9th ANNUAL RESEARCH CONFERENCE Structural change in the international monetary system: Challenges for central banks
Geopolitical shocks and technological innovations are among the factors driving rapid and profound structural change in the real economy today, and consequently in financial and monetary systems too. The Ninth Annual Research Conference of the Banco de España will explore some of the major changes currently underway in the international monetary system, and the role that central banks should play in the face of these challenges. Key topics addressed in the conference will include the growing role of digital assets, the global supply of safe assets, the determination of the dominant international currency, and the integration of capital markets.
Attendance is by invitation only.
30 November 2026 - 1 December 2026
Hemiciclo II Conference Room
Programme ( 246 KB )
Speakers
30 November
-
- 13:00h - 13:45h
- Registration and buffet lunch
-
- 13:45h - 14:00h
- Welcome remarks: Governor José Luis Escrivà
-
- 14:00h - 14:00h
-
SESSION A: DETERMINING THE DOMINANT INTERNATIONAL CURRENCY
Chair: Javier J. Pérez (Banco de España)
-
- 14:00h - 15:00h
-
Dollar trinity and global co-movement
Georgios Georgiadis (ECB), Gernot Müller (Tübingen)
, and Ben Schumann (Humboldt)
Discussant: Ambrogio Cesa-Bianchi (Bank of England)
-
- 15:00h - 16:00h
-
The fragility of government funding advantage
Jonathan Payne (Princeton) and Balint Szoke (Federal Reserve Board)
Discussant: Sebastian Schmidt (ECB)
-
- 16:00h - 16:20h
- Coffee break
-
- 16:20h - 16:20h
-
SESSION B: THE GROWING ROLE OF DIGITAL ASSETS
Chair: James Costain (Banco de España)
-
- 16:20h - 17:20h
-
Stablecoin flows and spillovers to FX markets
Iñaki Aldasoro (BIS)
, Paola Beltrán (BIS), and Federico Grinberg (BIS)
Discussant: Benoît Nguyen (Banque de France)
-
- 17:20h - 18:20h
-
Stablecoins and CBDCs: who supplies liquidity?
Pierpaolo Benigno (Bern)
Discussant: Jorge Abad (ECB)
-
- 18:20h - 18:30h
- Coffee break
-
- 18:30h - 19:30h
-
KEYNOTE ADDRESS
Chair: David López Salido (Banco de España)
US risk and Treasury convenience
Giancarlo Corsetti (European University Institute)
Co-authors: Simon Lloyd (BoE), Emile Marin (UC Davis) and Jon Ostry (BoE)
-
- 20:30h - 20:30h
- Speakers’ dinner
1 December
-
- 09:00h - 09:00h
-
SESSION C: MONETARY TRANSMISSION AND MONETARY SOVEREIGNTY
Chair: Jaime Martínez Martín (Banco de España)
-
- 09:00h - 10:00h
-
Stablecoins and monetary transmission
Carlo Altavilla (ECB), Lorenzo Burlon (ECB), Miguel Boucinha (ECB)
,
Ramón Adalid (ECB), Roberta Fortes (ECB), and Franziska Maruhn (ECB)
Discussant: Jean Barthélemy (Banque de France)
-
- 10:00h - 11:00h
-
International monetary system and safe assets
Markus Brunnermeier (Princeton) and Sebastian Merkel (Bristol)
Discussant: Saleem Bahaj (University College London)
-
- 11:00h - 11:20h
- Coffee break
-
- 11:20h - 11:20h
-
SESSION D: UNIFYING CAPITAL MARKETS
Chair: Irina Balteanu (Banco de España)
-
- 11:20h - 12:20h
-
Branching out: capital mobility and long run growth
Chenzi Xu (UC Berkeley)
and Sarah Quincy (Vanderbilt)
Discussant: Thorsten Beck (European University Institute)
-
- 12:20h - 13:20h
-
A European safe asset? Not without the investors
Giovanni Bonfanti (Goethe)
and Juri Marcucci (BdI)
Discussant: Tsvetelina Nenova (BIS)
-
- 13:30h - 13:30h
- End of conference and buffet lunch