ECB workshop on “Money markets and central bank balance sheets” - European Central Bank

Topics: - the functioning of the transmission mechanism and optimal design of the monetary policy implementation framework in the new market environment; - the impact of market fragmentation on monetary policy implementation, including empirical studies on segmentation in the money markets of the euro area and other major economies; - structural changes in money markets and interlinkages between different segments of the money market (e.g. the unsecured, secured and foreign exchange swap markets), and spillover effects in the euro area and other major economies; - the appropriate tools/indicators to assess the stance and transmission of monetary policy, given the measures implemented (i.e. non-standard monetary policy instruments, negative interest rates and central bank asset purchases); - the impact of regulatory initiatives on the money market and monetary policy implementation (e.g. regulation-driven demand for central bank reserves); - the impact of central bank balance sheet expansion and negative rates on the functioning of secured and unsecured money markets; - the future of money markets, given the unprecedented level of central bank intervention.