Structural developments in money markets: Implications for monetary policy implementation

ECB workshop

Date: 20 and 21 October 2014

Deadline for submission: 28 August 2014


Money markets are important for central banks as they represent the initial step in the monetary policy transmission mechanism. The proper functioning of money markets is a precondition for standard monetary policy measures to be effective. All around the world, money markets have been severely affected by the financial and sovereign debt crisis, reacting to new regulations and policy action, and more generally to broad changes in the financial market environment. The workshop will bring together central bankers, practitioners and academics to discuss relevant changes in money markets, the impact of these changes on their functioning and the likely implications for the implementation of monetary policy. A panel with representatives from the financial industry is also envisaged.


Submissions are welcome on all topics relating to money markets, in particular:

  • The functioning of the transmission mechanism and optimal design of the monetary policy implementation framework in the new market environment
  • The impact of market fragmentation on monetary policy implementation; empirical studies on segmentation in the euro area money market
  • Empirical studies on the structural changes in money markets and on interlinkages between different segments of the euro money market (e.g. unsecured, secured, FX swap) and spillover effects
  • The optimal design of money market reference rates, their importance for money market functioning and transmission of monetary policy, as well as their suitability as an operational target
  • The impact of regulatory initiatives on the money market and monetary policy implementation; regulatory demand for central bank reserves
  • The role of market infrastructures for money market functioning
  • Interlinkages between global money markets and spillover effects, and the impact of central bank monetary policy frameworks on reinforcing or weakening these links
  • Collateral availability (asset encumbrance), collateral reuse and rehypothecation
  • The impact of non-standard measures on secured and unsecured money markets


Papers should be submitted in PDF format to no later than 28 August 2014. The authors of accepted papers will be notified in early September 2014.

Organisational information

Attendance of the workshop is by invitation only. It will start in the morning of Monday, 20 October 2014 and end in the early afternoon on Tuesday, 21 October 2014. A dinner is planned for the evening of the first day.


The travel (economy fare) and accommodation expenses of academic speakers and discussants will be reimbursed.

Conference organisers

Holger Neuhaus, Julija Jakovicka, Julia Körding, Simone Manganelli, Evangelos Tabakis and Soren Autrup (all ECB).