ECB/ESCB Legal Conference 2026

Registration and coffee

Welcome address and opening of the conference

Chiara Zilioli, Director General of Legal Services, European Central Bank

Panel 1
Central banks and the legislature

This panel examines the relationship between the European Central Bank (ECB) and legislature as a two-way interaction. On the one hand, it considers the ECB’s involvement in the legislative process, in particular through its independent consultative function. On the other hand, it addresses the scrutiny exercised by the European Parliament over the ECB, most notably through the Monetary Dialogue. The discussion will highlight the specificities of the EU constitutional framework, and the special relationship between a supranational and independent monetary authority and the parliament. To what extent does the ECB’s consultative role meaningfully influence legislative outcomes, and how should its input be understood within the EU’s institutional balance? How should parliamentary scrutiny evolve in light of ECB tasks that carry more visible distributive effects, especially in times of crisis? What role does the ECB’s secondary mandate play in this discussion?

Chair: Frank Elderson, Member of the Executive Board and Vice-Chair of the Supervisory Board, European Central Bank

Panellists:

• Julio Baquero Cruz, Member of the Legal Services, European Commission
• Evelien Witlox, Director of Digital Euro, European Central Bank
• Sara Dietz, Principal Associate, Freshfields 

Discussion with questions from the audience

Lunch break

Panel 2
Sharing statistical and supervisory information

Information exchange serves as a fundamental conduit through which authorities collaborate in the areas of monetary policy and banking supervision. In the supervisory domain, arrangements for sharing information are established with numerous authorities, including the European Supervisory Authorities (ESAs), national competent authorities, the European Statistical System (ESS), the Single Resolution Board (SRB). In the area of statistics, given the significant recent reforms to the statistical legal framework (e.g., Regulation 223/2009 and Regulation 2533/1998) and major upcoming reforms (ESA, IReF, digital omnibus), new and innovative methods for collecting and sharing information have emerged. The panel will explore how these legal changes can help address various challenges, including the objectives of simplification, the use of artificial intelligence (AI), and more. Additionally, the panel will assess how principles such as confidentiality and the ‘once-only’ principle are reflected in current rules and practices, as well as identify areas of focus for simplification measures to ensure effective and streamlined information sharing.

Chair: Tamara Ćapeta, Advocate General, Court of Justice of the European Union

Panellists:

• Nikolai Badenhoop, Head of Leibniz Junior Research Group, Leibniz Institute for Financial Research SAFE
• Jonathan Bauerschmidt, Legal Adviser in the Council Legal Service, Council of the EU
• Konrad Borowicz, Assistant Professor of Financial Regulation, Tilburg Law School 

Discussion with questions from the audience

Coffee break

Panel 3
Connecting banking supervision with market authorities

Under the SSM Regulation, the Council has conferred upon the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions. However, the legal framework governing the activities of credit institutions extends far beyond prudential requirements. Key areas such as the supervision of markets in financial instruments, the prevention of money laundering and terrorist financing, and consumer protection in financial services remain under the supervision of national authorities. This division of responsibilities in markets in financial instruments raises intricate questions about the boundaries between prudential rules and market rules, as well as the distinction between prudential supervision and supervision of financial markets. This panel will discuss cooperation between banking and market supervisors within the European financial supervisory framework, looking also at the potential evolution of their interaction within the further development of capital market integration and supervision within the Union in the context of the Savings and Investments Union. 

Chair: Bruna Szego, Chair, Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA)

Panellists:

• Filippo Annunziata, Professor, Università Luigi Bocconi
• Sophie Vuarlot-Dignac, Head of Legal & Enforcement Department, ESMA
• Andrea Biondi, Advocate General, Court of Justice of the European Union 

Discussion with questions from the audience

Keynote speech

Peter Conti-Brown, Associate Professor of Financial Regulation, Wharton School of the University of Pennsylvania

