About economic research

Our economists are available on request to present at your events and bring you our latest views and opinions on a variety of topics ranging from the euro zone crisis, to new global trade routes, to emerging risks and opportunities. Our experts are widely featured in international media such as: BFM Business, Bloomberg TV, CNBC, CNN, Dow Jones, France 24, France Info, der Handelsblatt, Il Sole 24 Ore, Le Figaro, Le MondeThe Financial Times,The New York Times,The Wall Street Journal, The Washington Post and so forth.


L Subran



Ludovic Subran, Chief Economist and Director for Economic research

Ludovic leads the Economic Research Team at Euler Hermes. This unique department bridges top-notch research on countries and sectors to provide our clients with best-in-class knowledge. Before joining Euler Hermes, Ludovic worked for prestigious institutions such as the French Ministry of Finance, the United Nations and the World Bank. Ludovic also teaches economics at HEC Business School. Ludovic is ranked in the top 100 French leaders of tomorrow; he often shares Euler Hermes' analyses with clients and the media.


Ilan Goren



Ilan Goren, Content Manager 

Ilan is a content and communications professional, with background as a published author and journalist. He has experience in development and delivery of publishing platforms and distribution channels. Track record with Moscow-based innovation university Skoltech, established in collaboration with the Massachusetts Institute of Technology (MIT). He has consulted startups across Europe on strategic storytelling to fuel purposeful mission, UX and marketing . After graduating from the London School of Economics (LSE), Ilan worked with Fortune 500 companies (BMW), top academic institutions (MIT) and some of the world's leading media companies (CNN, FR24, Washington Post, Der Spiegel). Delivering quality results while saving clients time and money is a top priority. Long distance running is a passion.

Macroeconomic and Country Risk Research

Ana Boata

Ana Boata, Economist for Europe

Ana joined Euler Hermes in November 2012 as the European Economist. Her responsibilities at Euler Hermes include quarterly country risk assessments for Western European countries, economic forecasting and the constant monitoring of economic and political developments in these countries. Before her current position, Ana worked as a Junior European Economist in the banking sector for 2 years. 

Andrew Atkinson

Stéphane Colliac, Senior Economist for France and Africa

Stéphane joined Euler Hermes in 2016 as the France and Africa Economist. Stéphane holds a PhD from the University of Bordeaux. For most of this professional career as an economist, he has focused on emerging markets and country risk. Stéphane worked within different sectors in the past (French Treasury, Groupama Asset Management, Thierry Apoteker Consultant) and has a keen interest in international macroeconomics and finance.

Mahamoud Islam

Mahamoud Islam, Economist for Asia

Mahamoud joined Euler Hermes in 2010 as an economist for OECD countries, including Europe. Before that, Mahamoud worked for the banking sector in Paris Mahamoud is now the regional economist for Asia Pacific and is in charge of macroeconomic and country risk analysis. Mahamoud has a keen interest in quantitative analysis, public policy and international trade.

Manfred Stamer

Manfred Stamer, Senior Economist for Emerging Europe

Based in Hamburg, Manfred focuses on Emerging Europe and Central Asia. He joined Euler Hermes Germany in 1998 as an economist in the Marketing Department. In 2003, he moved to the Risk then to Research to work on country risks in emerging Europe and emerging Asia. Manfred also oversees the country risk methodology at Euler Hermes.

Dan North

Dan North, Senior Economist for North America

Dan is the economist for the US and Canada, based in Owings Mills, Maryland. Dan has been with Euler Hermes North America since 1996, using macroeconomic and quantitative analyses to help manage the risk portfolio. Dan has appeared on a wide range of media both in the US and abroad and is a top speaker at trade groups, credit managers’ associations, often meeting with clients, and prospects throughout North America.


Daniela Ordonez, Economist Latin America, Spain and Portugal

Daniela is Euler Hermes’ regional economist for Spain, Portugal, and Latin America and the Caribbean. Her work focuses on country risk analysis and short- and medium-term forecasting. Before joining Euler Hermes in 2014, she worked at a French think tank. As their economist for Latin America and the Eurozone, Daniela carried out cross-sectional research on economic policies and structural issues.

Sector and Insolvency Research

Maxime Lemerle

Maxime Lemerle, Head of Sector and Insolvency Research

Maxime joined Euler Hermes in 1993 as a credit analyst for Euler Hermes France, specializing on the food and retail sectors. He then moved to the Research team in 1999, first working on sectors, then on macroeconomic analyses, before becoming the team leader for global forecasts. Maxime now leads cross-cutting sector and insolvency research and is in charge of sector risk ratings.

Yann Lacroix

Yann Lacroix, Sector Advisor for Automotive and Steel

Yann started his career at Euler Hermes in 1988 as a credit analyst. He has then held managerial positions in various Regional Risk Offices throughout France. Yann then became the head of special risks for Euler Hermes France before joining the Research Department. He is a specialist in corporate finance. Yann is featured widely in the French media.

Marc Livinec

Marc Livinec, Sector Advisor for Chemicals, Pharmaceuticals and Energy

Marc started working for the French subsidiary of Euler Hermes as a financial analyst until 2005. He then moved to the Economic Research Department where he has been developing in-depth knowledge of the chemicals and pharmaceuticals sectors. He is also an advisor for energy-related for the Euler Hermes Group.


Farah Allouche, Sector Advisor

After a substantial experience as senior credit analyst for Metals, Machines and Transportation sectors, Farah joined Euler Hermes in 2014. Now, she is in charge of carrying out comprehensive analyses for Industrial Equipements, Agrifood and Textile industries. Her areas of expertise also cover working capital management, payment delays and insolvency assessment.  

Didier Moizo

Didier Moizo, Sector Advisor for IT, Electronics and Construction

Didier began his career in 1984 as a Corporate Relationship Manager and has worked for various financial institutions till he joined Euler Hermes in 1991, as an underwriter. Didier has also participated to the design and implementation of Euler Hermes' risk database in both Belgium and France, before he joined the Economic Research Deparment in 2004.