SUERF is the abbreviation of the Association’s original name "Société Universitaire Européenne de Recherches Financières", under which the Association was originally registered.
SUERF is a non-profit association established on 25 November 1963 in Louveciennes, France, by a group of academics and bankers from France, the United Kingdom, the Netherlands and Belgium. SUERF’s focus is on the analysis, discussion and understanding of financial markets and institutions, the monetary economy, the conduct of regulation, supervision and monetary policy, and related issues.
SUERF’s strength lies in bringing together three pillars of members: central banks and supervisors, financial industry representatives and academics. Members are drawn from all over Europe and beyond. SUERF is soundly governed by its Council of Management, which comprises high-ranking representatives drawn from SUERF’s three pillars of members.
SUERF’s objectives are:
"SUERF aims to be the pre-eminent independent non-profit European Association designed to create an active network between professional economists, financial practitioners, central bankers and supervisors for the analysis and mutual understanding of monetary and financial issues. This is achieved by international events, publications, and the sponsoring of research."
SUERF is registered as a French non-profit association under the French 1901 Law (Loi du 1er juillet 1901) and is governed by its Articles of Association which are ratified by the General Assembly. Registration number: W751101588.
The Council of Management
The Council is the executive body of the Association, Members of Council are elected by the General Assembly to serve for three years and may be re-elected.
SUERF‘s day-to-day administration, event management and publications is conducted by the permanent Secretariat, under the supervision of the Secretary General. Since 2000, the Secretariat has been hosted by the Oesterreichische Nationalbank (OeNB) in Vienna.
We invite you to explore SUERF’s rich history where we reflect SUERF’s heritage and significant contribution’s to our understanding of key issues in European money and finance.
1969-1974 Breakdown of the Bretton Woods International Monetary System
1974-1979 Oil Shocks and Bank Failures
1980-1989 Disinflation, Exchange Rate Stabilization and “Marketisation” of Banking and Finance
1990-1998 The New Europe after the Fall of the Berlin Wall and the Maastricht Treaty
1999-2003 Adjusting West and Converging East
2004-2007 Governance and Asset Management in Globalized and Volatile Markets
2008-2018 Financial, Economic and Sovereign Debt Crisis, Financial Reregulation,
Unvonventional Monetary Policies and Economic Recovery
1969 C1 The Future of the International Monetary System
1970 C2 Monetary Policy and New Developments in Banking
1972 C3 Aspects of European Monetary Union
1973 C4 Financial and Monetary Aspects of Developing Multinational Enterprises
1974 C5 Floating Exchange Rates - What is to be learnt from Recent Experience
1976 C6 The Development of Financial Institutions in Europe
1977 C7 New Approaches in Monetary Policy
1979 C8 Europe and the Dollar in the World-Wide Disequilibrium
1980 C9 Bank Management in a Changing Domestic and International Environment
1982 C10 International Lending in a Fragile World Economy
1983 C11 Government Policies and the Working of Financial Systems in Industrialized Countries
1985 C12 Shifting Frontiers in Financial Markets
1986 C13 International Monetary and Financial Integration - the European Dimension
1988 C14 The International Adjustment Process: New Perspectives, Recent Experience and Future Challenges for the Financial System
1989 C15 Financial Institutions in Europe under New Competitive Conditions
1991 C16 Fiscal Policy, Taxation and the Financial System in an Increasingly Integrated Europe
1992 C17 The New Europe; Evolving Economic and Financial Systems in East and West
1994 C18 The Competitiveness of Financial Institutions and Centres in Europe
1995 C19 Risk Management in Volatile Financial Markets
1997 C20 Corporate Governace, Financial Markets and Global Convergence (on the occasion of Fifty Years after the Marshall Plan – Bernard Snoy)
1998 C21 The Euro: A challenge and opportunity for financial markets
1992 “The Restructuring of the Financial Industry: A Central Banking Perspective” by Professor Alexandre Lamfalussy (General Manager of BIS)
1993 "Monetary Co-operation in a Changing Financial Environment” by Dr Wim F. Duisenberg (President of De Nederlandsche Bank N.V) on
