PEFM Associates

PEFM Associates

As part of its research and outreach, PEFM brings together experts from academia, the private sector, and official bodies. The biographies of current PEFM Associates are shown below.


Gillian Edgeworth, a senior member of St Antony’s College, is Chief European Emerging Market Economist at Unicredit Bank. She joined the bank in September 2010 and is responsible for economic analysis of regional economies ranging from Turkey, Russia, Poland, Ukraine and Hungary to smaller countries such as Latvia, Kazakhstan and Serbia, as well as recent EMU entrants such as Estonia and Slovakia. She is also covers developments in Ireland and Greece. Prior to joining Unicredit, she spent 8 years as a member of the economics team at Deutsche Bank, responsible for coverage of Poland, Hungary, Czech Republic, Slovakia, the Baltics, Greece and Ireland.


Stewart Fleming, a senior member of St Antony’s College, is a journalist and writer on international economics. In the 1970s and 1980s he served as Financial Times Bureau Chief in New York and in Frankfurt. He was then the FT’s economics correspondent in the United States, and subsequently its US Editor. Between 2003-2008 he lived in Brussels, writing a column on international economics for European Voice, the Economist Group's Brussels weekly. His recent publications include "Europe, China and the Group of Twenty" (in "China, the EU and Global Governance", Edward Elgar, 2012).


Gene Frieda, a senior member of St Antony’s College, has served as a senior global strategist for Moore Capital since May 2007, focusing on global macro policy issues. Previously, he was Global Head of Emerging Markets Research and Strategy and a proprietary trader at RBS between 2002 and 2007. Between 1995 and 2002, Mr. Frieda ran Global Emerging Markets research, Asian research and Latin American research for IDEAGlobal and 4Cast from bases in New York, London and Singapore. Mr. Frieda earned his M.Sc. in Economics from the LSE, and holds B.A. degrees in Political Science and Economics from the University of Oklahoma.


Natalie is a Senior Research Fellow at Kings College London. Her research is on behavioural decision making and moral psychology. She has worked on topics including the framing of decisions, moral judgements and decisions, cooperation and coordination, and self-control. Natalie studied philosophy, politics, and economics at Balliol, and although her ultimate goal was always philosophy she followed this with an MPhil and a DPhil in Economics, specialising in experimental economics. She held postdoctoral fellowships at the University of Konstanz and at Duke University, and then became a Lecturer in Mind, Reason, and Decision in the Philosophy Department at the University of Edinburgh. At Edinburgh, Natalie ran the AHRC funded project ‘Framing Effects in Ethical Dilemmas’ and since 2011 she has led a project at Kings, ‘Self-Control and the Person: An Interdisciplinary Account’ funded by the European Research Council.


Valerie Herzberg, a senior member of St Antony’s College, is a member of the Cabinet of Herman van Rompuy, President of the European Council. Her focus is on economic questions, including notably the eurozone. Previously, she worked in the IMF’s European Department; at the European Commission; the European Investment Bank; the National Bank of Belgium; and the Bank of England. Her experience includes work on monetary policy and financial stability issues in emerging and advanced economies. A German national, she holds an MSc in Economics from the LSE.


Russell Kincaid, an Academic Visitor at St Antony’s College for the academic year 2013-14, and now a senior member of the college, is an active contributor to the work of the PEFM programme. Prior to being at St Antony's, he was a Director at the International Monetary Fund (IMF), where his responsibilities were to assess the effectiveness of the risk management, control, and governance processes of the IMF. He also served as the secretariat for the IMF's risk management committee. He joined the IMF in 1976, worked in several area departments, and held senior positions in the Strategy, Policy and Review Department and the Secretary's Department. He has published on issues related to macroeconomic and financial policies, exchange rate assessments, sovereign debt management and restructuring, and the policy implications of trends and innovations in financial markets. He is a member of several professional bodies, a past member of the Editorial Board of IMF Staff Papers, taught at Columbia University, and was a visiting fellow at the DG ECFIN in the European Commission. Mr Kincaid received his BA in economics from UCLA--graduating Summa Cum Laude and Phi Beta Kappa--and obtained a Ph.D. in economics from Columbia University.


