Submission deadline: 31 July 2017

Call for Papers

ECB workshop on money markets, monetary policy implementation and central bank balance sheets

6 and 7 November 2017, Frankfurt am Main


Properly-functioning money markets are critical to monetary policy transmission. Money markets, including repo markets, have been affected by the financial and sovereign debt crisis, by regulatory reforms and policies and by changes in the financial market environment, infrastructures and innovation. In response to the crisis, the ECB and other central banks have taken non-standard measures: sizeable asset purchase programmes, more flexible access to liquidity through wider collateral eligibility and expanded refinancing operations as well as negative interest rates. At the same time, central banks must consider the impact of their measures on market functioning and how they affect monetary normalisation in a post-crisis environment. The workshop will bring together central bankers, academics and market practitioners to discuss the key developments in money markets, monetary policy implementation and central bank operational frameworks.


Submissions are welcome on all topics relating to the aforementioned areas, in particular:

  • structural changes in money markets (including repo markets) and their implications for monetary policy implementation
  • the evolution of central bank balance sheets and its impact on their role in monetary policy implementation and on money markets (including money market liquidity)
  • the impact of regulatory reforms on money markets (including securities financing transactions) and their implications for monetary policy implementation
  • the influence of structural changes in money markets on the optimal design of the monetary policy implementation framework and the future prospects for money markets in the light of new thinking on the subject
  • the role of central bank collateral frameworks in money markets (including repo markets) and money market liquidity
  • the transmission of monetary policy through money markets
  • the measurement of market fragmentation in money markets and its implications for monetary policy implementation
  • the potential implications of issuing digital central bank currency to non-banks


Papers should be submitted in portable document format (PDF) to by 31 July 2017. The authors of accepted papers will be notified by the end of August 2017.

Organisational information

Attendance at the workshop is by invitation only. The workshop will start on the morning of Monday, 6 November 2017 and end at noon on Tuesday, 7 November 2017. A dinner is planned for the evening of the first day.


Academic speakers and discussants will be reimbursed for their travel and accommodation costs.

Conference organisers

Fabian Eser (ECB/Monetary Policy Strategy), Kerstin Junius (ECB/Market Operations Analysis), Bernd Schwaab (ECB/Financial Research), and Olivier Vergote (ECB/Money Market and Liquidity).