1994 "Highly Public-Indebted Countries, Monetary Reform and Convergence Towards EMU” by Professor Mario Monti (President of the Università Commerciale Luigi Bocconi)
1996 “Monetary co-operation beyond the Year 2000 from respectively a French, European and Global perspective” by Governor Jean-Claude Trichet (Banque de France)
1996 Evolving Amibtions in Europe’s Monetary Unification by Prof. Niels Thygesen, University of Copenhagen
1996 Corporate Governance (Prof. Marco Onado, Consob, Italian Securities Commission)
1998 Scenario Thinking for the First Decade of EMU (Richard O’Brien of Global Business Network at BoE)
2000 C22 Adapting to Financial Globalisation
2001 C23 Technology and Finance - Challenges for Financial Markets, Business Strategies and Policy Makers
2003 C24 Stability and Efficiency of Financial Markets in Central and Eastern Europe
2000 "Central Banking and the Choice of Currency Regime in Transition Economies" by Willem H. Buiter (EBRD)
2001 “Challenging Times for Regulation of the Financial Services Industry” by Baron Prof. Alexandre Lamfalussy
2002 "A More Comprehensive Approach to Capital Regulation" by Claus Norgren (Chairman, Capital Task Force of the Basel Committee and DG of the Swedish Financial Supervisory Authority)
2003 "Optimal Currency areas and implementation of economic policies" by Jean-Claude Trichet (Gov. Banque de France)
2000 "Impact of Globalisation on Efficiency in the European Banking Industry: what can we learn from the cost to income ratio?" by Peter Van Dijcke (Artesia Banking Corporation)
2001 "The Inter-Temporal Nature of Risk" by Professor Charles Goodhart (LSE)
2003 ML "The Role of Central Banks in promoting Financial Stability – and Hungarian Experiences" by Zsigmond Járai (President of National Bank of Hungary)
Events: conference, seminar, workshop, round table
1999 S Operational aspects in the Euro Zone money markets, (R. Tuffoer at Banque de France)
2000 S Challenges and Opportunities of the European Banking System
2001 S Electronic Banking: Challenges for Regional Banks
RT Outstanding Issues with the Basel 2 Capital Accord
2002 C Competition and Regulation in European Banking
S The Role of Regional Stock Exchanges in EMU
WS Representation at Annual WEA Conference: 4 papers by M. Summer, OeNB; J. Kellner, DBB; G. Kaufmann, Lyola University of Chigago; H. Benink, Erasmus University and George Benston, Emory University
WS Annual Money, Macro and Finance Research Group Conference, at Warwick University
S The Impact on Basel II on Competition in the Financial Industry - A European Perspective at Commerzbank AG
2003 S Profitability of European Banking: The Challenge of Competitive Market Conditions
S Securing Financial Stability: Problems and Prospects for New EU Members
S SUERF special session at Annual Conference of MMF on “Competition and Efficiency in Banking”
S 40 Years Anniversary "European Monetary and Financial Integration: Evolution and Prospects"
2004 C25 Competition and Profitability in European Financial Services: Strategic, Systemic and Policy Issues
2006 C26 Money, Finance and Demography: The Consequences of Ageing
2004 "The changing Pattern of Payments in the United States" by Anthony M. Santomero
2006 "Global Imbalances: what does population ageing imply for their evolution?" by Prof. Barry Eichengreen (University of Calif. Berkeley)
2005 "Stock Market Consolidation and Security Markets Regulation in Europe" by Charlie McCreevey (EC for Internal Market and Services)
2006 "Hedge Funds: what should be the regulatory response?"by Sir Callum McCarthy (Chairman, FSA)
2007 "Problems and Prospects for Enlargement of the Eurozone" by Professor Paul de Grauwe, Katholieke Universiteit Leuven
Events: conference, seminar, workshop
2005 C Governance and Structure of European Finance after EU Enlargement
S The Future for Private Banking in the New EU Member States of Central and Eastern Europe
C Open Market Operations and the Financial Markets
S Consolidation of European Securities Markets
2004 WS Banking Risks in International Markets
S The Future of Regional Insurance Companies
S Interaction of Monetary and Financial Stability in Small Open Economies
2006 S The Changing Face of Corporate Financing
S De-Regulation and Integration in European Banking
S The Adoption of the Euro in the New Member States:
Challenges and Vulnerabilities on the Last Stretch
2007 S Corporate Governance in Financial Institutions
C Central and Eastern Europe: Is Economic Convergence on Track?
C Financial Markets, Innovation and Growth
C Tracking Financial Behaviour: Where do Macro and Micro Meet?
