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.
Programme
* indicates the presenter
- 8:30
-
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
Non-banks -
Monetary Innovation and Financial Architecture
- Franklin Allen*, Imperial College London
- Ansgar Walther, Imperial College London
-
Banks’ balance-sheet costs, monetary policy, and the ON RRP
- Gabriele La Spada*, Federal Reserve Bank of New York
- Gara Alfonso, Federal Reserve Bank of New York
- Marco Cipriani, Federal Reserve Bank of New York
- 11:10
-
Coffee break
- 11:30
-
Session 2
Repo markets -
The International Dimension of Repo - Five New Facts
- Felix Hermes*, Goethe University Frankfurt and European Central Bank
- Maik Schmeling, Goethe University Frankfurt and Centre for Economic Policy Research (CEPR)
- Andreas Schrimpf, Bank for International Settlements and Centre for Economic Policy Research (CEPR)
-
Securities Losses, Interbank Markets, and Monetary Policy Transmission - Evidence from the Eurozone
- Dominik Supera*, Columbia Business School
- Mariassunta Giannetti, Stockholm School of Economics, CEPR, ECGI and Swedish House of Finance
- Martina Jasova, Barnard College and Columbia University
- Caterina Mendicino, European Central Bank
- 13:10
-
Lunch break
- 14:30
-
Keynote speech
Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University
- 15:30
-
Coffee break and poster session
- 16:20
-
Session 3
Central bank operations and balance sheet -
A Tale of Demand and Supply for Central Bank Reserves
- Sriya Anbil*, Federal Reserve Board
Sebastian Infante, Federal Reserve Board
Zeynep Senyuz, Federal Reserve Board
-
From Purchases to Exit - Central Bank Interventions in Corporate Debt Markets
- Johannes Breckenfelder*, European Central Bank
- Glenn Schepens, European Central Bank
- 18:00
-
Get together and drinks
- 19:00
-
Dinner hosted by Isabel Schnabel - by invitation only
- 8:30
-
Registration
-
Keynote speech
John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York
- 10:00
-
Session 4
FX and international spillovers -
Synthetic Dollar Funding
Umang Khetan*, University of Iowa
-
Demand Driven Risk Premia in FX and Bond Markets
- Ingomar Krohn*, Bank of Canada
- Andreas Uthemann, Bank of Canada
- Rishi Vala, Bank of Canada
- Jun Yang,Bank of Canada
- 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