UCL Institute for Innovation and Public Purpose


Romain Svartzman

Romain Svartzman is a Research Associate at the UCL Institute for Innovation & Public Purpose (IIPP).

Romain Svartzman is a Research Associate at IIPP and a research economist at a central bank. He focuses on the integration of nature-related financial risks (including climate and biodiversity) into monetary policy and financial supervision, and on the potential macroeconomic implications of ecological transition paths. He previously worked as an environmental risk management officer for the International Finance Corporation (World Bank Group) and as an investor in ‘green’ technologies for a French venture capital firm. 

Romain completed his PhD in ecological macroeconomics at McGill University (Canada). He also holds a master’s degree in Finance from the Institut d’Etudes Politiques de Paris (Sciences Po) and a degree in Economics and Law of Climate Change from FLACSO Argentina. 

Research Summary

Romain’s work focuses on assessing how the financial system is both exposed to and contributing to nature-related financial risks (NRFR), including climate- and biodiversity-related ones. His work starts from the premises that traditional monetary and supervisory policy tools need to be adapted to account for the peculiar nature of these risks, including: the question of double-materiality; the deep/radical uncertainty and multiple time horizons at stake; and the fact that addressing ecological risks demands a structural change that central banks and financial regulators/supervisors will not be able to address on their own. As a result, his research emphasizes interdisciplinary work (including with ecological experts) and institutionalist perspectives, in order provide scientifically-, historically- and geographically-informed insights into the possible forms of policy coordination needed to address current ecological crises. 

This leads him to work on varied yet related topics such as: the assessment of economic and financial models currently used to assess climate-related financial risks; the integration of ecological (non-financial) tools and metrics into financial supervision and monetary policy; the relationships between global ecological degradations and financialization; the role of money and ‘natural capital’ in macroeconomic models; the reforms of the international monetary and financial system potentially needed to enable a global ecological transition. 

Selected publications


Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “The Green Swan: Central Banking in the Age of Climate Change” (2020). Bank for International Settlements and Banque de France.

Journal articles

Svartzman, R., Bolton, P., Després, M., Pereira da Silva, L., Samama, F. (2021). “Central banks, financial stability and policy coordination in the age of climate uncertainty: A three-layered analytical and operational framework”. Climate Policy, DOI: 10.1080/14693062.2020.1862743.

Svartzman, R., Althouse, J. (2020). “Greening the International Monetary System? Not without addressing the political ecology of global imbalances”. Review of International Political Economy, DOI: 10.1080/09692290.2020.1854326. 

Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “Penser la stabilité financière à l’ère des risques écologiques globaux – Vers de nouveaux arbitrages entre efficience et résilience des systèmes complexes”. Revue d’Economie Financière 138, 43-54. 

Svartzman, R., Dron, D., Espagne, E. (2019). “From Ecological Macroeconomics to a Theory of Endogenous Money for a Finite Planet”. Ecological Economics 162 (C), 108-120, DOI: 10.1016/j.ecolecon.2019.04.018. 

Academic working papers

Oustry, A., Erkan, B., Svartzman, R., Weber, P.-F. (2020). “Climate-related Risks and Central Banks’ Collateral Policy: a Methodological Experiment”. Banque de France Working Paper no. 790.

Bolton, P., Després, M., Pereira da Silva, L. A., Samama, F., Svartzman, R. (2020). “Green Swans: central banks in the age of climate-related risks”. Banque de France Bulletin 229 (8). 

Allen, T., Dees, S., Boissinot, J., Caicedo Graciano, C.M., Chouard, V., Clerc, L., De Gaye, A., Devulder, A., Diot, S., Lisack, N., Pegoraro, F., Rabaté, M., Svartzman, R., Vernet L. (2020). Climate-Related Scenarios for Financial Stability Assessment: An Application to France. Working Paper Banque de France, no. 774.


Oustry, A., Erkan, B., Svartzman, R., Weber, P.F. (2021). "Climate risks and collateral: a methodological experiment". Eco Notepad 210. Banque de France (April 14).

Després, M., Svartzman, R. (2020). “Le Covid-19 d’abord et le climat après ? Pas si simple – Liens entre risques sanitaires et environnementaux”. Covid-19 et économie, les clés pour comprendre, Banque de France (April 15).