The Political Economy of Financial Markets programme (PEFM) aims to shed light on the way in which institutions, including macroeconomic policy frameworks, interact with financial markets. In the wake of the global and euro area crises, it seeks to promote a better understanding of financial markets and to contribute to improved policy formulation and execution in the future. The programme was established in October 2012 (by the late Max Watson, as its first Director) at the European Studies Centre, St Antony’s College, Oxford. Its main activities are to carry out research, hold seminars and workshops, and publish findings in outlets that range from academic articles and books to policy briefings and op-ed pieces in the international press. In addition to events hosted at St. Antony’s College, PEFM has co-hosted seminars and workshops with other institutions, including (inter alia) Oxford’s Global Economic Governance program (GEG), the Royal Institute of International Affairs (Chatham House), and the Austrian National Bank; PEFM Associates have also presented seminar papers and provided policy briefings to the International Monetary Fund, H. M. Treasury, the Bank of England, the European Stability Mechanism, and the European Commission.