Thomas Mayer, a senior member of St Antony’s College, is Senior Fellow at the Center of Financial Studies of Frankfurt University and Senior Advisor to Deutsche Bank. Before that, he was Chief Economist at Deutsche Bank and held positions at Goldman Sachs, Salomon Brothers and the International Monetary Fund. His latest book on the euro “Europe’s Unfinished Currency” won praise from central bankers and senior policy makers. His PhD is from the University of Kiel.


Gordon Menzies is Associate Professor with the University of Technology Sydney. After an undergraduate degree in econometrics, he had over a decade experience with the Australian central bank. He was sponsored by the bank to complete a masters at the Australian National University, where he won a prize for the best student. ANU subsequently nominated him for a Commonwealth scholarship to Oxford, where he studied under David Vines and Donald Hay on the Asian Financial Crisis. He holds numerous teaching awards and the 2009 Arrow Senior Prize for the best economics paper in the Berkeley Electronic Press. He is a visitor to the PEFM group at St Antony’s college and the Oxford Martin School. In Australia he is the deputy director of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality.


Nick is an economist with 35 years of wide-ranging experience. He was a co-founder and then Chief Executive of London Economics, for a period of 14 years, and, prior to that, was Deputy Director of the Institute for Fiscal Studies. Nick studied Engineering and Economics at Balliol, emerging with an M.Phil in Economics, and recently obtained a PhD in Law from the University of New South Wales. He has been a visiting Professor of City University, a Governor of the charity ‘Research into Ageing’, and a Fellow of Melbourne University; he is currently a Guest Professor at the China Executive Leadership Academy in Shanghai. In the 1980’s Nick was involved in the privatisation of utilities, and the establishment of utility regulation in the United Kingdom. In the 1990’s he worked on the establishment of new markets and regulatory regimes, both in Europe and in developing countries and emerging-market economies. During the last 12 years he has worked extensively in Australia, South East Asia and China advising governments, regulators and companies.


Francisco Torres is Visiting Senior Fellow in European Political Economy at the LSE. He has been a Visiting Fellow and Academic Visitor at the European Studies Centre and a senior member at St Antony¹s College. Previously, he taught mainly at the Catholic University and INA in Lisbon, with visiting positions at the universities of Aveiro, Victoria, BC, Canada, Rome II, the RSCAS of the European University Institute, Florence, and CEPS, Brussels. He holds a Ph.D. in European Studies - European Political Economy (UCP, Lisbon), an MSc in Economics (UNL, Lisbon) and a licenciatura also in Economics (UCP, Lisbon). He also studied Economics at the EUI in Florence (PhD programme) and holds an MA in International Affairs from the Johns Hopkins University. He is an EU Steering Committee Member of ECPR. Recently he has published on EMU and EU governance in Intereconomics South European Society and Politics, the Journal of European Integration and the Journal of Economic Policy and in the handbooks on European Integration by OUP, Palgrave and Routledge. His latest book Governance of the European Monetary Union (edited with Erik Jones), Routledge 2016, was dedicated to PEFM Founder and First Director Max Watson and presented at the European Studies Centre, St Antony’s, Oxford University, in December 2016.


Dr Peteris Zilgalvis, a senior member of St Antony’s College, was the 2013-14 Visiting EU Fellow at the European Studies Centre. He is a Head of Unit at the European Commission - most recently in DG CONNECT, and previously in DG Information Society and Media. While at St Antony's, he has been contributing actively to the PEFM programme, especially in the areas of financial innovation and the role of the financial sector in supporting growth and innovation in the real economy. He studied at the University of Southern California, becoming a Doctor of Jurisprudence (J.D.) having earlier received a B.A. Cum Laude in political science from UCLA, and later completed the High Potentials Leadership Program at Harvard Businesss School. Earlier in his careeer he worked as a consultant, including for the EBRD in the field of regulatory research in Latvia, Lithuania and Estonia. He had previously been desk officer for European Parliamentary Affairs at the Latvian Foreign Ministry. He has authored more than 30 publications on research, the economy and the environment, and bioethics and human rights.