ECB Conference on Money Markets 2025 - Call for papers

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.

Keynote speakers

• Isabel Schnabel, Member of the Executive Board, European Central Bank
• Jeremy C. Stein, Moise Y. Safra Professor of Economics, Harvard University
• John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York

Topics

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. Topics of interest for submission include but are not limited to:

• Monetary policy implementation, for example related to:
  • developments in demand for central bank reserves
  • estimates of banks’ demand for reserves and the interaction with Quantitative Tightening (QT)
  • effectiveness of money markets in redistributing central bank liquidity
  • credit operations or asset purchases as tools to provide reserves
  • the trade-off between volatility of short-term interest rates and incentives for market activity
  • implications of money market frictions, segmentation and collateral scarcity
  • the role of assets eligibility as collateral
• The functioning of money markets, including the role of non-bank financial institutions and dealer intermediation as well as the interaction with bond market functioning
• The implications of volatile interest rate environments and geopolitics for the functioning of money markets and implementation of monetary policy
• Financial institutions’ funding strategies in light of regulatory requirements and evolving central bank operational frameworks
• Technological innovation that may affect money markets and monetary policy implementation, in particular in the field of:
  • market infrastructures
  • payment systems
  • digital currencies, distinguishing between private digital currencies (e.g., stablecoins) and central bank digital currencies (CBDCs)
  • Artificial Intelligence
• Monetary policy implementation and its interaction with initiatives to address climate and nature-related risks

Submission

Papers should be submitted in PDF format to MMConference@ecb.europa.eu by 31 May 2025. Submissions from female researchers are particularly encouraged. Authors of accepted papers will be notified by the end of July 2025.

We particularly welcome submissions focussing on the euro area.

The annual ECB Conference on Money Markets will be held in a hybrid format, both onsite and online, at the ECB premises in Sonnemannstrasse 20, 60314 Frankfurt am Main. We encourage presenters and discussants to attend in person. In accordance with ECB rules, travel and accommodation expenses for academic speakers will be reimbursed. Speakers from central banks, other official institutions, and financial institutions are expected to cover their own expenses.

The conference will begin on the morning of 6 November 2025 and conclude around lunchtime on 7 November 2025. A seated dinner for active participants will be held on the first day of the conference.

Conference organisers

• Calogero Brancatelli, Directorate General Market Operations – Market Operations Frameworks Division
• Madalen Castells-Jauregui, Directorate General Research – Financial Research Division
• Benoit Nguyen, 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
• Christian Kubitza, Directorate General Research – Financial Research Division