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.


Click for an overview of Economic Research (slide-deck)


L Subran



Ludovic Subran, Head of Macroeconomic Research for Allianz and Euler Hermes

Ludovic is the Head of Macroeconomic Research at global insurer and asset manager Allianz, and the Chief Economist at Euler Hermes, the world leader in credit insurance. Ludovic also sits on the Board of Directors of Solunion, Euler Hermes’ joint venture company for Spain and Latin America. Ludovic leads a team of experts responsible for macroeconomic forecasts and thematic research.
Their work is often quoted by tier one media across the world. Before joining the financial sector, Ludovic worked for prestigious institutions such as the French Ministry of Finance, the United Nations and the World Bank. He helped design economic policies in more than 30 countries around the world. Ludovic is ranked among top emerging leaders in France (Institut Choiseul-Le Figaro), and has been selected a Foreign Trade Advisor (Conseiller du Commerce Extérieur) to the French Prime Minister, and a Young Leader by the French American Foundation.
His recognized foresight expertise has led him to the Advisory Board of EY (Ernst and Young), the French Public Investment Bank (BPI France Le Lab), and the Monaco Economic Board. Ludovic also sits on the Board of various non-profits: the Aspen Institute France, Rules for Growth, Women in Africa, and Recherches et Solidarités. Ludovic graduated from the École Nationale de la Statistique et de l'Administration Économique and from the Institut d'Études Politiques de Paris. He is fluent in French, English, Spanish, Italian, Portuguese, German and Arabic.


Ilan Goren



Ilan Goren, Content Manager 

Ilan has 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 by MIT. He has consulted startups on strategic storytelling, UX and marketing. Ilan earned an MSc with Distinction from the London School of Economics (LSE). He worked with companies (BMW), academic institutions and media outlets (CNN, FR24, Washington Post, Der Spiegel).

Macroeconomic and Country Risk Research



Alexis Garatti, Head of Macro and Thematic Research

Alexis Garatti holds a PHD in macroeconomics with a focus on “macroeconomic shocks and monetary unions”. He started as an economist in Natixis’ Research Department, working three years in Paris and two years in London. He first covered the UK and European Nordic economies and then focused on the US and Euro zone. He published “Why England lost”, a book analyzing the UK’s economic decline. In 2009, he joined Citic securities in Hong Kong as a Senior Global Macroeconomist and worked for Haitong Securities International, with a growing focus on China and Asia Pacific. He joined Taikang Asset Management in January 2015 as the Head of Global Economic Research, providing multi - asset analysis and strategic calls for a portfolio of gobal equity. He finally joined Euler Hermes as Head of Macroeconomics in October 2017.


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. 


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, Senior Asia Economist

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 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. He is a frequent speaker at trade conferences in China, Hong Kong, Taiwan, Singapore, Malaysia and Indonesia. His core subjects include trade development, payment behaviour and corporate bankruptcies’ trends in Asia.

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.


Sector and Insolvency Research


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.


Sergey Zuev, Sector Advisor for Client Oriented Sectors

Before joining the Economic Research Department in September 2017, Sergey worked for several years for the French subsidiary of Euler Hermes as a financial analyst. His responsibilities within the team evolve around analyzing latest developments in the consumer-oriented sectors such as retail, household equipment, agrifood and software services. .

Marc Livinec

Marc Livinec, Sector Advisor for Chemicals, Pharmaceuticals

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.



Catharina Hillenbrand-Saponar, Sector Advisor for Thematic Research and Top Client Liaison

Catharina joined Euler Hermes in September 2017. During 20 years in senior positions with a number of global investment banks, such as Cazenove and Nomura, she advised on multi billion M&A transactions and privatisations and achieved Nr 1-3 ratings in the Extel and Institutional Investor surveys. Catharina continued her career as an official with the British government where she advised Ministers and Downing Street with leadership on a number of high profile national policies mainly focused on industry, finance and energy but also on Brexit. Her expertise comprises financial analysis, transversal sector analysis, stakeholder relations, and policy and regulation. She is an advisor on the energy and metal sectors for the Euler Hermes Group.