Yoshua Bengio, Professor at the Université de Montréal, delivered a keynote speech on “The future of AI – and considerations for systemic risks” at the ninth annual European Systemic Risk Board conference.
Response by Leonardo Gambacorta, Head of Emerging Markets at the Bank for International Settlements.
The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.”
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f
See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html
The expanding role of non-bank financial intermediaries and the rising interconnectedness within the financial system call for a system-wide approach to stress testing. This panel will explore how macroprudential authorities can address the challenges involved in implementing such an approach.
Panellists:
• Viral Acharya, C.V. Starr Professor of Economics, Leonard N. Stern School of Business
• Nathanaël Benjamin, Executive Director, Financial Stability Strategy and Risk, Bank of England
• Rama Cont, Professor, Oxford University
• John Fell, Deputy Director-General, Macroprudential Policy and Financial Stability, European Central Bank
Chair: Aino Bunge, Deputy Governor of Sveriges Riksbank, Vice-Chair of the ESRB Advisory Technical Committee
The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.”
Watch all sessions from the conference: https://www.youtube.com/playlist?list=PLnVAEZuF9FZnF_n2uxkH2fdSPyfoNzz9f
See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html
The ESRB’s Advisory Scientific Committee awards the Ieke van den Burg prize to recognise outstanding research conducted by young scholars on a topic related to the ESRB’s mission.
Co-authors Arved Fenner (University of Münster), Philipp Klein (University of Münster) and Carina Schlam (Deutsche Bundesbank and University of Münster), will present their award-winning paper, “Better Be Careful: The Replenishment of ABS backed by SME Loans,” which has been selected as the winner of the 2025 edition of the prize.
Chair: Vasso Ioannidou, Member of the ESRB Advisory Scientific Committee, Professor, Bayes Business School
Learn more about the prize and see past winners: https://www.esrb.europa.eu/about/orga/asc/ieke/html/index.en.html
See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html
Adam Posen, President of the Peterson Institute for International Economics, delivers a keynote speech on “The EU in a changing geopolitical landscape” at the ninth annual European Systemic Risk Board conference.
Response by Thorsten Beck, Chair of the ESRB Advisory Scientific Committee and Director and Professor at the European University Institute.
The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.”
See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html
The EU financial system is challenged by a range of emerging threats, many of which originate outside the system itself. This panel will explore some of these challenges, including the evolving geopolitical landscape and its impact on government budgets, as well as the growing influence of non-bank financial intermediaries.
Panellists:
• Marco Buti, Professor, European University Institute
• Ian Goldin, Professor, Oxford Martin School, Oxford University
• Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, European Central Bank
• Loriana Pelizzon, Vice-Chair of the ESRB Advisory Scientific Committee and Professor, Goethe University of Frankfurt
Chair: Olli Rehn, ESRB First Vice-Chair, Governor of Suomen Pankki – Finlands Bank
The 2025 ESRB conference theme is “Broadening Horizons: The ESRB’s Next Decade of Impact.”
See the conference programme here: https://www.esrb.europa.eu/news/schedule/2025/html/20250903_9th_annual_conference.en.html
Welcome address by Christine Lagarde, Chair of the European Systemic Risk Board (ESRB), and special address by Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investment Union, at the ninth annual ESRB conference .
Chiara Zilioli, Director General of Legal Services at the European Central Bank, delivers closing remarks on the second day of the 2025 ECB Legal Conference.
Watch other sessions from the 2025 ECB Legal Conference “Building Europe’s Autonomy: Law, Institutions, Cooperation”: https://www.youtube.com/playlist?list=PLnVAEZuF9FZm3BYRQdFyj1vvCrJfZ-mrM
See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250901_7th_ECB_legal_conference.de.html
One basic element of an ascending paradigm of governance is mistrust of non-majoritarian institutions such as courts, agencies, and central banks. This mistrust materialises through challenges to the independence of such institutions or the curtailing of their discretion.
This panel will compare developments in the EU and US in this area focusing both on legislative measures and the case-law of the CJEU and US Supreme Court. For example, the reversal of the Chevron doctrine by the Supreme Court in Loper Bright Enterprises v. Raimondo will be compared with the approach of the CJEU in cases such as Credit lyonnais. At a more conceptual level, the panel will discuss how non-majoritarian institutions are a constitutional component of Western democracies.
Panellists:
• Nicholas Emiliou, Advocate General, Court of Justice of the European Union
• Pedro Machado, Member of the Supervisory Board of the ECB
• Mariolina Eliantonio, Professor, Maastricht University
Chair: Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB
Watch other sessions from the 2025 ECB Legal Conference “Building Europe’s Autonomy: Law, Institutions, Cooperation”: https://www.youtube.com/playlist?list=PLnVAEZuF9FZm3BYRQdFyj1vvCrJfZ-mrM
See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250901_7th_ECB_legal_conference.de.html
The panel examines the role of the legal services of the EU institutions in building EU autonomy. Considering that the EU paradigm of autonomy is based on law, institutions, and international cooperation, the legal services of EU institutions have to take into account different perspectives. They need to advise in line with domestic law—and in a context where legal challenges are not typical, this role is more important. They need to be vigilant to protect the independence of their institutions, and in a non-majoritarian populist context, that might be a significant challenge on its own.
They also need to ensure the respect of international norms and the infrastructure of global cooperation. All this while addressing new problems that require new solutions. This panel will discuss the role and challenges of legal services in combining this triad of perspectives.
Panellists:
• Daniel Calleja Crespo, Director-General of the Legal Service, European Commission
• Freddy Drexler, Jurisconsult, European Parliament
• Lucía Arranz, Director of Legal, Banco de España
• Yan Liu, General Counsel, International Monetary Fund
Chair: Chiara Zilioli, Director General of Legal Services, European Central Bank
Watch other sessions from the 2025 ECB Legal Conference “Building Europe’s Autonomy: Law, Institutions, Cooperation”: https://www.youtube.com/playlist?list=PLnVAEZuF9FZm3BYRQdFyj1vvCrJfZ-mrM
See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250901_7th_ECB_legal_conference.de.html
This panel examines various forms of cross-border interaction between legal systems, including extraterritorial inspections, mutual recognition of administrative decisions, and regulatory equivalence. It will explore how the EU can develop effective legal tools to counteract the unwarranted extraterritorial reach of third-country laws while ensuring the enforcement of its own rules.
Particular attention will be given to banking supervision, such as when third-country authorities intervene with EU-based institutions or the ECB conducts inspections abroad. The panel will also consider the EMIR regime for central counterparties and the recognition of decisions in crisis management. The panel will examine whether such interactions are still viable in the current environment or if a new paradigm is emerging in which the effects of decisions made in one jurisdiction are actively blocked in others.
Panellists:
• Matthias Lehmann, Professor, University of Vienna
• Maria Raffaella Assetta, Head of International Affairs Unit (FISMA), European Commission
• George Johnston, Deputy General Counsel, Bank of England
Chair: Piet Eeckhout, Professor of European Law, University College London
Watch other sessions from the 2025 ECB Legal Conference “Building Europe’s Autonomy: Law, Institutions, Cooperation”: https://www.youtube.com/playlist?list=PLnVAEZuF9FZm3BYRQdFyj1vvCrJfZ-mrM
See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20250901_7th_ECB_legal_conference.de.html
