Central bank capital in turbulent times

Central banks are navigating an era of persistent shocks, large balance sheets, and mounting financial risks. Quantitative easing, emergency lending, and new policy tools have transformed their risk profiles, while tightening cycles, climate-related shocks, and the rise of digital money increasingly test their capital positions and financial resilience. What does this mean for central bank independence, credibility, and the future design of monetary policy?

This SUERF BAFFI Bocconi e-lecture brings together leading researchers and policymakers to discuss key insights from the new open access book “Central Bank Capital in Turbulent Times: The Risk Management Dimension of Novel Monetary Policy Instruments”. Combining analytical, risk management and policy perspectives, the event will explore how central banks can safeguard their capital and balance sheets, while continuing to deliver on their mandates in a more uncertain and politically charged environment.

Join us for a forward-looking discussion on the future of central bank capital, balance sheet risks, and financial stability, with sessions covering:

– The Future of QE and the Rising Importance of Balance Sheet Risks
– Digital Money, Cryptoassets, and the Transformation of Central Bank Balance Sheets
– Governance, Political Economy, and the Future of Central Bank Independence
– Climate Change, the Energy Transition, and New Challenges to Financial Stability

Organizing committee: Dirk Broeders (ECB), Aerdt Houben, Matteo Bonetti (DNB)  and Ernest Gnan (SUERF)