The ECB and Its Watchers XXVI

March 25, 2026

Hörsaalzentrum
Campus Westend
Goethe University Frankfurt

Summary

“The ECB and Its Watchers XXVI” on March 25, 2026 once again brought together central bankers, financial market participants and academics to discuss current issues of monetary policy and financial stability.

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 Michael Krause (University of Cologne) featured Philip Lane (European Central Bank), James Bullard (Purdue University), and Frank Smets (Bank for International Settlements), who discussed “Monetary Policy Amidst Trade Shock, Rising Debt and Diverse Drivers of Inflation”.

Debate 2 on “The Global Environment for Central Banking: Economic Spillovers, Geopolitics and Diverging Economic Trends” was moderated by Michael Binder (Goethe University Frankfurt). The speakers Olli Rehn (Bank of Finland), Tao Wang (UBS), and Menzie Chinn (University of Wisconsin), engaged in a lively discussion of the issues at hand.

Debate 3, chaired by Natacha Valla (Sciences Po), focused on “European Integration and Growth Strategy: Product, Labor & Financial Markets and New Technologies” and included as speakers Martin Kocher, (Oesterreichische Nationalbank), Veronika Grimm (University of Technology Nuremberg and German Council of Economic Experts), and Luis Garicano (London School of Economics).

Program

08:30 – 09:30	Registration
09:30 – 09:45	Welcome Volker Wieland, Institute for Monetary and Financial Stability (Speech \| Video)
09:45 – 10:15	President’s Address Christine Lagarde, European Central Bank (Speech \| Video)
10:15 – 11:45	Debate 1: Monetary Policy Amidst Trade Shock, Rising Debt and Diverse Drivers of Inflation (Video) Chair: Michael Krause, University of Cologne Speakers: Philip Lane, European Central Bank (Slides) James Bullard, Purdue University (Slides) Frank Smets, Bank for International Settlements (Slides) Lead Questions: Katharine Neiss, PGIM Sarah Schmidtke, Bankenverband Mitte Julian Callow, Rokos Capital Sylvain Broyer, S&P Global
11:45 – 13:00	Lunch
13:00 – 14:30	Debate 2: The Global Environment for Central Banking: Economic Spillovers, Geopolitics and Diverging Economic Trends (Video) Chair: Michael Binder, Goethe University Frankfurt Speakers: Olli Rehn, Bank of Finland (Speech & Slides) Tao Wang, UBS Menzie Chinn, University of Wisconsin (Slides) Lead Questions: Thomas Möllers, Stiftung Geld und Währung Andreas Billmeier, Bruegel Jens Eisenschmidt, Morgan Stanley Stefan Kipar, Union Investment
14:30 – 14:45	Break
14:45 – 16:15	Debate 3: European Integration and Growth Strategy: Product, Labor & Financial Markets and New Technologies (Video) Chair: Natacha Valla, Sciences Po Speakers: Martin Kocher, Oesterreichische Nationalbank (Slides) Veronika Grimm, University of Technology Nuremberg and German Council of Economic Experts (Slides) Luis Garicano, London School of Economics (Slides) Lead Questions: Christian Keller, Barclays Jari Stehn, Goldman Sachs Marco Stringa, Element Capital Alain Durré, Natixis
16:15	Closing Remarks