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ChaMP Research Network

The Challenges for Monetary Policy Transmission in a Changing World (ChaMP) Research Network aims to improve our understanding of how monetary policy transmits to the European economy amid unprecedented shocks, structural changes and shifting inflation dynamics.

Motivation and general purpose

In 2023 the Heads of Research of the European System of Central Banks agreed to establish ChaMP – a network focused on the challenges facing monetary policy.

The ChaMP Research Network seeks to revisit our knowledge of monetary transmission channels in the euro area in the context of unprecedented shocks, multiple ongoing structural changes, the extension of the monetary policy toolkit and the dramatic turnaround from too low to too high inflation over the last decade and a half.

The network’s primary objective is to understand how the factors mentioned above have affected the strength, speed and heterogeneity (across Member States) of monetary policy transmission in the euro area and the European Union, while also potentially identifying new transmission channels. The ambition is to put particular emphasis on the last stage of monetary policy transmission, i.e. the consequences for how businesses set their prices and for inflation more broadly.

Research priorities

The ChaMP Research Network is divided into two workstreams, with workstream 1 focusing on transmission via the financial system and workstream 2 working on transmission via the real economy. There is also scope for “bridge projects” between the workstreams, exploring interactions between these two dimensions of monetary transmission.

Workstream 1 – transmission via the financial system

Workstream 1 has three main priority areas of research:

  • Transmission of monetary policy via banks to corporations

    The newly available loan-level AnaCredit dataset for bank credit to non-financial corporations, together with other data sources, is used to investigate unexplored aspects of the bank lending channel. This includes country specificities and other heterogeneities, banking market competition, loan and securities portfolio composition, technology adoption, etc.

  • Transmission of monetary policy via banks to households

    The goal here is to improve our knowledge about the less-explored transmission via household lending (mortgages and consumer credit), analysing datasets available at the national level.

  • Transmission of monetary policy via non-banks

    The focus of this area is to analyse how the growing presence of non-bank financial intermediaries (NBFIs) may influence monetary transmission, for example via credit substitution between banks and NBFIs or via NBFI portfolio recomposition.

Workstream 2 – transmission via the real economy

Workstream 2 has two broad priority areas of research:

  • Transmission of monetary policy via production networks

    While the primary focus is on the transmission of monetary policy, the interaction of monetary policy with financial, real and (energy) price shocks may also be considered. In the current context of high inflation, a very uncertain geopolitical situation, climate change-related natural disasters and evolving global and regional supply chains, a better understanding of how (monetary policy) shocks propagate through or are amplified by production networks is highly relevant to policymaking. For example, the production network approach allows us to examine how the transmission of monetary policy is affected by supply shocks, as well as supply constraints and their easing.

  • Monetary policy transmission and structural changes

    On the one hand, the network investigates whether structural changes such as digitalisation, servitisation, sector reallocation, (de)globalisation, climate change and decarbonisation affect monetary transmission channels. On the other, it also studies how monetary policy affects the structural transformation of the euro area economy, for instance by influencing the sectoral reallocation of resources, the rate of innovation, productivity or competition.


ChaMP is governed by a leadership team of senior representatives (coordinators and advisors) of nine National Central Banks and the ECB.

Chair and coordinators

Philipp Hartmann, Deputy Director General in the ECB’s Directorate General Research


Diana Bonfim, Team Lead in the Financial Intermediation Division of the Economics and Research Department of the Banco de Portugal, and ECB (part-time)

Margherita Bottero, Head of the Money and Credit Unit at the Monetary Analysis Division of the Directorate General for Economics, Statistics and Research of the Banca d’Italia

Emmanuel Dhyne, Head of the Competitiveness and Structural Issues Unit within the Economics and Research Department of the Nationale Bank van België/Banque Nationale de Belgique

Maria T. Valderrama, Head of the Monetary Policy Section of the Oesterreichische Nationalbank

Network secretaries
  • Melina Papoutsi, ECB
  • Gonzalo Paz-Pardo, ECB
Project Management Office

Raquel Gil-Antona, ECB

Network advisors
  • Carlo Altavilla, ECB
  • Guido Ascari, De Nederlandsche Bank
  • Björn Imbierowicz, Deutsche Bundesbank
  • Angela Maddaloni, ECB
  • Laura Moretti, Central Bank of Ireland
  • Galo Nuño, Banco de España
  • Gabriel Smagghue, Banque de France
Academic consultants
  • Vasco Carvalho, University of Cambridge, Economics Department
  • Hans Degryse, KU Leuven, Department of Accountancy, Finance, and Insurance
  • Mishel Ghassibe, CREI and Barcelona School of Economics
  • Refet S. Gürkaynak, Bilkent University, Department of Economics
  • Vasso Ioannidou, City University of London, Bayes Business School
  • Nicola Pavanini, Tilburg University, Department of Finance
  • Elisa Rubbo, University of Chicago, Booth School of Business
  • Paolo Surico, London Business School, Economics Department

Conferences and workshops

Workstream 1
21 June 2024

Workshop, Banca d'Italia, Rome

24 April 2024

Workshop, European Central Bank, Frankfurt am Main

31 October 2023

Workshop, Banco de Portugal, Lisbon

Workstream 2
24 April 2024

Workshop, European Central Bank, Frankfurt am Main

2 February 2024

Workshop, Oesterreichische Nationalbank, Vienna

25 October 2023

Workshop, Nationale Bank van België/Banque Nationale de Belgique, Brussels