ECB Conference on Financial Stability and Macroprudential Policy 2025 - Call for papers

The European Central Bank (ECB) is organising its 7th annual financial stability and macroprudential policy conference, which will take place as a full-day event on Wednesday, 11 June 2025 at the ECB premises in Frankfurt am Main. This year, the conference will be organised in conjunction with the annual Conference on Nonbank Financial Institutions (NBFIs), jointly organised by the ECB and the Federal Reserve Bank of New York, which will take place on 10 June 2025.

The conference aims at bringing together academics, central bankers and market participants to present and discuss new research on financial stability and macro-finance topics of particular interest to central banks.

Thomas Philippon (NYU Stern School of Business) will deliver a keynote speech.

Over fifteen years after the global financial crisis, financial stability remains of paramount importance but its measurement, and the policy tools to address it, remain heterogeneous and continue to evolve. The Covid crisis, the subsequent rise in inflation, and the global monetary policy tightening in 2022-2023 have challenged financial stability in principle, but actual threats to stability have been surprisingly limited, partly due to better capitalised banking systems and policy intervention in the areas of macroprudential, supervisory and fiscal policies. At the same time, geopolitical developments and digitalisation may pose new challenges for financial stability, while public debates are increasingly focusing on the competitiveness of banks and other financial institutions.

Against this background, we welcome empirical and theoretical contributions on the following topics:

• What have we learnt about understanding and measuring financial stability? Which methodologies and indicators provide good early warning of financial instability?
• How can we map identified risks to financial stability into policies? Which policies are best suited and how should we account for interactions between different policy domains?
• Is monetary policy a key factor for financial stability in both normal and crisis times? How does it interact with macroprudential policy, particularly in the European monetary union?
• What are the key lessons learnt for macroprudential policy? Which tools are most effective in ensuring financial system resilience and limiting procyclicality? What are the next frontiers?
• What are the implications of elevated geopolitical risks and recent trends like digitalisation for banks and financial stability more broadly?
• How can we measure banking sector competitiveness, how is it affected by different types of policy interventions, and how does it interact with financial stability objectives?

Submissions of full papers for both days of the conference are welcome in PDF format to Macropru2025.Conference@ecb.europa.eu by 1 March 2025.

Expenses 

The ECB will cover reasonable travel expenses for those presenting papers and the discussants. Participants from national central banks and other EU or international institutions are expected to cover their own expenses.

Organising committee

• Markus Behn 
• Johannes Breckenfelder 
• Madalen Castells Jauregui 
• Christoph Kaufmann 
• Angela Maddaloni 
• Livio Stracca

all ECB