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.


Adrienne CheastyAdrienne Cheasty comes from the IMF, where she was most recently Deputy Director of the Fiscal Affairs Department, responsible for Europe and for fiscal federal issues. She was previously Deputy Director of the IMF’s Western Hemisphere Department, responsible for Mexico, Venezuela, Andean countries, and the Caribbean. Earlier, she worked on numerous IMF-supported crisis programmes in emerging markets and fragile states. Research areas include euro area fiscal-financial architecture, financial crisis management, debt issues, measurement of the fiscal deficit, and financial aspects of climate change. She was a member of the World Economic Forum’s Global Agenda Councils on Fiscal Sustainability and on Public Finance and Social Protection, and has taught at Harvard, Yale and Johns Hopkins.


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).


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.


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.