. Founded in partnership with DWS, the Centre operates as a platform where rigorous research meets policy-relevant practice.
Quick Facts about Centre for European Transformation
Annual Conferences
Senior leaders at the 2026 conference
Investment projects tracked by the Compass
AI Frontiers in Finance Sessions
Our Mission and Vision
Mission
The Centre powers excellence across all areas of scholarship crucial for advancing Europe's sustainable transformation. It brings a renewed focus to issues of financing institutional and economic infrastructure, the role of transformative finance, and the politics of transitioning to sustainable growth.
Vision
The Centre aspires to be one of Europe's leading think tanks, bridging the gap between academics, business leaders, and government officials. Together, they aim to collaboratively address the 21st-century challenges and foster sustainable transformation and growth in Europe.
Why it matters
Europe is at a critical juncture — and the decisions made now about capital allocation, regulation, and innovation will shape the continent's competitiveness for decades to come.
Our Mission and Vision
Mission
The Centre powers excellence across all areas of scholarship crucial for advancing Europe's sustainable transformation. It brings a renewed focus to issues of financing institutional and economic infrastructure, the role of transformative finance, and the politics of transitioning to sustainable growth.
Vision
The Centre aspires to be one of Europe's leading think tanks, bridging the gap between academics, business leaders, and government officials. Together, they aim to collaboratively address the 21st-century challenges and foster sustainable transformation and growth in Europe.
Why it matters
Europe is at a critical juncture — and the decisions made now about capital allocation, regulation, and innovation will shape the continent's competitiveness for decades to come.
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Our Flagship Initiatives
Annual Conference
CfET’s Annual Conference brings together top investors, corporates, policymakers and academics to debate Europe’s biggest transformation finance challenges.
Transformation Investment Compass
Tracks real transformation investments with an AI-powered, project-level dataset from major European firms, giving investors and policymakers a clear view of where capital is actually flowing.
AI Frontiers in Finance
AI Frontiers in Finance is CfET’s quarterly webinar series opening the black box of AI in finance, pairing cutting-edge research with practitioner insight and open discussion.
Our People
CfET's work is driven by researchers who combine academic rigour with policy relevance and real-world engagement.
Leadership
Prof. Dr. Sascha Steffen
Co-Director | DWS Senior Chair in Finance
Sascha Steffen is the DWS Senior Chair in Finance and Professor of Finance at Frankfurt School of Finance & Management. His research focuses on private credit, nonbank financial intermediation, and the role these markets play in financial stability and capital allocation in Europe. A distinctive element of his work is the use of AI-enabled methods to measure opaque financial markets and translate complex evidence into policy-relevant insight. He works closely with regulators, policymakers, and industry leaders, and is a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). His research has appeared in the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies.
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Prof. Dr. Eckart Windhagen
Co-Director | Professor of Practice in Financial Transformation
Eckart Windhagen joined Frankfurt School in November 2025 as Co-Director of CfET and Professor of Practice in Financial Transformation. With nearly three decades of experience at McKinsey & Company, including leadership roles in the Global Banking Practice and contributions to the McKinsey Global Institute, he brings deep expertise in strategy, banking, capital markets, and large-scale transformation. His work at CfET focuses on connecting academic insight with practical decision-making in business and policy. He helps shape the Centre as a platform where research, industry, and public leadership come together to design scalable solutions for Europe’s transformation.
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Prof. Dr. Paul Rintamäki
DWS Junior Chair in Finance
Paul Rintamäki joined Frankfurt School in August 2025. His research focuses on financial intermediation and monetary policy transmission, exploring how banks and nonbank lenders respond to policy changes and provide credit to the economy. He holds a D.Sc. in Finance from Aalto University School of Business and has been a visiting researcher at Columbia Business School and Imperial College Business School. His work has appeared in the Journal of Finance and the Annual Review of Financial Economics. Prior to academia, he gained practical experience at Nordea and Boston Consulting Group.
Team categories
Prof. Dr. Sascha Steffen | Centre Co-Director / DWS Senior Chair in Finance
Prof. Dr. Eckart Windhagen | Centre Co-Director / Professor of Practice in Financial Transformation
Prof. Dr. Paul Rintamäki | DWS Junior Chair in Finance
Canan Kus | Centre Coordinator
Kevin Guldager is a pre-doctoral student in Finance at Frankfurt School. His research focuses on European Private Capital Markets.
Felix Martini is a PhD student in Finance at Frankfurt School. His research focuses on financial intermediation, corporate finance, banking, and geopolitics.
Elisavet Mistopoulou is a PhD student in Finance at Frankfurt School. Her research interests include capital markets, financial institutions, and risk management.
Giorgio Mondini is a PhD student in Finance at Frankfurt School. His research focuses on asset pricing, macro-finance, and financial intermediation.
Dr. Eric Offner is a researcher in Finance with a background in financial economics. His research focuses on macro-finance, monetary economics, and climate finance.