2008 C27 New Trends in Asset Management: Exploring the Implications
2009 C28 The Quest for Stability
2011 C29 New Paradigms in Money and Finance?
2012 C30 State, Banks and the Financing of the Economy
2014 C31 Money, Regulation and Growth: Financing New Growth in Europe
2016 C32 The SSM at 1
2017 C33 Shadow Banking: Financial Intermediation beyond Banks
2008 "Observations on Future Trends in Asset Management: Challenges and Opportunities" by Professor Robert C. Merton (Harvard)
2009 “On monetary and Financial Stability – Past, Present and Future” by José Viñals (IMF)
2011 "New Paradigms in Central Banking?" by Athanasios Orphanides (Central Bank of Cyprus)
2012 "Money and Banking in Times of Crisis" by Lorenzo Bini Smaghi (Harvard University)
2014 "Sustaining growth in the short run and in the medium run" by Olivier Blanchard (IMF)
2016 “How Central Banks Meet the Challenge of Low Inflation“by Mario Draghi (ECB)
2017 "Gaming the rules or ruling the game? – How to deal with regulatory arbitrage" by Daniéle Nouy (ECB)
2008 "Financing for Innovation & Growth“by Vitor Gaspar (BEPA)
2009 "Unconventional monetary policies in time of crisis“by Jaime Caruana (BIS)
2010 “The role of domestic financial markets in an integrated Europe” by Manfred Schepers (EBRD)
2011 "Risk Management: a supervisor’s approach" by Gabriele Bernadino (EIOPA)
2012 "The Interaction of Political, Fiscal & Financial Stability: Lessons from the Crisis" by András Simor (Magyar Nemzeti Bank)
2013 "The value of banks after the great financial expansion" by Lex Hoogduin (University of Amsterdam and LCH Clearnet)
2014 "Is there a crisis in securities regulation?" by Sir Paul Tucker (John F. Kennedy School of Public Management)
2015 "Capital and Banks", by David Miles (Imperial College London)
2016 “FinTech and Central Banks" by Jan Smets (National Bank of Belgium)
2017 "Is the post-crisis financial system more resilient? What remains to be done?” by Erkki Liikanen (Bank of Finland)
2018 “Monetary policy normalisation: scenarios and risks” by Ewald Nowotny (Oesterreichische Nationalbank)
Commodities, Energy and Finance
Financing SMEs in Europe
Current Trends in the Russian Financial System
Housing Markets - a shelter in the storm or cause of the storm?
Contagion and Spillovers: new insights from the crisis
The Future of Banking in CESEE after the Financial Crisis
Regulation and banking after the crisis
Disclosure and Market Discipline – What Role for Transparency?
Monetary Policy after the Crisis
The Future of Risk Management
The ESRB at 1
Future Risks and Fragilities for Financial Stability
The Interaction of Political, Fiscal and Financial Stability: Lessons from the Crisis
Property Prices and Real Estate Financing in a Turbulent World
The Future of Sovereign Borrowing in Europe
Banking after regulatory reforms: business as usual?
The value of banks and their business models to society
Golden Jubilee 1963-2013 - The Financial Reconstruction of Europe
Banking and Financial Markets between Integration and Segmentation after the Crisis
Two end of the spectrum: the challenges of risk management and effective resolution
Post-Crisis Recovery and the Reconstruction of the Financial Sector
Challenges in Securities and Markets Regulation: Investor Protection and Corporate Governance
Reregulation of the financial sector – economic consequences, costs and benefits
Asset-liability management with ultra-low interest rates
Liquidity and market efficiency - alive and well?
Cash on Trial
Central Banking and Monetary Policy: Which will be the new normal?
Rethinking Capital Controls and Capital Flows
Global Implications of Europe’s Redesign
Financing Productivity Growth in Europe
FinTech and the Future of Retail Banking
Asset Management at Crossroads
Brexit and the implications for financial services
The Financial System of the Future
New Challenges in Central Banking – Monetary Policy Governance and Macroprudential Issues
Globalisation Dynamics - EU and US perspectives
Investment and Investment Finance
Current and future topics in sovereign debt markets
Monetary and economic policies on both sides of the Atlantic
Monetary policy normalisation: scenarios and risks
Green finance, regulation and monetary policy
Do we need central bank digital currency? Economics, Technology and Institutions
10 Years after the start of the financial crisis: Contours of a new normal
Sustainable Policy Responses: EU and US Perspectives
Financial Disintermediation and the Future of the Banking Sector
Investment, Technological Transformation and Skills
For a full list of our publications,please take a look at:
SUERF Conference Proceedings
SUERF Policy Notes
On 25 November 1963, SUERF (Société Universitaire Européenne de Recherches Financières) is founded on the initiative of Professor Pierre Tabatoni (University of Paris) and Jacques Branger (Director General of the Caisse Nationale des Marchés de l’État – CNME), and bankers from Belgium, France, the Netherlands and the United Kingdom, with the aim of bringing together academics and practitioners to exchange their views and to interact on common areas of interest.
On 11 September 1964, the French Ministry of the Interior issues an Order authorizing SUERF as a “association étrangère”.
In March 1968, SUERF’s Secretariat moves from Paris to the Netherlands, where it was hosted by the John F. Kennedy Institute of International Relations at the University of Tilburg.
