ECB Conference on Financial Stability and Macroprudential Policy 2026
Wednesday, 2 and Thursday, 3 December 2026
Frankfurt am Main
The conference aims to bring together academics, central bankers, supervisors and market participants to present and discuss new research on financial stability and macroprudential policy. This year’s conference is expected to focus on three core topics: regulatory complexity, banking sector competitiveness and the role of artificial intelligence (AI) in the banking and financial sector. The event seeks to foster a constructive dialogue among participants in order to deepen our collective understanding on these issues.
Programme
* indicates the presenter
- 12:00
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Registration and light buffet lunch
13:30
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Welcome address / opening remarks
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Session I: Regulation, Supervision, and Regulatory Arbitrage
Chair: João Sousa, European Central Bank
- 13:40
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Regulatory Arbitrage within the Firm
- Nicola Cetorelli, Federal Reserve Bank of New York and CEPR
- Shohini Kundu*, UCLA Anderson School of Management and CEPR
Discussant: José‑Luis Peydró, LUISS University; EIEF; CEPR
- 14:25
-
Mitigating deregulation: The role of supervision
- Elena Carletti, Bocconi University and CEPR
- Filippo De Marco, Bocconi University and CEPR
- Alberto Manconi*, Bocconi University and CEPR
- Isabella Wolfskeil, Federal Reserve Board of Governors
Discussant: Diana Bonfim, European Central Bank
- 15:10
-
Bargain Haircuts: How Competitive Pressure Affects Banks’ Lending Practices with Hedge Funds
- Christian Bittner*, Deutsche Bundesbank and Goethe University Frankfurt
- Stephan Jank, Deutsche Bundesbank
Discussant: Federico Maria Signoretti, Banca d'Italia
- 15:55
-
Coffee break
- 16:30
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Panel discussion
- Anat Admati, Stanford University
- Claudio Borio, formerly Bank for International Settlements
- Vicky Saporta, Bank of England
Moderator: Isabel Schnabel, European Central Bank
- 18:30
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Dinner by invitation only
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Dinner speech
Boris Vujčić, European Central Bank
- 08:30
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Registration and coffee
-
Session II: Banks, Non-Banks, and Financial Intermediation
- 09:00
-
Asymmetric Information and Capital Regulation in SME Lending: A Structural Model of Bank and Non-Bank Competition
- Negar Mohammadi Jazi, London School of Economics
- Felipe Netto*, Bank of England
Discussant: Rafael Repullo, Centre for Monetary and Financial Studies
- 09:45
-
Banks, non-banks and the macroeconomy
- Marie Hoerova, European Central Bank
- Alejandro Van der Ghote*, European Central Bank
Discussant: Natalia Martynova, Deutsche Bundesbank
- 10:30
-
Shock Transmission Through Bank–Nonbank Linkages: Evidence from Private Credit
- Manasa Gopal, Georgia Institute of Technology
- Camelia Minoiu, Federal Reserve Bank of Atlanta
- Veronika Penciakova*, Federal Reserve Bank of Atlanta
Discussant: Sebastian Doerr, Bank for International Settlements
- 11:15
-
Coffee break
- 11:45
-
Lightning session
Stablecoins and the Erosion of Bank Payment Rents- Falko Fecht, Deutsche Bundesbank
- Björn Imbierowicz*, Deutsche Bundesbank
- Mahmoud Metwally, Deutsche Bundesbank
The Macroeconomics of Stablecoins- Boris Hofmann, Bank for International Settlements
- Matthias Kaldorf*, Deutsche Bundesbank
- Matthias Rottner, Bank for International Settlements & Deutsche Bundesbank
A SPOT in the dark: Using AI to assess financial stability risks- Domenic Kellner, European Central Bank
- Jan Hannes Lang, European Central Bank
- Lukas Joseph Nagy, University of Marburg
- Marek Rusnák*, European Central Bank
Artificial Intelligence and Financial Tail Risks- Javier Ojea-Ferreiro, Bank of Canada
- Andrea Ugolini*, University of Milano-Bicocca
- Juan C. Reboredo, University of Santiago de Compostela
- 12:45
-
Buffet lunch
- 14:00
-
Keynote speech
Anil Kashyap, Chicago Booth
Chair: Luc Laeven, European Central Bank
- 15:00
-
Coffee break
-
Session III: Macroprudential Policy and Financial Stability
- 15:30
-
Do Macroprudential Policies Stabilize Consumption in a Downturn? Evidence on Household Resilience and Monetary Policy Transmission
- Knut Are Aastveit, Norges Bank; BI Norwegian Business School
- Ragnar Enger Juelsrud, University of Oslo; CEPR
- Karolis Liaudinskas*, Norges Bank
- José‑Luis Peydró, LUISS University; EIEF; CEPR
- Ella Getz Wold, BI Norwegian Business School
Discussant: Stijn Claessens, Yale University
- 16:15
-
Macroprudential Policy in European Banking: Evidence on Collateral Inflation and Risk-Shifting
- Michael Koetter*, IWH and Otto‑von‑Guericke University Magdeburg
- Felix Noth, IWH and Otto‑von‑Guericke University Magdeburg
- Fabian Woebbeking, IWH and Martin Luther University Halle
Discussant: Emilia Garcia-Appendini, University of St Gallen
- 17:00
-
Bank Capital Regulation and Financial Integration
- Luigi Falasconi, Federal Reserve Bank of Minneapolis and University of Wisconsin-Madison
- Caterina Mendicino*, European Central Bank
- Kalin Nikolov, European Central Bank
- Dominik Supera, Columbia Business School
Discussant: David Martinez-Miera, Universidad Carlos III de Madrid
- 17:45
-
Closing remarks and end of conference
This programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet / intranet.
General information
European Central Bank
Press Room, Main Building
Sonnemannstraße 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Katrin Assenmacher, European Central Bank
- Markus Behn, European Central Bank
- Madalen Castells Jauregui, European Central Bank
- Angela Maddaloni, European Central Bank
- Alessio Reghezza, European Central Bank
- Livio Stracca, European Central Bank
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