Keynote speech: Oil, Inflation Expectations and Household Characteristics: A Nonlinear Heterogenous Agent VAR Approach at the Inflation: Drivers and Dynamics Conference 2025.
• Introduction and Chair: Chiara Osbat, European Central Bank
• Christiane Baumeister, University of Notre Dame
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnje5bTTZ9sJKe4TR0OlIbA
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20250929_inflation_conference.en.html
Session 1 on pricing and production networks at the Inflation: Drivers and Dynamics Conference 2025. Session chair: Sarah Holton, European Central Bank.
Supply Chain Networks and the Macroeconomic Expectations of Firms
• Presenter: Ina Hajdini, Federal Reserve Bank of Cleveland
• Saten Kumar, Auckland University of Technology
• Samreen Malik, New York University Abu Dhabi
• Jordan Norris, New York University Abu Dhabi
• Mathieu Pedemonte, Federal Reserve Bank of Cleveland
• Discussant: Tiziano Ropele, Banca d’Italia
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnje5bTTZ9sJKe4TR0OlIbA
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20250929_inflation_conference.en.html
Description:
Session 1 on pricing and production networks at the Inflation: Drivers and Dynamics Conference 2025. Session chair: Sarah Holton, European Central Bank.
Business Cycles with Pricing Cascades
• Presenter: Mishel Ghassibe, Centre de Recerca en Economia Internacional (CREi), Barcelona School of Economics and Universitat Pompeu Fabra
• Discussant: James Costain, Banco de España
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnje5bTTZ9sJKe4TR0OlIbA
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20250929_inflation_conference.en.html
Welcome address by Sarah Holton, Head of Division Prices and Costs, European Central Bank, on the first day of the Inflation: Drivers and Dynamics conference.
This annual conference, hosted by the European Central Bank and the Center for Inflation Research at the Federal Reserve Bank of Cleveland, brings together top researchers and policymakers from academia, central banks, and other policy institutions to present research findings related to inflation. The conference took place on 29 and 30 September 2025.
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnje5bTTZ9sJKe4TR0OlIbA
See the conference programme here:
https://www.ecb.europa.eu/press/conferences/html/20250929_inflation_conference.en.html
In a rapidly changing environment, they need to adapt and stay competitive to keep providing funding to people and businesses.
But so does ECB Banking Supervision. What are we doing to become more efficient, effective and risk-focused? And how are we simplifying supervision while safeguarding resilience? Our host Stefania Secola speaks to Supervisory Board member Sharon Donnery to find out.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 1 October 2025 and recorded on 24 September 2025.
In this episode:
01:10 How are Europe’s banks doing?
What is going well? What about the challenges banks face, like those coming from geopolitical tensions, digitalisation and the climate crisis? And are we seeing signs of deterioration in banks’ asset quality?
04:12 Are the current rules too complex?
Are Europe’s banks over-regulated? Why does a complex business like banking need sufficiently developed rules? And is there room to make things simpler for both supervisors and banks?
05:34 Does simplification mean deregulation?
How do they differ from one another? And how will we put guardrails in place to safeguard the resilience we have worked so hard to build in the banking sector?
08:33 How are we simplifying how we supervise banks?
What concrete steps have we taken? How will these change our regular health check for banks and the way we conduct stress tests?
11:22 Who is involved in simplifying supervision?
How do we make sure that the right people are involved? And how are banks, banking federations, academics and others involved in the work that’s being done?
13:04 What does simplification mean for banks, supervisors and customers?
More efficiency, shorter timelines and better use of limited resources? And how can banking union give customers more options when it comes to products and services?
15:53 What about simplifying regulation?
Beyond how we supervise banks, what steps are being taken to simplify the rules? What is being done at the European level, and how is our work on supervision feeding into that?
18:22 Our guest’s hot tip
Sharon shares her hot tip with our listeners.
Further reading:
As simple as possible, but not simpler
https://www.bankingsupervision.europa.eu/press/blog/2025/html/ssm.blog20250908~a8fbf2c8ec.en.html
Sharon’s hot tip: Making European supervision more efficient, effective and risk-focused
https://www.bankingsupervision.europa.eu/framework/approach/html/simplification.en.html
In a rapidly changing environment, they need to adapt and stay competitive to keep providing funding to people and businesses.
But so does ECB Banking Supervision. What are we doing to become more efficient, effective and risk-focused? And how are we simplifying supervision while safeguarding resilience? Our host Stefania Secola speaks to Supervisory Board member Sharon Donnery to find out.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 1 October 2025 and recorded on 24 September 2025.
In this episode:
01:10 How are Europe’s banks doing?
What is going well? What about the challenges banks face, like those coming from geopolitical tensions, digitalisation and the climate crisis? And are we seeing signs of deterioration in banks’ asset quality?
04:12 Are the current rules too complex?
Are Europe’s banks over-regulated? Why does a complex business like banking need sufficiently developed rules? And is there room to make things simpler for both supervisors and banks?
05:34 Does simplification mean deregulation?
How do they differ from one another? And how will we put guardrails in place to safeguard the resilience we have worked so hard to build in the banking sector?
08:33 How are we simplifying how we supervise banks?
What concrete steps have we taken? How will these change our regular health check for banks and the way we conduct stress tests?
11:22 Who is involved in simplifying supervision?
How do we make sure that the right people are involved? And how are banks, banking federations, academics and others involved in the work that’s being done?
13:04 What does simplification mean for banks, supervisors and customers?
More efficiency, shorter timelines and better use of limited resources? And how can banking union give customers more options when it comes to products and services?
15:53 What about simplifying regulation?
Beyond how we supervise banks, what steps are being taken to simplify the rules? What is being done at the European level, and how is our work on supervision feeding into that?
18:22 Our guest’s hot tip
Sharon shares her hot tip with our listeners.
Further reading:
As simple as possible, but not simpler
https://www.bankingsupervision.europa.eu/press/blog/2025/html/ssm.blog20250908~a8fbf2c8ec.en.html
Sharon’s hot tip: Making European supervision more efficient, effective and risk-focused
https://www.bankingsupervision.europa.eu/framework/approach/html/simplification.en.html
This annual conference, hosted by the European Central Bank (ECB) and the Center for Inflation Research at the Federal Reserve Bank of Cleveland, brings together top researchers and policymakers from academia, central banks, and other policy institutions to present research findings related to inflation.
💡 The digital euro innovation platform is an initiative designed to foster collaboration with the market in order to test ideas and explore the innovation potential of the digital euro.
The platform brings together experts from across Europe – including 🏦 banks, 💻 fintech companies, 🛒 merchants, 🎓 academics and ⚙️ tech providers – to help ensure that the digital euro would meet the needs of Europeans in their daily lives.
The participants tested a simulated digital euro interface and shared their ideas on how the digital euro could work in practice.
🔗 Find out more: https://www.ecb.europa.eu/euro/digital_euro/innovation-platform/html/index.en.html
📄 Read the report: https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep250926_innovationplatform.en.pdf
⚠️ Disclaimer: Conceptual scenarios from the ECB digital euro innovation platform. For illustrative purposes only – not reflective of final design decisions.
The 8th Conference on Monetary Policy will feature once more an impressive academic line-up and will be held as a hybrid event. The three conference sessions will tackle issues related to monetary policy, including the role of financial markets and financial intermediaries in monetary policy transmission, and with relation to the current situation of elevated economic and geopolitical uncertainty. A special session will be showcasing monetary policy related research by young economists.
