Michael Kühl is a Team Lead in the Economic and Market Analysis division at the European Stability Mechanism. He mainly covers euro area topics but also monitors developments in member states. Before joining the ESM, he worked as a Senior Economist in the Forecasting and Policy Modelling Division at the ECB. Prior to that, he worked several years at Deutsche Bundesbank. Michael holds a doctoral degree from the University of Göttingen. His research focuses on monetary policy, macroeconomics and