End of conference day 1

Reception and Dinner – by invitation only

Registration and coffee

Panel 4
Liquidity in resolution: institutional coordination under stress

In January 2026, the ECB announced amendments to its counterparty framework to address access to Eurosystem monetary policy operations for entities subject to a resolution scheme. This marks a significant development in the ECB’s approach to liquidity provision following resolution by addressing the so-called ‘Monday morning problem’. Under the updated framework, access to monetary policy operations will be reinstated for financially sound banks subject to an open bank resolution strategy, provided certain conditions are met. This amendment lifts the automatic limitation previously applied and helps reinstate banks coming out of resolution as monetary policy counterparties. Effective implementation of this framework will require swift and coordinated actions involving the ECB (both SSM and the central banking side), the Single Resolution Board the European Commission, and potentially the ESM, and Member States. The ECB’s role in the provision of liquidity and the supervision of the incumbent bank, the role of Single Resolution Board and of the European Commission in ensuring swift and perennial resolution in compliance with state aid rules, and potentially the role of ESM, and Member States in providing a guarantee will be assessed by the panel.

Chair: Piero Cipollone, Member of the Executive Board, European Central Bank

Panellists:

• Seraina Grunewald, Professor, University of St. Gallen
• Karl Philipp Wojcik, Senior Adviser to the Executive Vice-President, European Commission
• David Ramos Muñoz, Professor, Carlos III University of Madrid 

Discussion with questions from the audience

Coffee break

Panel 5
Preparing the legal form: the ECB as part of multilevel legislative drafting

This panel will examine cooperation in shaping the form of the law. The discussion will explore interinstitutional cooperation at the EU level in legislative drafting, revision, translation, and publication, which represents a core yet often underexamined - dimension of EU governance. The panel will draw on concrete practices, such as interinstitutional coordination on drafting (including the Interinstitutional Group on the quality of drafting, GRITL, and the Commission’s ‘Quality of Legislation’ frameworks), the role of the Publications Office of the European Union, and language-based linguistic networks, to reflect on broader principles governing the form of legislation. It will consider how coherence is ensured in a system where multiple institutions contribute to the production of legal acts, as well as the role of shared practices and professional networks in maintaining consistency and authority across languages and legal forms. The discussion will also explore the impact of recent pressures to simplify legislation. Against this backdrop, specific attention will be given to the unique features of ECB legal acts compared to those of other EU institutions. The discussion will shed light on how institutional mandates influence legal form and drafting practices, including the implementation of ECB Guidelines at the national level.

Chair: Daniel Sarmiento Ramirez-Escudero, Professor, Universidad Complutense of Madrid

Panellists: 

• Helen Xanthaki, Professor, University College London, Faculty of Laws
• Polya Mihaylova, Head of Unit Legal Services, European Commission
• Cristina Perez Cajal, Deputy Director of Legal Department, Banco de España 

Discussion with questions from the audience

Buffet lunch

Address by Christine Lagarde, President, European Central Bank

Panel 6
Non-judicial review: Central banks, auditors and ombudsman

This panel examines the relationship between central banks and mechanisms of non-judicial review, focusing on auditors and ombudsman institutions. Cooperation with such institutions raises structurally sensitive questions at the intersection of independence, accountability, and control. Key issues include the scope and limits of audit and ombudsman mandates, the distinction between legality, performance, and maladministration review, and the constraints imposed by professional secrecy and market-sensitive information. How can meaningful oversight be exercised without encroaching upon central bank independence? The discussion will also explore how these mechanisms operate beyond traditional monetary policy, notably in areas such as banking supervision, and how they interact across levels of governance. Particular attention will be given to the roles of the European Court of Auditors, national supreme audit institutions, and the European Ombudsman, including potential overlaps and complementarities.

Chair: Boris Vujčić, Vice-President, European Central Bank

Panellists:

• Menelaos Markakis, Associate Professor, Erasmus University Rotterdam
• Jennifer King, Legal expert, European Ombudsman
• Paola Chirulli, Professor, Universitá di Roma Sapienza 

Discussion with questions from the audience

Concluding remarks and closing of the conference

Chiara Zilioli, Director General of Legal Services, European Central Bank

End of conference