Stefan W. Schmitz is an economist at the Austrian central bank (OeNB) where he focuses on the supervision, regulation, and analysis of systemic liquidity risk as well as economic impact analysis of financial regulation. Stefan is a member of various expert groups at the ESRB, the ESCB, the EBA, and the EU Commission. He studied economics, business administration and philosophy of science in Vienna (Ph.D.), London (MSc LSE) and New York (Research Seminar on Austrian Economics, NYU). From 1998 to 2003 he worked at the Research Unit for Institutional Change and European Integration at the Austrian Academy of Sciences as a research fellow. He spent the summer semester 2000 at the University of Minnesota (Minneapolis) as Visiting Assistant Professor in economics and the summer 2002 at the DIW Berlin (German Institute for Economic Research) as Visiting Fellow. In 2002 Stefan was elected to the board of the Institute Vienna Circle.