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Giovanni Callegari-500sq

Giovanni Callegari

Giovanni Callegari was Head of Economic Risk Analysis at the European Stability Mechanism (ESM) since January 2021. Since July 2026, he is on unpaid leave for one year. 

In the execution of the ESM post-programme activities, he was country team coordinator for Greece. During 2019-2020 he coordinated the euro area macro research and analysis at Autonomy Capital, a macro hedge fund based in London. Between 2011-2019 he worked at the ECB, including as deputy mission chief for Greece between 2016-2018 and fiscal policy analyst for Cyprus, Greece and Ireland. At the IMF, Mr Callegari focused on fiscal policy analysis (for Congo, Haiti, Honduras) and later on fiscal policy research (Fiscal Monitor) from 2007-2011.

His research focuses on the interaction between fiscal and monetary policy, with publications in the Journal of Monetary Economics, American Economic Journal - Macroeconomics, Economic Policy and Applied Economics. He holds a PhD in economics from the European University Institute and a M.Sc. in economics from the University of Warwick.

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My working papers

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Working papers

Spending composition and fiscal consolidation: Enhancing resilience in the face of economic shocks

ESM

My speeches

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Speeches

"October 2024 Fiscal Monitor – a discussion" - Presentation by Giovanni Callegari

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Speeches

Climate physical shocks risk management: ​ Who picks up the bill?​ (presentation by Giovanni Callegari)

My interviews

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Interviews

Giovanni Callegari in interview with Radio Athens

My ESM Briefs

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Ageing and demand for safe assets in the euro area