Broadening horizons: 
ESRB’s next decade of impact

Registration and coffee

Welcome address

Christine Lagarde, in her capacity as Chair of the European Systemic Risk Board (ESRB), will open the conference with a welcome address.

Maria Luís Alburquerque, Commissioner for Financial Services and the Savings and Investment Union, will address the conference participants.

Keynote speech 

Adam Posen, President, Peterson Institute for International Economics, will deliver a keynote speech on “The EU in a changing geopolitical landscape”

Response by Thorsten Beck, Chair of the ESRB Advisory Scientific Committee, and Director and Professor, European University Institute

Coffee break

Panel discussion: The EU financial system amidst new threats

The EU financial system is challenged by a range of emerging threats, many of which originate outside the system itself. This panel will explore some of these challenges, including the evolving geopolitical landscape and its impact on government budgets, as well as the growing influence of non-bank financial intermediaries.

Chair: Olli Rehn, ESRB First Vice-Chair, Governor of Suomen Pankki – Finlands Bank

Panellists:

• Marco Buti, Professor, European University Institute

• Luis de Guindos, Vice President, European Central Bank

• Ian Goldin, Professor, Oxford Martin School, Oxford University
• Loriana Pelizzon, Vice-Chair of the ESRB Advisory Scientific Committee and Professor, Goethe University of Frankfurt

Q&A

Winner of the 2025 Edition of the Ieke van den Burg prize

The ESRB’s Advisory Scientific Committee awards the Ieke van den Burg prize to recognise outstanding research conducted by young scholars on a topic related to the ESRB’s mission. Co-authors Arved Fenner (University of Münster), Philipp Klein (University of Münster) and Carina Schlam (Deutsche Bundesbank and University of Münster), will present their award-winning paper, “Better Be Careful: The Replenishment of ABS backed by SME Loans”, which has been selected as the winner of the 2025 edition of the prize.

Chair: Vasso Ioannidou, Member of the ESRB Advisory Scientific Committee, Professor, Bayes Business School 

Lunch

Keynote speech

Yoshua Bengio, Professor, Université de Montréal, will deliver a keynote speech on “The future of AI - and considerations for systemic risks”.

Response by Leonardo Gambacorta, Head of Emerging Markets, Bank for International Settlements

Panel discussion: System-wide stress testing

The expanding role of non-bank financial intermediaries and the rising interconnectedness within the financial system call for a system-wide approach to stress testing. This panel will explore how macroprudential authorities can address the challenges involved in implementing such an approach

Chair: Aino Bunge, Deputy Governor of Sveriges Riksbank, Vice-Chair of the ESRB Advisory Technical Committee

Panellists:

• Viral Acharya , C.V. Starr Professor of Economics, Leonard N. Stern School of Business
• Nathanaël Benjamin, Executive Director, Financial Stability Strategy and Risk, Bank of England
• Rama Cont, Professor, Oxford University
• John Fell, Deputy Director-General, European Central Bank

Q&A

Closing remarks by Francesco Mazzaferro, Head of the ESRB Secretariat

End of conference

Reception

Wednesday, 3 September 2025

Hybrid event (by invitation only) with livestream

English

European Systemic Risk Board: Tuomas Peltonen, Jonathan Rice, Antonio Sánchez Serrano, Shirley Simmons-Nocca

Conny Lotze

ESRBevents@ecb.europa.eu