Jana-Lynn Schuster is a PhD student in Finance at Frankfurt School. Her research interests include banking, financial intermediation, and macro-finance.
Paulina Maria Verhoff is a PhD student in Finance at Frankfurt School. Her research focuses on corporate finance and the use of artificial intelligence in financial decision-making.
- Yuni Xiong is a PhD student in Finance. Her research interests include corporate finance and banking, with a focus on firms, financial intermediaries, and regulation.
Prof. Dr. Maximilian Jager | Sustainable Energy Finance
Prof. Dr. Thorsten Martin | Finance
Prof. Dr. Emanuel Mönch | Finance
Prof. Dr. Ulf Moslener | Financial and Monetary Economics
Prof. Dr. Larissa Schaefer | Finance
Prof. Dr. Grigory Vilkov | Finance
Prof. Joshua Rauh | Graduate School of Business, Stanford University
Prof. Johannes Stroebel | Stern School of Business, New York University
Prof. Dr. Tobias Berg | Goethe University Frankfurt
Steering Committee
CfET's Steering Committee is comprised of leading international figures from finance, industry, and academia. Its members support the Centre in shaping its strategic direction and advancing its goals through their individual expertise and networks.
Member list
- Manfred Bauer (Executive Board Member | DWS) – Co-Chair
- Prof. Dr. Nils Stieglitz (President & CEO | Frankfurt School) – Co-Chair
- Prof. Robert Engle (Professor Emeritus of Finance | NYU)
- Prof. Dr. Clemens Fuest (President | ifo)
- Mirjam Pütz (Board Advisor and Managing Partner MP Ventures)
- Prof. Dr. Moritz Schularick (President | IfW Kiel)
Our partner
CfET was founded in partnership with DWS, which supports the Centre through a funding commitment of approx. EUR 2.6m. Together, DWS and Frankfurt School conceived the Centre as a platform where the challenges and opportunities of Europe's transformation agenda can be addressed through rigorous research and action-oriented dialogue. CfET also works in partnership with Goethe University Frankfurt, the Deutsche Bundesbank, the Bankenverband, Börsen-Zeitung, and other institutional partners on specific research and event programmes.
Our Annual Report
Annual Report 2025
A comprehensive overview of CfET's activities, achievements, and strategic developments over the past year.
Annual Report 2024
A comprehensive overview of CfET's inaugural year of activity, including conference highlights, research outputs, and team growth.
News & Media
Past Events
RESEARCH FOCUS
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By subscribing to our newsletter, you will stay informed about the events, latest developments, and research related topics.
Research
2026
- Bauer, M., D. Huber, E. Offner, O. Wilms (2026). Corporate Green Pledges, Review of Financial Studies, forthcoming.
- Buss, A., R. Uppal, G. Vilkov (2026). Dynamics of Asset Demands with Confidence Heterogeneity, Review of Financial Studies, forthcoming.
- Hoffmann, M., E. Mönch, L. Pavlova, G. Schultefrankenfeld (2026). A KISS for Central Bank Communication in Times of High Inflation, Journal of International Money and Finance.
- Imbierowicz, B., A. Saunders, S. Steffen (2026). Are Risky Banks Disciplined by Large Corporate Depositors?, Journal of Money, Credit & Banking.
- Iovino, L., J. Sauvagnat, T. Martin (2026). The Environmental Bias of Corporate Income Taxation, American Economic Review, forthcoming.
- Jank, S., E. Mönch, M. Schneider (2026). Safe Asset Scarcity, Collateral Reuse, and Market Functioning, Journal of Financial Economics, forthcoming.
- Mönch, E., T. Stein (2026). Equity Premium Predictability over the Business Cycle, Journal of Financial and Quantitative Analysis, forthcoming.
2025
- Bauer, M., E. Offner, G. Rudebusch (2025). Green Stocks and Monetary Policy Shocks: Evidence from Europe, European Economic Review.
- Chavleishvili, S., E. Mönch (2025). Natural Disasters as Macroeconomic Tail Risks, Journal of Econometrics.
- Martin, T. (2025). Real Effects of Centralized Markets: Evidence from Steel Futures, Review of Financial Studies.
- Saunders, A., A. Spina, S. Steffen, D. Streitz (2025). Corporate Loan Spreads and Economic Activity, Review of Financial Studies.
2024
- Acharya, V., M. Jäger, S. Steffen (2024). Contingent Credit Under Stress, Annual Review of Financial Economics.
- Acharya, V., R. Engle, M. Jäger, S. Steffen (2024). Why Did Bank Stocks Crash During COVID-19?, Review of Financial Studies.
- Barrot, J.-N., T. Martin, J. Sauvagnat, B. Vallée (2024). The Labor Market Effects of Loan Guarantee Programs, Review of Financial Studies.
- Chambers, D., E. Dimson, A. Ilmanen, P. Rintamäki (2024). Long-Run Asset Returns, Annual Review of Financial Economics.
