Marcel Fratzscher is an adviser at the European Central Bank in Frankfurt. His main responsibilities lie in helping formulate the institution's positions on international economic policy and in conducting and coordinating research on international financial and monetary issues. His current research focuses on international financial market linkages, on central bank communication and exchange rate policy, on monetary policy and asset prices, on financial crises and contagion, and on capital flows and sustainable current account positions. Before joining the bank in 2001, he was a visiting fellow at the Institute for International Economics (2000–01) and worked on macroeconomic and monetary policy issues at the Ministry of Finance of the Republic of Indonesia, Jakarta, for the Harvard Institute for International Development before and during the Asian crisis. Before moving to Indonesia, he worked at the World Bank and briefly at the Asian Development Bank in Manila.