ECB Conference on Monetary Policy 2025: bridging science and practice (Day 2)

Source: European Central Bank (video statements)

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.

https://www.youtube.com/watch?v=h9AOyxNyUe0

Closing remarks | “The Next Financial Crisis?”

Source: European Central Bank (video statements)

Closing remarks by Amit Seru, Stanford University – Hoover Institution at the 10th Annual Research Conference.
Policymakers and academics gathered to discuss how current regulations, supervisory practices, (conventional and unconventional) monetary policy, and technological innovations shape financial fragility.

Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZlSxtoWBnEco7LoUoBbl-ei

See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250917_10th_ecb_annual_research_conference.en.html

https://www.youtube.com/watch?v=ljO-tfNbRyY

Noisy Experts? Discretion in Regulation | “The Next Financial Crisis?”

Source: European Central Bank (video statements)

Session 3 on Central banks and regulation at the 10th ECB Annual Research Conference.

Chair: Marie Hoerova, European Central Bank

Noisy Experts? Discretion in Regulation
• Kelly Shue, Yale University

Discussants:
• Rafael Repullo, CEMFI
• Claudia Buch, Chair of the Supervisory Board of the ECB

Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZlSxtoWBnEco7LoUoBbl-ei

See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250917_10th_ecb_annual_research_conference.en.html

https://www.youtube.com/watch?v=sMjw7X24gKM

Policy Panel | “The Next Financial Crisis?”

Source: European Central Bank (video statements)

Policy panel “The Next Financial Crisis” at the 10th ECB Annual Research Conference.

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank

Panellists:
• Pierre-Olivier Gourinchas, International Monetary Fund
• Klaas Knot, formerly President, De Nederlandsche Bank and Financial Stability Board

Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZlSxtoWBnEco7LoUoBbl-ei

See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250917_10th_ecb_annual_research_conference.en.html

https://www.youtube.com/watch?v=maJagH7uy2g

Unintended Consequences of QE: Estate Prices and Financial Stability | The Next Financial Crisis?

Source: European Central Bank (video statements)

Session 3 on Central banks and regulation at the 10th ECB Annual Research Conference.

Chair: Marie Hoerova, European Central Bank

Unintended Consequences of QE: Real Estate Prices and Financial Stability
• Tobias Berg, Goethe University Frankfurt

Discussants:
• Amir Sufi, University of Chicago – Booth School of Business
• José-Luis Peydró, LUISS and EIEF

Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZlSxtoWBnEco7LoUoBbl-ei

See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250917_10th_ecb_annual_research_conference.en.html

https://www.youtube.com/watch?v=ocH_tNLmxgI

ECB Conference on Money Markets 2025 – Day 2

Source: European Central Bank (video statements)

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.

https://www.youtube.com/watch?v=EmxJH4Qtwy4

ECB Conference on Money Markets 2025 – Day 1

Source: European Central Bank (video statements)

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.

https://www.youtube.com/watch?v=6zaJgoS2XGE

Interest Rate Risk & Cross-Section Effects of Micro-Prudential Regulation|The Next Financial Crisis?

Source: European Central Bank (video statements)

Chair: Ross Levine, Stanford University – Hoover Institution

Interest Rate Risk and Cross-Section Effects of Micro-Prudential Regulation
• Juliane Begenau, Stanford University – Graduate School of Business

Discussants:
• Augustin Landier, HEC
• Markus Brunnermeier, Princeton University

Watch other sessions from the 2025 ECB Annual Research Conference joint with Stanford’s Hoover Institution on “The Next Financial Crisis?”: https://www.youtube.com/playlist?list=PLnVAEZuF9FZlSxtoWBnEco7LoUoBbl-ei

See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250917_10th_ecb_annual_research_conference.en.html

https://www.youtube.com/watch?v=BlU0XqPPA6M

Do Non-Banks Need Access to the Lender of Last Resort? | “The Next Financial Crisis?”

Source: European Central Bank (video statements)

Session 1 on Non-Banks at the 10th ECB Annual Research Conference.

Chair: Amit Seru, Stanford University – Hoover Institution

Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Fund Runs
• Marie Hoerova, European Central Bank

Discussants:
• Jean-Charles Rochet, Toulouse School of Economics
• Philipp Schnabl, New York University – Stern School of Business

Watch other sessions from the 2025 ECB Annual Research Conference joint with Stanford’s Hoover Institution on “The Next Financial Crisis?”: https://www.youtube.com/playlist?list=PLnVAEZuF9FZlSxtoWBnEco7LoUoBbl-ei

See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250917_10th_ecb_annual_research_conference.en.html

https://www.youtube.com/watch?v=arsFYAxKwzI