Submission deadline: 30 June 2019

Call for Papers

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

Frankfurt am Main, 11 and 12 November 2019


In responding to the financial crisis, the ECB and other major central banks have resorted to non-standard monetary policy tools that have significantly affected the size and composition of their balance sheets. This, in turn, has had important implications for money markets. Beyond the changes brought about by unconventional monetary policy measures, money markets – both secured and unsecured – have also been affected by the repercussions of the crisis, regulatory reforms, and changes in the financial market environment and infrastructure. While some central banks continue to employ non-standard measures to this day, others have already begun a period of “policy normalisation”. In this context, some central banks have also started to review the operational frameworks under which they implement monetary policy. Against this background, a deeper understanding of how money markets currently operate remains crucial for ensuring an efficient transmission of monetary policy. To further explore this topic, the ECB is holding a workshop to 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:

  • the transmission of monetary policy through money markets;
  • the evolution of central bank balance sheets, including the unwinding of balance sheet expansions, their importance for monetary policy and their intended and unintended effects on money markets;
  • the effects of negative interest rates and forward guidance on money markets and interest rate expectations;
  • the impact of regulatory reforms and structural changes in money markets on monetary policy;
  • the measurement of fragmentation in money markets and its implications for monetary policy implementation and transmission;
  • the dispersion of money market rates and its effect on monetary policy transmission;
  • the ability of monetary authorities to control secured and unsecured money market rates;
  • the euro risk-free rate reform and the transition to new benchmark rates for the euro area;
  • the potential implications of widening access to central bank balance sheets to non-banks;
  • the supply of and demand for safe assets;
  • the role of central bank collateral frameworks;
  • future prospects for money markets.


Papers should be submitted in portable document format (PDF) to by 30 June 2019. Authors whose papers are accepted will be notified by mid-August 2019. Submitting authors should also indicate whether they would be willing to discuss a paper. Female participation is especially encouraged.

Organisational information

Attendance at the workshop is by invitation only. The workshop will start on the morning of Monday, 11 November 2019 and end at noon on Tuesday, 12 November 2019. 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

  • Johannes Breckenfelder (ECB/Financial Research)
  • Marco Corsi (ECB/Market Operations Analysis)
  • Annette Kamps (ECB/Money Market and Liquidity)
  • Julian Schumacher (ECB/Monetary Policy Strategy)