Joint Bank of Greece / ECB Workshop – Call for papers

The Macroprudential Policy Group (MPPG) of the European Central Bank (ECB) is pleased to announce its annual workshop for 2026, hosted jointly with the Bank of Greece.

Background

After the global financial crisis, macroprudential policy has become an integral part of the European supervisory framework. Instruments such as capital-based and borrower-based measures are now routinely deployed with the ultimate objective of preserving financial stability.

While research confirms that these policies strengthen bank resilience and smoothen credit cycles, a growing body of evidence highlights complex side effects. Outside of the financial sector, macroprudential policy has the potential to affect distributional and socio-economic outcomes in the non-financial sector, in particular households. Within the financial sector, effects include migration of activities from banks to Non-Bank Financial Institutions (NBFIs), potentially resulting in structural shifts in financial intermediation. These consequences may carry implications for financial stability and could also affect other objectives of central banks and supervisory authorities beyond price stability, such as promoting sustainable growth and economic competitiveness.

This workshop seeks to bridge the gap between theory and practice by bringing together academics and policymakers to discuss the multifaceted impacts of macroprudential policies.

Objectives

• Analyse Distributional Outcomes: Investigate the heterogeneous effects of macroprudential policies on households and their broader implications for inequality and housing affordability.
• Evaluate Impacts on Non-bank Intermediation: Examine how banking macroprudential policy might trigger activity migration to the NBFI sector, thereby leading to structural changes in financial intermediation.
• Understand Interactions with Other Policy Objectives: Explore potential interactions between the financial stability objective of macroprudential policies and other objectives of central banks and supervisory authorities, such as promoting sustainable growth and competitiveness.

Topics

We welcome theoretical and empirical contributions on topics including, but not limited to:

Distributional and Socio-Economic Effects

• Heterogeneous Impacts on Households: The effects of borrower-based and capital-based measures across different household demographics (income, wealth, age, and region).
• Heterogeneous Impacts on Other Non-financial Sectors: The impact of macroprudential policy on sectoral dynamics.

Non-Bank Intermediation and Cross-Sectoral Linkages

• Activity migration: The role of banking macroprudential policy in the migration of financial activity from banks to the NBFI sector and implications for systemic risk and financial stability.
• Interconnectedness: The potential implications of macroprudential policy for bank-NBFI linkages and implications for systemic risk and financial stability.
• Substitution Effects: How the growth of NBFIs may affect the effectiveness of traditional bank-based macroprudential policies.

Interactions with Other Objectives

• Compounding Mandates: Macroprudential policy design and implementation in the presence of multiple, potentially competing, objectives of central banks and supervisory authorities beyond their primary mandates.
• Competitiveness: The impact of macroprudential policy on the competitiveness and efficiency of the (European) financial sector.

Submissions

The organisers welcome submissions from authors working for members of the European System of Central Banks (ESCB), Single Supervisory Mechanism (SSM) or European Systemic Risk Board (ESRB), as well as academics and members of other EU organisations or international financial institutions with a professional interest in the issues outlined above.

Interested authors should send either completed (draft) papers (strongly preferred) or extended abstracts to workshopmacropru@ecb.europa.eu by Friday, 21 August 2026 with the email subject “MPPG workshop submission”. All submissions should be in English (in PDF format) and should include an abstract, as well as the name and email address of a nominated author who could present the paper.

Selection process and workshop attendance

The organising committee will review all submissions received by the deadline, looking at their quality, analytical relevance, and the level of interest that they are likely to generate. The committee will also take into account the overall balance of the workshop in terms of subject matter and approaches. All authors will be notified by Friday, 11 September 2026 as to whether their papers have been accepted.

In addition to presenters and other speakers, invitations to attend the workshop are also extended to:

• members of the MPPG
• members of the ESRB Macroprudential Standing Group (MSG)
• members of any department within the ESCB, SSM and ESRB who are working on issues related to the theme of the workshop
• employees of any EU organisation or international financial institution who are working on issues related to the theme of the workshop

Capacity constraints may mean that organisers need to limit the number of participants from each institution (not including presenters of accepted papers and discussants).

Expenses

The travel and accommodation expenses of all attendees, presenters and discussants representing the ESCB, ESRB, EU organisations or international financial institutions are expected to be covered by their own organisations. No participation fees will be charged.

Organising committee

• Carsten Detken, MPPG Co-Chair
• Tomas Garbaravičius, MPPG Co-Chair
• Julja Prodani, MPPG Secretary
• Katerina Lagaria, Bank of Greece
• Theodora Kosma, Bank of Greece
• Anne McTaggart, MPPG Secretariat