This project aims to deepen our understanding of the causes of financial crises and the effectiveness of policy responses. The project is being conducted by a consortium of ten universities and a number of central banks collaborating to develop a next generation macroeconomic-financial system model using "agent-based" modelling to model financial crises in a more realistic and bottom-up way than has been possible previously.

The CRISIS model will enable central bankers and other policymakers to explore policies for managing systemic risk to reduce the chances of future crises and minimise their impact.

The initial focus is on Europe but eventually the scope will be global.