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Ulrich Bindseil


Director General, Market Infrastructure and Payments
European Central Bank

Areas of expertise

  • Monetary policy implementation
  • Market infrastructures and payment systems
  • Flows of funds
  • Asset liquidity and funding stability in the context of a LOLR
  • History of central banking

Short Biography

Ulrich Bindseil is Director General Market Infrastructure and Payments at the European Central Bank (ECB), a post he has held since November 2019. Previously, he was Director General Market Operations (from May 2012 to October 2019) and head of the Risk Management Division (between 2005 and 2008). Mr Bindseil first entered central banking in 1994, when he joined the Economics Department of the Deutsche Bundesbank, having studied economics. His publications include, among others, Monetary Policy Operations and the Financial System, OUP, 2014, and Central Banking before 1800 – A Rehabilitation, OUP, 2019.

Selected publications


[2004], Monetary policy implementation: theory, past, present, Oxford: Oxford University Press, November 2004. (Chinese edition by Dongbei University of Finance & Economics Press)

[2006], with J. Haucap and C. Wey, Institutions in perspective, Tübingen: Mohr Verlag (Paul Siebeck).

[2009] with F. Gonzalez and E. Tabakis, Risk management for central banks and other public investors, Cambridge: Cambridge University Press.

[2014], Monetary policy operations and the financial system, Oxford: Oxford University Press.

[2019], Central Banking before 1800: A rehabilitation, Oxford: Oxford University Press.

[2021], with A. Fotia, Introduction to central banking, Springer, Open Access:https://www.springer.com/de/book/9783030708832?gclid=EAIaIQobChMI_JX6nPeN8QIVECwYCh0R2AMwEAQYASABEgLtWvD_BwE

