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ECB Conference on money markets 2023

The annual ECB Conference on money markets brings together academics, market practitioners and central bankers to discuss 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 aims to advance the understanding of how efficient transmission of monetary policy through money markets can be ensured.

Conference programme

Call for papers

Submission deadline: 15 June 2023


In 2023, the annual ECB Conference on money markets will devote particular attention to the functioning of money markets in the context of monetary policy tightening. The world’s major central banks have been raising policy rates and winding down their asset portfolios to curb inflation. The synchronized monetary policy tightening across the world presents fresh challenges for money markets and, in turn, for money market participants including banks, non-bank financial intermediaries, and non-financial companies.

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 confined to:

  • Monetary policy implementation through money markets, such as control of short-term money market rates and pass-through of central bank rate changes to money market rates; demand for central bank reserves, expected path of the stock of aggregate reserves, etc.;
  • Money and repo market tensions such as segmentation, fragmentation, collateral scarcity, etc.;
  • The role of non-bank financial intermediaries (NBFIs) in money markets;
  • Access and demand for central clearing of money market deals;
  • Banks’ funding strategies in the context of monetary policy tightening;
  • Monetary policy implementation and its interaction with climate-related policy initiatives;
  • Spillovers and spillbacks of international tighter monetary policy to foreign economies; and
  • Technological innovation in the field of market infrastructures and payment systems - including (central bank) digital currencies - that may affect money markets, financial institutions and monetary policy implementation.


Papers should be submitted in portable document format (PDF) at by 15 June 2023 COB. Submissions and presentations by female researchers are particularly encouraged. If your paper is accepted, you will be notified by mid-August 2023. Authors should also indicate whether they would be willing to discuss a paper. We encourage presenters and discussants to attend in person. Academic speakers and discussants will be reimbursed for any travel and accommodation costs incurred.

ECB Conference on money markets 2023

9-10 November 2023

Hybrid event: Onsite in Frankfurt am Main and online via WebEx

Keynote speakers

  • An Executive Board Member of the European Central Bank
  • A senior official of a major central bank with expertise on money markets and central bank operations
  • Wenxin Du, University of Chicago Booth School of Business

Confirmed speakers

  • Viral V. Acharya, New York University Stern School of Business
  • Ricardo Reis, London School of Economics and Political Science
  • Jeremy C. Stein, Harvard University

Organisational information

The annual ECB Conference on money markets will take place in a hybrid format (both onsite and online) at the ECB premises in Sonnemannstrasse 20, 60314 Frankfurt am Main. The conference will start in the morning of 9 November 2023 and end in the afternoon of 10 November 2023. There will be a dinner for active participants in the evening of the first day.

Conference organisers

  • María Encío (Directorate General Market Operations – Money Market and Liquidity Division)
  • Christian Kubitza (Directorate General Research – Financial Research Division)
  • Barbara Meller (Directorate General Market Operations – Market Operations Analysis Division)
  • Francesco Paolo Mongelli (Directorate General Monetary Policy)
  • Sebastiaan Pool (Directorate General Monetary Policy – Monetary Policy Strategy Division)