ECB conference on money markets

Conference dates

03 Nov 2022 - 04 Nov 2022

Location

Frankfurt am Main

Description

Submission deadline: 30 June 2022

Purpose
The ECB’s annual conference on money markets brings together academics, market practitioners and central bankers to discuss the key developments in money markets, monetary policy implementation and central bank operational frameworks. Through a combination of research presentations, keynote speeches and insights from market participants, the conference explores how efficient transmission of monetary policy can be ensured in the current money market environment.

Keynote speakers
• Fabio Panetta, Member of the Executive Board, European Central Bank
• Marcin Kacperczyk, Imperial College London and CEPR
• TBC

Topics
After a prolonged period of an accommodative stance, a new, tighter global cycle is emerging as monetary policies are set to normalise gradually amid surging inflation rates, accompanied by growing concerns about the economic impact of the Russian war in Ukraine. The path towards normalisation presents fresh challenges for money markets. Banks, non-bank financial institutions and non-financial corporations rely on money markets for their short-term funding, liquidity management and collateral needs. Therefore, developed and well-functioning money markets are crucial for supporting the smooth transmission of monetary policy and for ensuring financial stability. In 2022, the ECB’s annual conference on money markets will devote particular attention to how money markets have functioned more recently and to the impact of expected monetary policy normalisation, as well as to market tensions stemming from the Russian war in Ukraine. Additionally, climate-related policy initiatives and the implications of potentially issuing central bank digital currencies continue to have an important bearing on how money markets evolve.
Researchers are invited to present their latest findings and ideas in the broad areas of money markets, monetary policy implementation and central bank operational frameworks. Topics of interest for submission include, but are not limited to:
• reactions of different money market segments to the prospects of monetary policy normalisation and to the Russian war in Ukraine;
• the implications of rising commodity prices for money markets and for energy trading and hedging;
• the outcome of the 2021 ECB strategy review and its impact on the functioning of the euro money market;
• the effects of non-standard monetary policy measures (e.g. asset purchases, negative interest rates, tiering systems for remunerating excess liquidity holdings, liquidity-providing operations) on money markets;
• the role of non-bank financial institutions in the implementation and transmission of monetary policy;
• structural change in money markets (e.g. a more prominent role for non-banks, an increase in secured lending and central clearing, supply of/demand for high-quality liquid assets as collateral) as a result of regulatory action or technological progress;
• money market fragmentation and its implications for monetary policy implementation;
• LIBOR transition and benchmark reform;
• short-term rate control and its driving factors;
• the future of central bank operational frameworks, including their role in combating climate change;
• central bank digital currencies and monetary policy implementation.

Submission
Papers should be submitted in portable document format (PDF) to MMConference@ecb.europa.eu by 30 June 2022. Submissions by female researchers are particularly encouraged. If your paper is accepted, the ECB will notify you by the end of July 2022. Authors should also indicate whether they would be willing to discuss a paper.

Organisational information
This year’s ECB conference on money markets will take place in a hybrid format at the ECB premises in Frankfurt am Main (subject to pandemic developments). Attendance is by invitation only. The conference will start in the morning of 3 November 2022 and end in the afternoon of 4 November 2022. There will be a dinner for in-person participants in the evening of the first day.

Expenses
Academic speakers and discussants will be reimbursed for any travel and accommodation costs incurred.

Conference organisers
Stefano Corradin (Financial Research)
María Encío (Money Market and Liquidity)
Sebastiaan Pool (Monetary Policy Strategy)
Anna Samarina (Monetary Policy Strategy)
Sebastian Weber (Market Operations Analysis)