The ECB and Its Watchers XXV

March 12, 2025

Hörsaalzentrum
Campus Westend
Goethe-Universität Frankfurt (map)


Summary

Celebrating its 25th edition, “The ECB and Its Watchers XXV” on March 12, 2025 once again brought together central bankers, financial market participants and academics to discuss current issues of monetary policy and financial stability. 

The conference focused on topics relevant to the ECB strategy review that is to be carried out in the course of 2025. It aimed to contribute to the information gathering activities of the ECB and the Governing Council for the purposes of the review. As in 2020, Governing Council members took more of a listening role and chaired the different sessions rather than joining actively in the debate with non-ECB experts as in previous years.

IMFS managing director and organizer of the conference series, Volker Wieland, opened the conference, followed by ECB President Christine Lagarde who gave the President’s Address.

Debate 1, chaired by Governor François Villeroy de Galhau (Banque de France) featured Silvana Tenreyro (London School of Economics), Klaus Adam, University College London, and Refet Gürkaynak, Bilkent University, who discussed the economic environment faced by the ECB’s monetary policy.

Debate 2 on the ECB’s monetary policy toolbox in light of past experience and future challenges was moderated by Governor José Luis Escrivá (Banco de España). The speakers Lucrezia Reichlin (London Business School), Tobias Adrian (International Monetary Fund=, and Axel Weber (Center for Financial Studies), engaged in a lively discussion of the issues at hand.

Debate 3, chaired by President Joachim Nagel (Deutsche Bundesbank), focused on identifying potential needs for adjustment of the policy strategy and included as speakers Maurice Obstfeld, (Peterson Institute for International Economics), Athanasios Orphanides (MIT Sloan School of Management), and Volker Wieland (Institute for Monetary and Financial Stability).

The conference was wrapped up with closing remarks by ECB Chief Economist Philip Lane.


Program
08:30 – 09:30

Registration
09:30 – 09:45

Welcome

Volker Wieland, Institute for Monetary and Financial Stability (Speech Text) (Video)
09:45 – 10:15

President’s Address

Christine Lagarde, European Central Bank (Speech Text) (Video)
10:15 – 11:45

Debate 1: The Economic Environment Faced by the ECB's Monetary Policy: Key Determinants and Structural Changes (Video)

Chair:

François Villeroy de Galhau, Banque de France

Speakers:

Silvana Tenreyro, London School of Economics (Slides)
Klaus Adam, University College London (Slides)
Refet Gürkaynak, Bilkent University (Slides)

Lead Questions:

Jens Eisenschmidt, Morgan Stanley
Sarah Schmidtke, Bankenverband Mitte e.V.
Marco Stringa, Element Capital
Christian Keller, Barclays
11:45 – 13:00

Lunch
13:00 – 14:30

Debate 2: The ECB's Monetary Policy Toolbox in Light of Past Experience and Future Challenges (Video)

Chair:

José Luis Escrivá, Banco de España

Speakers:

Lucrezia Reichlin, London Business School
Tobias Adrian, International Monetary Fund (Slides)
Axel Weber, Center for Financial Studies (Slides)

Lead Questions:

Katherine Neiss, PGIM
Jari Stehn, Goldman Sachs
Gertjan Vlieghe, Millennium Capital
Julian Callow, Rokos Capital
14:30 – 14:45

Break
14:45 – 16:15

Debate 3: The Policy Strategy: Identifying Potential Needs for Adjustment (Video)

Chair:

Joachim Nagel, Deutsche Bundesbank

Speakers:

Maurice Obstfeld, Peterson Institute for International Economics (Slides)
Athanasios Orphanides, MIT Sloan School of Management (Slides)
Volker Wieland, Institute for Monetary and Financial Stability (Slides)

Lead Questions:

Thomas Möllers, University of Augsburg
Sylvain Broyer, S&P Global
Andreas Billmeier, Brevan Howard
Michael Krause, University of Cologne
16:15

Wrap-up and Closing Remarks

Philip Lane, European Central Bank (Video)

Please note that attendance is by invitation only.


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