Since then 30 SUERF Reprints (1969-1984); 58 SUERF Series (original papers; 1970-1990); 20 SUERF Papers on Monetary Policy and Financial Systems (original articles and selected reprints; 1981-1996); SUERF Studies series (since 1997, change in numbering and new cover design in 2003). For SUERF’s electronic publications archive see at: www.suerf.org/books-and-colloquium-volumes .
Robert Raymond (Director General of the European Monetary Institute) delivers the first Marjolin Lecture established by SUERF in memory of Robert Marjolin (1911-1986) one of the founding fathers of the post-war European economy and financial structure.
In awarding the ”Prix Marjolin“, SUERF honours his memory in the tradition followed in the (now discontinued) AMEX Bank Review Award of 1987-1994. The first Marjolin Prize is awarded to Axel Weber (University of Bonn and CEPR) for a paper entitled “Is Central Bank Intervention Effective in Stabilizing Exchange Rates?".
On 22 November 2013 SUERF celebrates its 50th anniversary with a conference hosted by the Banque de France in Paris on the topic “The Financial Reconstruction of Europe”, and with the publication of a book on “50 Years of Money and Finance: Lessons and Challenges”, by SUERF/Larcier.
“….Throughout half a century of major evolutions of monetary institutions and transformation of the financial system, the SUERF, which has over 300 active members, has managed to spur an indispensable dialogue between economists, financial practitioners, central bankers and academics for the analysis and mutual understanding of monetary and financial issues. I am proud to stress that Banque de France has participated intensively in all the activities of SUERF and, actually, SUERF repeatedly helped us as many other institutions, to decipher economic and financial developments in order to best serve our fellow citizens.” Christian Noyer, Governor, Banque de France (2003-2015)
In 2013, honorary membership is conferred to Mario Monti and Niels Thygesen in recognition of their outstanding services foreEuropean integration and European monetary and financial arrangements as well as their continuous and loyal support and contributions to SUERF and its activities.
In December 2013, the SUERF and UniCredit & Universities Foundation Research Prize is inaugurated.
SUERF introduces the Fellowship and Research Affiliate Programme to provide researchers, practitioners and policy-makers yet further opportunities to interact. The programme offers opportunities to disseminate research to a wider expert audience, to pursue joint activities such as conferences and working groups, and to further develop/strengthen the network between academics, policy-makers and the financial sector.
On the occasion of the 20th anniversary of the euro, SUERF together with Banque de France organised the 34th SUERF Colloquium & Banque de France Symposium on "The Euro Area: Staying the Course through Uncertainties" in Paris on 28-29 March 2019.
David T. Llewellyn, Emeritus Professor of Money & Banking at Loughborough University, receives Honorary Membership for his numerous outstanding contributions as a loyal and active SUERF Council and Editorial Board Member (both since 1997), and in his position as President of SUERF (2000-2006).
Marc-Olivier Strauss-Kahn is awarded Honorary Membership for his support of SUERF’s activities, including three major SUERF events held in France and his important work in attaining SUERF’s status of an Association under the French Act of 1901. Marc-Olivier Strauss-Kahn was Member of the Council of Management from 2002-2011 and 2017-2019.
Ewald Nowotny receives Honorary Membership for supporting SUERF’s mission during his time as Governor of Oesterreichische Nationalbank.
Peter Praet, former executive board member and chief economist of the European Central Bank, receives Honorary Membership in recognition of his support of SUERF and its activities.
On 3rd March 2020, SUERF created a dedicated website, as one among the first association, under the name “SUERF Coronomics Info Hub" where SUERF gathered information and links from SUERF members and from various institutions and economists globally on COVID-related measures and analyses.
We are pleased to announce the launch of our new logo. The logo exists with and without the subline “The European Money and Finance Forum”, depending on the use case.
9th September 2021: The SUERF Council of Management is honoured to welcome the following distinguished economists who have been elected as SUERF Fellows and Research Affiliate.
Rym Ayadi (EMEA), Thorsten Beck (European University Institute), Ulrich Bindseil (ECB), Hans Degryse (KU Leuven), Stefan Gerlach (EFG Asset Management), Jordi Gual (IESE Business School; VidaCaixa), Bengt Holnstroem (MIT), David Miles (Imperial College London), Emmanuel Moench (Goethe University Frankfurt), Patricia C Mosser (Columbia University), Dirk Niepekt (University of Bern), Ricardo Reis (LSE), Rafael Repullo (CEMFI Madrid), Jan Svejnar (Columbia University), Rudi Vander Vennet (University of Ghent), Killian Rieder (OeNB)
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