ECB Conference on Money Markets 2025
Thursday, 6 and Friday, 7 November 2025
Frankfurt am Main
Hybrid event
The annual ECB Conference on Money Markets brings together academics, market practitioners, and central bankers for in-depth discussions on money markets, monetary policy implementation, and central bank operational frameworks. Through a combination of research presentations, insights from market participants, and high-profile keynote speeches, the conference aims to advance our understanding of money markets and monetary policy transmission.
In 2025, the ECB Conference on Money Markets will discuss the ongoing adjustments in money markets as they adapt to smaller central bank balance sheets, evolving operational frameworks for monetary policy implementation, and the increasing role of non-bank financial intermediaries.
Registration - expression of interest
To express your interest in attending the 2025 Money Markets Conference in person please use the link below. The organising committee will review your request and provide a response in due time.
Live webstream starting on 6 November at 9:10 CET
Programme
* indicates the presenter
- 8:00
-
Registration
- 9:00
-
Welcome and housekeeping
Imène Rahmouni-Rousseau, European Central Bank
- 9:10
-
Opening remarks
Isabel Schnabel, Member of the Executive Board, European Central Bank
- 9:30
-
Session 1 – Central bank operations and balance sheet
Chair: Anne Marie McKiernan, Central Bank of Ireland
-
A Tale of Demand and Supply for Central Bank Reserves
- Sriya Anbil*, Federal Reserve Board
- Sebastian Infante and Zeynep Senyuz, both Federal Reserve Board
-
From Purchases to Exit - Central Bank Interventions in Corporate Debt Markets
- Johannes Breckenfelder*, European Central Bank
- Glenn Schepens, European Central Bank
Discussant: Olivier Darmouni, HEC Paris
- 11:10
-
Coffee break
- 11:30
-
Session 2 – Repo markets
Chair: Makoto Minegishi, Bank of Japan
-
The International Dimension of Repo - Five New Facts
- Felix Hermes*, Goethe University Frankfurt and European Central Bank
- Maik Schmeling, Goethe University Frankfurt
- Andreas Schrimpf, Bank for International Settlements
Discussant: Can Gao, St. Gallen University
-
Securities Losses, Interbank Markets, and Monetary Policy Transmission - Evidence from the Eurozone
- Dominik Supera*, Columbia Business School
- Mariassunta Giannetti, Stockholm School of Economics
- Martina Jasova, Columbia University
- Caterina Mendicino, European Central Bank
Discussant: Jennie Bai, Georgetown University
- 13:10
-
Lunch break
- 14:30
-
Keynote speech
Treasury Market Dysfunction and the Role of the Central BankJeremy Stein, Moise Y. Safra Professor of Economics, Harvard University
Chair: Luc Laeven, European Central Bank
- 15:30
-
Coffee break
Poster session- Demand Drivers of Central Bank Liquidity: A Time-To-Exit TLTRO Analysis
by Maria del Carmen Castillo Lozoya (Banco de Espana), Adina-Elena Fudulache (European Central Bank) - Repo Collateral Reuse and Liquidity Windfalls
by Georgios Angelis Alexiou (European Central Bank and Goethe University), Sofia M. Pereira (European Central Bank), Victor Rodrigues-Gomes (European Central Bank) - Excess Liquidity and the Yield Curve
by Wolfgang Lemke and Andreea Liliana Vladu (all European Central Bank) - Collateral Switching under Varying Monetary Policy Implementation Regimes
by Giacomo Beltrame, Calogero Brancatelli, Aurora Vancini (all European Central Bank) - DeFi-ying the Fed: Monetary Policy Transmission to Stablecoin Rates
by Andrea Barbon, St. Gallen University, Jean Barthelemy (Banque de France), Benoit Nguyen (European Central Bank) - The Value of Stable Relationships in Money Markets - How Money Markets Price Formation Rewards Stable Depositors?
by Marta Skrzypińska (European Central Bank) Supply Effects and Repo Rates in the Bund Market
by Miguel Ampudia (European Central Bank), Pedro Miguel Formoso da Silva (European Central Bank), Simon Hesse (Deutsche Finanzagentur), Alexander Pütz (Deutsche Finanzagentur), Franziska Schobert (Deutsche Bundesbank), Julian Von Landesberger (European Central Bank), Alexander Wohlert (Deutsche Finanzagentur)
- Demand Drivers of Central Bank Liquidity: A Time-To-Exit TLTRO Analysis
- 16:20
-
Session 3 – Global funding and spillovers
Chair: Gerardo Garcia, Banco de Mexico
-
Synthetic Dollar Funding
Umang Khetan*, University of Iowa
Discussant: Katharina Bergant, International Monetary Fund
-
Demand Driven Risk Premia in FX and Bond Markets
- Ingomar Krohn*, Bank of Canada
- Andreas Uthemann, Rishi Vala and Jun Yang, all Bank of Canada
Discussant: Tony Zhang, Arizona State University
- 18:00
-
Get together and drinks
- 19:00
-
Seated dinner at European Central Bank, by invitation only. Hosted by Ms Schnabel
- 8:30
-
Registration
- 9:00
-
Keynote speech
John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York
Chair: Roland Straub, European Central Bank
- 10:00
-
Session 4 – Non-banks
Chair: Petra Tschudin, Swiss National Bank
-
Monetary Innovation and Financial Architecture
- Franklin Allen*, Imperial College London
- Ansgar Walther, Imperial College London
Discussant: Adrien d'Avernas, Stockholm School of Economics
-
Banks’ Balance-Sheet Costs, Monetary Policy, and the ON RRP
- Gabriele La Spada*, Federal Reserve Bank of New York
- Gara Afonso, Federal Reserve Bank of New York
- Marco Cipriani, Federal Reserve Bank of New York
Discussant: Yiming Ma, Columbia Business School
- 11:40
-
Coffee break
- 12:10
-
Market panel
Chair: Imène Rahmouni-Rousseau, European Central Bank
Panellists:
- Loubna Moudanib, Credit Research Manager, Vanguard
- Nicolas Pillet, Head of ALM Treasury, BNP Paribas
- Sören Radde, Head of European Economic Research, Point 72
- Victoria Saporta, Executive Director of the Markets Directorate, Bank of England
- 13:15
-
Light lunch and subsequent end of conference
This programme may be subject to change without notice.
Time allocation: 25 minutes for each paper presenter, 15 minutes for each discussant, 10 minutes for Q&A.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet/intranet webpage. If you prefer not to have your photograph taken, please inform us in advance of the Conference on Money Markets 2025. The event may be filmed and the video recording (or parts of it) may be published on the internet / intranet.
General information
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Calogero Brancatelli, Directorate General Market Operations – Market Operations Frameworks Division
- Benoit Nguyen, Directorate General Market Operations – Cross-Market Analysis and Intelligence Division
- Yannik Schneider, Directorate General Market Operations – Cross-Market Analysis and Intelligence Division
- Melina Papoutsi, Directorate General Monetary Policy – Monetary Policy Strategy Division
- Danielle Kedan, Directorate General Monetary Policy – Monetary Policy Strategy Division
- Madalen Castells-Jauregui, Directorate General Research – Financial Research Division
- Christian Kubitza, Directorate General Research – Financial Research Division