Webex
14:30-16:30 CET
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)
New perspectives on quantitative easing and central bank capital policies
Christopher Erceg, Deputy Director of the Monetary and Capital Markets Department · IMF presentationThe ECB’s 2025 Monetary Policy Strategy Assessment: Selected lessons learned on the use of the monetary policy toolkit
Christophe Kamps, Deputy Director General, Monetary Policy · European Central Bank (ECB) presentationImpact of CBDC and stablecoins on (central) bank balance sheets and profitability
Ulrich Bindseil, Honorary Professor · TU Berlin presentationConsequences of last-resort policy for central bank balance sheets
Kathryn Dominguez, Professor · University of Michigan presentationCentral bank capital: Why and how it matters
Willem H. Buiter, Independent Economic Consultant presentationCentral bank capital and shareholder relationship
Dirk Broeders, Senior Lead Financial Risk Expert · European Central Bank (ECB) presentationCentral bank capital and independence: a quantitative case study
David Vestin, Senior Advisor · Sveriges Riksbank presentationImpact of transitions on the financial stability and LOLR roles of central banks
Dirk Schoenmaker, Professor of Banking and Finance · Rotterdam School of Management, Erasmus University presentation