 Recent articles and working papers

  • [1995] with J Barmbold and J Haucap, “American and European Economists”, Journal of Economic Perspectives, 9, 205-06.
  • [1997] “Vertical Integration in the long run: The provision of physical assets to the London and New York Stock Exchanges”, Journal of Institutional and Theoretical Economics, 153, 641-656.
  • [1997]  with  C.  Hantke  “The  power  distribution  in  decision  making  among  EU  member    states” European Journal of Political Economy, 13, 171-185
  • [1997], “Reserve Requirements and Economic Stabilisation”, Discussion paper 1/97, Economic Research Group of the Deutsche Bundesbank. https://www.bundesbank.de/resource/blob/702984/ce07eca5121ceb017aedb022758f7f52/mL/1997-01-01-dkp-01-data.pdf
  • [1999] with C. Pfeil “Specialization as a specific investment into the market – A transaction cost approach to the rise of markets and towns in medieval Germany 800-1200”, Journal of Institutional and Theoretical Economics, 155, 738-754.
  • [2000] “Central bank liquidity management and the signal extraction problem on the money market”, Jahrbücher fuer Nationalökonomie und Statistik, 220, 284-301.
  • [2000] “Towards a theory of central bank liquidity management”, Kredit & Kapital, 33, 346-376.
  • [2001] “A coalition form analysis of the “one country – one vote” rule in the Governing Council of the European Central Bank”, International Economic Journal, 15, 141-164.
  • [2001], together with Franz Seitz, “Currency in circulation, the cash change-over and the euro-dollar exchange rate”, CES-ifo Studien, 47, 531-548.
  • [2002] “Central Bank forecasts of liquidity factors and the control of short term interest rates”, BNL Quarterly Review, 55 (No. 220), 13-37.
  • [2003] with B. Weller and F. Wuertz “Central Bank and commercial banks’ liquidity management –  what is the relationship?”, Economic Notes, 32, 37-66.
  • [2005] ”Over- and underbidding in central bank open market operations conducted as fixed rate tender”, German Economic Review, 6/1.
  • [2006] with G. Camba-Mendez, A. Hirsch, and B. Weller, “Excess reserves and the implementation of monetary policy of the ECB”, Journal of Policy Modeling, 28, 491-510.
  • [2006], with F. Papadia “Credit risk mitigation in central bank operations and its effects on financial markets: the case of the Eurosystem”, ECB occasional paper no. 49. https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp49.pdf
  • [2006], “Active portfolio management by central banks: why and how?” in: U. Bindseil, J. Haucap  and C. Wey (eds): Institutions in perspective, Tübingen: JCB Mohr Verlag (Paul Siebeck).
  • [2007] with T. Linzert and D. Nautz, “Bidding behavior in the longer term refinancing operations of the European Central Bank: Evidence from a panel selection model”, Journal of Banking and Finance, 31, 1521-1543.
  • [2008], with K. Nyborg, “Monetary policy implementation”, in: X, Freixas, P. Hartmann, and C. Mayer (eds), Handbook of European Financial Markets and Institutions, pp. 742-778, Oxford University Press.
  • [2008], with F. Papadia, “Risk management and market impact of large-scale collateralised lending programs”, Chapter 7 in: U. Bindseil, F. Gonzalez and E. Tabakis (eds), Risk management for central banks and other public investors, Cambridge: Cambridge University Press, forthcoming.
  • [2008], “Central banks and other public institutions as financial investors”, Chapter 1 in: U. Bindseil, F. Gonzalez and E. Tabakis (eds), Risk management for central banks and other public investors, Cambridge: Cambridge University Press.
  • [2008], “Central bank financial crisis management from a risk management perspective”, Chapter 11  in: U. Bindseil, F. Gonzalez and E. Tabakis (eds), Risk management for central banks and other public investors, Cambridge: Cambridge University Press, October.
  • [2009] with K. Nyborg and I. Strebulaev, “Repo auctions and the market for liquidity”, Journal of Money Credit and Banking, 41, (7), 1391 – 1422.
  • [2011], “The Theory of Monetary Policy Implementation”, pp 5-114 in: P. Mercier and F. Papadia (eds.), The Concrete Euro, Oxford University Press.
  • [2011], with P. Cour-Thimann und P. König, „Weitere Anmerkungen zur Debatte um Target2 während der Finanzkrise“, in:  ifo-Schnelldienst, 16/2011, 64. Jahrgang,  79-84.http://www.cesifo-group.de/portal/pls/portal/docs/1/1209832.PDF
  • [2011] with P. König, „The Economics of Target2 balances”, SFB 649 Discussion Paper 2011-035. http://sfb649.wiwi.hu-berlin.de/papers/pdf/SFB649DP2011-035.pdf
  • [2011] with J. Jablecki, “A structural model of central bank operations and bank intermediation”, ECB working paper No. 1312. http://www.ecb.int/pub/pdf/scpwps/ecbwp1312.pdf
  • [2011] with J. Jablecki, “The Optimal Width of the Central Bank Standing Facilities Corridor and Banks’ Day - to - Day Liquidity Management”, ECB working paper No. 1350. http://www.ecb.int/pub/pdf/scpwps/ecbwp1350.pdf
  • [2011] with J. Lamoot, “The Basle III framework for liquidity standards and monetary policy implementation”, SFB 649 Discussion Paper 2011-041. http://sfb649.wiwi.hu-berlin.de/papers/pdf/SFB649DP2011-041.pdf
  • [2011] with W. Modery, “Ansteckungsgefahren im Eurogebiet und die Rettungsmaßnahmen des Frühling 2010“,  Perspektiven der Wirtschaftspolitik, 12(3), 215-241.
  • [2012] with P. König, “TARGET2 and the European Sovereign Debt Crisis”, Kredit und Kapital, 2/2012, http://www.macroeconomics.tu-berlin.de/fileadmin/fg124/koenig/papers/Target2SovereignDebt.pdf
  • [2012] with P. Cour-Thimann und P. König, „TARGET2 and cross-border interbank payments during  the financial crisis”, CESifo Forum, Special Issue, February 2012, http://www.cesifo-group.de/portal/pls/portal/docs/1/1213646.PDF.
  • [2012] with A. Winkler, “Dual liquidity crises under alternative monetary frameworks – a financial accounts perspective”, ECB Working paper 1478, http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1478.pdf
  • [2013] with A. Winkler, “Dual liquidity crises – a financial accounts framework”, Review of International Economics, 21, 151–163.
  • [2013], with J. Jablecki, “Central bank liquidity provision, risk-taking and economic efficiency”, ECB Working Paper No. 1542, http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1542.pdf
  • [2013], “Collateral, asset fire sales, regulation and liquidity”, ECB Working Paper No 1610, http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1610.pdf
  • [2013], with P. König, “Horizontalists and Verticalists: an appraisal 25 years later”, Review of Keynesian Economics, 1, 383-390. https://www.studocu.com/en-za/document/university-of-cape-town/macroeconomics-ii/summaries/review-of-keynesian-economics-basil-j-moore-s-horizontalists-and-verticalists-an-appraisal-25-years-later/3742868/view
  • [2014] with N. Sauter, “The role of sovereign debt in monetary policy implementation – an international comparative perspective”, in: M. Balling, E. Gnan and J. Holler (eds), The future of sovereign borrowing in Europe, SUERF Studies 2013/5, Vienna https://www.econstor.eu/bitstream/10419/163509/1/suerf-study-2013-5.pdf
  • [2014], with A. Winkler, “Dual liquidity crises under the gold standard and in a monetary union: a financial accounts perspective”, in: B. Winkler, A. van Riet and P. Bull (eds.), A Flow-of funds perspective on the financial crisis, Volume 1: Money, Credit and Sectoral Balance Sheets, Palgrave-MacMillan.
  • [2015], with Clemens Domnick and Jörg Zeuner “Low interest rate policies and the expropriation of the saver – A review”, ECB Occasional Paper No. 161, May 2015. https://www.ecb.europa.eu/pub/pdf/scpops/ecbop161.en.pdf
  • [2017] with M. Corsi, B. Sahel and A. Visser, “The Eurosystem collateral framework explained”, ECB Occasional Paper No 189. https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op189.en.pdf
  • [2019], Early German and French central bank charters and regulations,” ECB Occasional Paper No. 234, https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op234~ed52941e3b.en.pdf
  • [2020], with N. Terol, “The evolving role of central bank money in payments”,  Central Banking. https://www.centralbanking.com/fintech/cbdc/7654486/the-evolving-role-of-central-bank-money-in-payments
  • [2020], “Tiered CBDC and the financial system”, ECB Working Paper No 2351. https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2351~c8c18bbd60.en.pdf
  • [2021] with A Lanari, “Fire Sales, the LOLR and Bank Runs with Continuous Asset Liquidity”, https://arxiv.org/abs/2010.11030


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