The Operational Framework of the Eurosystem and Financial Markets

- Directorate General Operations and Directorate General Research -

Conference announcement

On 5 and 6 May 2000 the European Central Bank hosts a conference on "The Operational Framework of the Eurosystem and Financial Markets". The conference is organised by the ECB's Directorate General - Operations and Directorate General - Research. Its purpose is to provide a forum for a thorough discussion of the Eurosystem's operational framework for monetary policy and of its interaction with financial markets. It will involve the ECB, the Eurosystem's national central banks and other central banks, the Eurosystem's counterparties in operations, researchers from academia and international organisations. Participation in the conference is by invitation only. The papers presented can be downloaded from this web page. A summary of the conference discussion will be made available at a later time.

Conference programme and papers for download

•  Friday, 5 May 2000
•  Saturday, 6 May 2000

Friday, 5 May 2000

• 9:00
  Welcoming Address:
  Sirkka Hämäläinen (Executive Board, European Central Bank)
  " The operational framework of the Eurosystem"
  
  Session 1
  
  Presentation and general perspective of the Eurosystem's operational framework
  
  Chairperson:
  F. Papadia (European Central Bank)
• 9:30
  M. Manna, H. Pill and G. Quirós (European Central Bank):
  "The Eurosystem's operational framework in the context of its monetary policy strategy",  pdf 232 kB, en
• 10:00
  U. Bindseil (European Central Bank):
  "Central bank liquidity management: theory and euro area practice" (  pdf 315 kB, en )
• 10:30
  Panel Discussion:
  T. Baliño (International Monetary Fund)
  X. Freixas (Pompeu Fabra University)
  C. Goodhart (Bank of England and London School of Economics)
• 11:30
  End of session 1. Tea break
  
  Session 2
  
  Collateral and infrastructural aspects of the Eurosystem's operational framework
  
  Chairperson:
  J.-M. Godeffroy (European Central Bank)
• 11:45
  O. Mastroeni (European Central Bank):
  "The collateral framework of the Eurosystem: some evidence in the first months of the European Monetary Union" (  pdf 140 kB, en )
• 12:00
  I. R. Terol and D. Russo (European Central Bank):
  "The euro area securities clearing and settlement infrastructure: recent changes and issues for debate" (  pdf 109 kB, en )
• 12:15
  Panel Discussion:
  D. Humphrey (Florida State University)
  J. Mérère (SICOVAM)
  P. Twilhaar (ABN AMRO Bank)
  General Discussion
• 13:00
  End of session 2. Lunch
  
  Session 3
  
  A comparison between operational frameworks
  
  Chairperson:
  V. Gaspar (European Central Bank)
• 14:15
  P. Fisher (Federal Reserve Bank of New York):
  "A comparison between three operational frameworks: the Eurosystem, the Fed and the Bank of Japan"
  
  (Background paper prepared by D. Blenck, (European Central Bank), "Main features of the monetary policy frameworks of the Bank of Japan, the Federal Reserve System and the Eurosystem"  pdf 295 kB, en )
• 14:45
  C. Borio (Bank for International Settlements):
  "A critical perspective on the existing operational frameworks" (  pdf 139 kB, en )
• 15:15
  Panel Discussion:
  D. Gros (CEPS)
  I. Kuroda (Bank of Japan)
  F. Papadia (European Central Bank)
  General Discussion
• 16:15
  End of session 3
  
  Session 4
  
  The performance of the Eurosystem's operational framework since the introduction of the euro: an appraisal
  
  Chairperson:
  I. Angeloni (European Central Bank)
• 16:30
  P. Vergara (Rabobank):
  "The performance of the Eurosystem's operational framework: a market appraisal" (  pdf 149 kB, en )
• 17:00
  Gabriel Perez Quiros (European Central Bank), and Hugo Rodriguez, (Pompeu Fabra University):
  "The daily market for funds in Europe: has something changed with the EMU?" (  pdf 337 kB, en )
• 17:30
  Panel Discussion:
  J. L. Escriva (European Central Bank)
  Steppan (Bankaustria-Credit Anstalt)
  T. Välimäki (Bank of Finland)
  General Discussion
• 18:15
  End of day 1
• 19:30
  Dinner address:
  V. Gaspar (European Central Bank):
  " Financial markets and the monetary policy strategy of the ECB"
• 20:00
  Dinner

Saturday, 6 May 2000

•  
  Session 5
  
  The integration of euro money markets
  
  Chairperson:
  R. Schiavi (European Central Bank)
• 9:30
  B. Biais (Toulouse University), P. Hartmann and M. Manna (European Central Bank):
  "The microstructure of the euro money market" (  pdf 199 kB, en )
• 10:00
  M. Ciampolini (Banca Commerciale Italiana), and B. Rohde (Dresdner Bank):
  "Money market integration: a market perspective" (  pdf 158 kB, en )
• 10:30
  Panel Discussion:
  J. Alonso (Banco de España)
  E. Pauly (Banque de France)
  K. Tsatsaronis (Bank for International Settlements)
  G. de Vidts (European Repo Council)
  General Discussion
• 11:30
  End of session 5. Tea break
  
  Session 6
  
  Developments in the euro bond markets
  
  Chairperson:
  D. Blenck (European Central Bank)
• 11:45
  G. Bishop (Adviser to Salomon Smith Barney):
  "The euro bond market: developments and implications for monetary policy" (  pdf 204 kB, en )
• 12:15
  Panel Discussion:
  Lars Boman (European Commission)
  John C. Corrigan (Irish National Treasury Management Agency)
  Carlo Monticelli (Deutsche Bank)
  Lidwin van Velden (de Nederlandsche Bank)
  General Discussion
• 13:15
  End of conference