Stefano Ungaro is a senior research economist at the DG Supervision of the Banque de France and an adjunct professor of international finance at the Johns Hopkins School for Advanced International Studies, Bologna campus. His research and policy work focuses on banking and financial stability, the digitalisation of the financial system and economic history. Prior to joining the Bank, he taught financial and monetary economics at the University Paris 1 Panthéon-Sorbonne, the European Business School Paris and Sciences Po Paris.