Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

ECB Conference on Money Markets

Monday, 8 and Tuesday, 9 November 2021
Online event

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 workshop explores how efficient transmission of monetary policy can be ensured in the current money market environment.


Times are Central European Time (UTC+1)

* indicates the presenter

Monday, 8 November 2021

Conference Chair: welcome and housekeeping

Luc Laeven, Director General Research, European Central Bank


Welcome address

Philip Lane, Member of the Executive Board, European Central Bank


Session 1 – Non-banks and the lender of last resort

Chair: Luc Laeven, Director General Research, European Central Bank


Do non-banks need access to the lender of last resort? Evidence from fund runs

Johannes Breckenfelder and Marie Hoerova*, European Central Bank; Niklas Grimm, Columbia University

Discussant: Yiming Ma, Columbia University


Liquidity restrictions, runs and central bank interventions – evidence from money market funds

Lei Li*, Yi Li, Marco Macchiavelli and Xing (Alex) Zhou, all from Federal Reserve Board

Discussant: Marcin Kacperczyk, Imperial College London

Coffee break

Keynote address

Chair: Florian Heider, Head of Section, Financial Market Research, European Central Bank


Central bank digital currency design: the interest rate-vs-convenience frontier

Haoxiang Zhu, Gordon Y Billard Professor of Management and Finance, MIT Sloan School of Management

Coffee break

Session 2 – Funding markets

Chair: Angela Maddaloni, Head of Section, Financial Intermediation Research, European Central Bank


Hedge funds and the treasury cash-futures disconnect

Daniel Barth, Federal Reserve Board; Jay Kahn*, Office for Financial Research, US Department of the Treasury

Discussant: Loriana Pelizzon, Goethe University


The paradox of conservative haircuts

Dmitry Chebotarev, Insead

Discussant: Wenqian Huang, Bank for International Settlements


End of first conference day

Tuesday, 9 November 2021

Session 3 – Demand for central bank reserves

Chair: Tobias Linzert, Head of Section, Policy Assessment, European Central Bank


Scarce, abundant or ample? A time-varying model of the reserve demand curve

Gara Afonso, Gabriele La Spada* and John C. Williams, all from Federal Reserve Bank of New York; Domenico Giannone, Amazon

Discussant: Huberto Ennis, Federal Reserve Bank of Richmond


How do banks manage liquidity? Evidence from the ECB’s tiering experiment

Luca Baldo, Banca d'Italia; Florian Heider, Peter Hoffmann, Jean-David Sigaux* and Olivier Vergote, all from European Central Bank

Discussant: Vasso Ioannidou, Professor of Finance, Bayes Business School (formerly Cass), University of London

Coffee break

Market participants panel

Chair: Thomas Vlassopoulos, Deputy Director General Market Operations, European Central Bank


  • Corentine Poilvet-Clediere, Head of RepoClear, Collateral and Liquidity Management, LCH SA Paris
  • Simon Potter, Vice-Chair FIC Millennium Hedge Fund, former head of the Markets Group and the System Open Market Account at Federal Reserve New York
  • Bineet Shah, Managing Director, Treasury Funding & Investments, Barclays, London
  • Agathe Zinzindohoue, Société Générale, SG Group Treasurer
Coffee break

Session 4 – Payments

Chair: Helmut Wacket, Head of Money Market and Liquidity Division, European Central Bank


Money creation in decentralised finance: a dynamic model of stablecoins and crypto shadow banking

Ye Li*, Ohio State University; Simon Mayer, Erasmus University Rotterdam

Discussant: Jean-Charles Rochet, University of Zurich


Strategic complementarities in the payment system in the era of ample reserves

Gara Afonso*, Federal Reserve Bank of New York; Darrell Duffie and Lorenzo Rigon, Stanford University; Hyun Song Shin, Bank for International Settlements

Discussant: Christine Parlour, University of California, Berkeley


Wrap-up of conference

Katrin Assenmacher, Head of Division, Monetary Policy Strategy, European Central Bank

End of conference

Audiovisual notice: Images and video recordings may be published online

Please note that this programme may be subject to change without notice.

General information


Online event. Please contact for registration details. Places are limited.

Conference language


Organising committee

  • María Encío, Money Market and Liquidity Division
  • Peter Hoffmann, Financial Research Division
  • Danielle Kedan, Monetary Policy Strategy Division
  • Sebastian Weber, Market Operations Analysis Division


Peter Hoffmann

Britta Bertram