- Happel, J., Y. Karabulut, L. Schäfer, S. Tuzel (2024). Shattered Housing, Journal of Financial Economics.
- Martin, T., C. Otto (2024). The Downstream Impact of Upstream Tariffs, Journal of Financial and Quantitative Analysis.
- Menkveld, A., et al. (2024). Non-Standard Errors, Journal of Finance.
- Pazarbasi, A., P. Schneider, G. Vilkov (2024). Dispersion of Beliefs Bounds: Sentimental Recovery, Management Science.
2026
- Acharya, V., M. Gopal, S. Steffen (2026). Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity.
- Acharya, V., M. Gopal, M. Jäger, S. Steffen (2026). Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries.
- Adams, G., C. Dim, B. Eraker, J.-S. Fontaine, C. Ornthanalai, G. Vilkov (2026). Do S&P500 Options Increase Market Volatility? Evidence from 0DTEs.
- Avdjiev, S., B. Hardy, M. Jäger (2026). The Evolving Nexus: Sovereigns, Banks and NBFIs.
- Crump, R., S. Eusepi, E. Mönch (2026). Is There Hope for the Expectations Hypothesis?
- Fiore, N., F. Nagler, T. Martin (2026). Fiscal Constraints and Corporate Discount Rates.
- Hinzen, F., G. Mondini, P. Rintamäki, S. Steffen (2026). The Cyclicality of Direct Lending.
- Hinzen, F., M. Jäger (2026). Relationship (Non-)bankers.
- Iovino, L., J. Sauvagnat, T. Martin (2026). Tax Cuts and the Rise of Intangibles.
- Jäger, M. (2026). Regulatory Heterogeneity and Credit Allocation.
- Jäger, M., K. Schulz (2026). Nonlinear Bank Capital Regulation.
- Mistopoulou, E., S. Steffen (2026). The Funding Structure of Direct Lenders.
- Rintamäki, P., S. Steffen (2026). When Flexibility Becomes Forbearance: Payment-in-Kind in Private Credit.
- Rotermund, S.-D. (2026). Capital Commitments and Private Debt Lending in Crises.
- Rotermund, S.-D. (2026). Staffing the Private Debt Boom: Skills, Talent, and Consequences.
- Saunders, A., P. Verhoff, S. Steffen (2026). Do Institutional Investors Trade on Covenant Violations?
- Sautner, Z., L. van Lent, G. Vilkov, R. Zhang (2026). Values Discovery.
- Schaal, R., E. Mönch (2026). Extreme Weather Events, Fiscal Space, and the Term Structure of Sovereign Debt.
- Vilkov, G. (2026). 0DTE Trading Rules.
2024
- Beck, T., Walch, K., Weigert, B., Burghof, H.-P., Steffen, S., Schäfer, D., Demary, M., Taft, N., Li, A., Peters, M., Ludolph, M., Tonzer, L., Hau, H., Radach, T.-O., & Thum, M. (2024). Die Zukunft des europäischen Finanzsystems – zwischen Risiken und mangelnder Wettbewerbsfähigkeit?. ifo Schnelldienst, 77(07), 3-36. ifo Institut
- Angeloni, I., Claessens, S., Seru, A., Steffen, S., Weder di Mauro, B. (2024). Much Money, Little Capital, and Few Reforms: The 2023 banking turmoil. Geneva Reports on the World Economy.
Jobs & Opportunities
Postdoctoral Fellowship in Finance
Frankfurt School invites applications for a Postdoctoral Fellowship funded by CfET. The two-year position is open to candidates conducting research in finance, with a preference for work in financial intermediation and capital markets. This is a gateway to academic excellence and growth in a dynamic, internationally connected research environment.
Research Professional Programme
Join CfET's team as a Research Professional at Frankfurt School. Gain hands-on experience in cutting-edge financial research, working closely with our faculty. This role is an excellent stepping stone for those pursuing a PhD in finance.
Jobs & Opportunities
Postdoctoral Fellowship in Finance
Frankfurt School invites applications for a Postdoctoral Fellowship funded by CfET. The two-year position is open to candidates conducting research in finance, with a preference for work in financial intermediation and capital markets. This is a gateway to academic excellence and growth in a dynamic, internationally connected research environment.
Research Professional Programme
Join CfET's team as a Research Professional at Frankfurt School. Gain hands-on experience in cutting-edge financial research, working closely with our faculty. This role is an excellent stepping stone for those pursuing a PhD in finance.
Jobs & Opportunities
Postdoctoral Fellowship in Finance
Frankfurt School invites applications for a Postdoctoral Fellowship funded by CfET. The two-year position is open to candidates conducting research in finance, with a preference for work in financial intermediation and capital markets. This is a gateway to academic excellence and growth in a dynamic, internationally connected research environment.
Research Professional Programme
Join CfET's team as a Research Professional at Frankfurt School. Gain hands-on experience in cutting-edge financial research, working closely with our faculty. This role is an excellent stepping stone for those pursuing a PhD in finance.