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The International Workshop on Financial System Architecture and Stability (IWFSAS) provides a forum for academic researchers, practitioners, and policymakers to discuss current issues related to the structure and design of financial systems and their impact on macro-financial stability and sustainable economic development.

While the specific theme of the workshop changes every year, the this annual event’s overall objective is to stimulate high quality debate and policy relevant cutting-edge research that informs our understanding of how various financial sector issues can impact the stability of the financial system and the overall economy – nationally, regionally and globally.

Further information on previous IWFSAS meetings and their themes can be found at


IWFSAS 2023 organizers:

This year’s IWFSAS meeting will be hosted by the Centre for European Policies Studies (CEPS) in collaboration with Bayes Business School (formerly Cass), the Euro-Mediterranean Economists Association (EMEA), the Gustavson School of Business at the University of Victoria and the National Bank of Belgium (NBB).


Aims and topics

The eighth IWFSAS conference offers leading academics, practitioners, and policymakers the opportunity to discuss innovative research on a range of topics related to banking regulation, supervision and crisis management aimed to preserve financial stability during a period of recurrent crises. Banking crises can have devastating effects on the economy, leading to financial instability and bank runs, job losses, and widespread economic hardship.

The recent crisis surrounding Silicon Valley Bank (SVB) and Credit Suisse (CS) has put the crisis management framework in the US and in Switzerland to the test. Calls to further strengthen the regulatory framework for banks, given the different jurisdictional domains for monetary policy and fiscal policy, and the design of the European Banking Union (EBU), have followed suit. Of the three EBU pillars, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM) are now in place, while the proposed European Deposit Insurance System (EDIS) remains merely a proposal.

It is crucial that both bank regulation and crisis management respond appropriately to the increasing frequency of banking crises, particularly in markets where traditional banking is changing with the increasing role of open finance and digital currency.

One key response should be to strengthen the regulatory framework governing banks. This could involve increasing capital and liquidity requirements, improving risk management practices, and enhancing transparency and disclosure requirements. Sounder regulation can also help to prevent banks from taking excessive risks and reduce the likelihood of crises occurring in the first place.

On top of sounder regulation, it is also important to have effective crisis management mechanisms in place. This could involve establishing a framework for early intervention and the resolution of banks that are in distress. Such a framework would allow troubled banks to be dealt with quickly and efficiently, before they become a systemic risk to the wider economy. It could also involve establishing adequately designed deposit insurance schemes, which would protect depositors in the event of a bank failure. By ensuring that depositors are protected, such a scheme could help to prevent bank runs and other forms of contagion from spreading.

Finally, it is crucial to have effective communication and coordination between regulators, central banks, and other relevant authorities during a banking crisis. This would ensure a unified response to the crisis, and that any measures taken are effective in restoring financial stability. Effective communication and coordination can also help to prevent panic and uncertainty among the public and financial markets, which can exacerbate a crisis.

The IWFSAS 2023 call for papers invites submissions of high-quality unpublished manuscripts on topics related to banking structure, regulation and crisis management, including, but not limited to:

  • The role of banking regulation in preventing and managing banking crises
  • The impact of banking crises on the real economy and society
  • Case studies of banking crises and lessons learnt
  • Bank business models and their resilience to financial and economic crises
  • The effectiveness of crisis management policies, instruments and procedures in mitigating the effects of banking crises
  • The effectiveness of deposit insurance schemes in protecting depositors during a crisis
  • The role of central banks in managing banking crises and maintaining financial stability
  • The impact of technological advancements on banking regulation, crisis management, and deposit insurance
  • Climate stress testing; climate-related financial disclosures, reporting and other regulatory issues
  • Central banks, the greening of the financial sector and financial stability concerns
  • Geopolitical risks and their impact on banking and finance
  • Macro-prudential policy post-Covid recovery
  • Sustainability and stability of financial systems
  • Emerging business models and new asset classes and risks


Keynote Speakers:

José Manuel Campa is the current Chairperson of the European Banking Authority.

After studying law and economics at the University of Oviedo and earning his PhD in economics from Harvard University, Mr. Campa taught finance at New York University and the IESE Business School and consulted for a number of international organisations including the World Bank, the IMF, the Bank for International Settlements and the European Commission.

He then served as the 10th Secretary of State for Economy of the Spanish government and was most recently Director of Regulatory affairs of the Santander Bank.


Xavier Vives is professor of Economics and Finance at IESE Business School, Director of itsBanking Initiative and current President of the European Finance Association. He holds a Ph.D. in Economics from UC Berkeley.

Fellow of the Econometric Society since 1992; of the European Economic Association since 2004; and of the Academia Europaea since 2012. He has taught at INSEAD, Harvard University, Universitat Autònoma de Barcelona, Universitat Pompeu Fabra, UC Berkeley, University of Pennsylvania, and New York University. He has published more than a hundred articles in the main international journals and several books, the most recent being Competition and Stability in Banking. He is currently co-editor of JEMS. He has served as advisor for the World Bank, the Inter-American Development Bank, the European Central Bank, the European Commission, the Federal Reserve Bank of New York, as well as for international corporations. In 2011-2014 he was Special Advisor to the EU Commissioner for Competition, Mr Joaquín Almunia.

Conference Program & Papers

Location: Center for European Policy Studies, Pl. du Congrès 1, 1000 Bruxelles, Belgium

October 5th, 2023

8.30     Arrival / registration and coffee

8.45     Welcome Speech, Cinzia Alcidi (CEPS)

9- 9.30 Keynote Session
Jose Manuel Campa, Chairperson of the European Banking Authority

Break: 9.30 10.00

10.00-12:15    Session 1: Monetary policy transmission and bank security portfolios
Chair: Cinzia Alcidi (CEPS)

Paper 1.1: Implications of the Regulatory Treatment of Sovereign Exposures for Bank Behavior
Author: Oliver Beckmann, University of Hagen
Discussant: Gianmarco Ruzzier, Universitat Pompeu Fabra

Paper 1.2: Security lending of last resort and government bond market functioning
Author: Marianna Blix Grimaldi, Swedish National Debt Office and Sveriges Riksbank
Discussant: Oliver Beckmann, University of Hagen

Paper 1.3: Specialized banks and the transmission of monetary policy: Evidence from U.S. syndicated loan market
Author: Gianmarco Ruzzier, Universitat Pompeu Fabra
Discussant: John Wilson, University of Saint Andrews

12.15 -14.00 Lunch Break

14.00 – 15.30 Session 2: Bank lending and financial reporting
Chair: Barbara Casu, Bayes Business School, City University London, UK

Paper 2.1: Access to credit and firm survival during the Covid-19 crisis: the case of zero-bank-debt firms
Authors: Roberto Blanco, Miguel García-Posada, Sergio Mayordomo, María Rodríguez-Moreno, Banco de España
Discussant: Sandra Challita, emlyon Business School and EMEA

Paper 2.2: Corporate Objectives and Financial Reporting Quality: Evidence for US Banking
Author: John Wilson, Dimitris Chronopoulos, Anna Sobiech, and Muhammed Yilmaz University of St Andrews School of Management
Discussant: Cinzia Alcidi (CEPS)

15.30 – 16.00 Break

16.00- 17.30 Policy session: Rethinking Banking Regulation and Crisis Management During Times of Recurrent Crises
Moderator: Rym Ayadi EMEA and Bayes Business School, City University London, UK


  • Christian Stiefmueller, Finance watch
  • Delphine Reymondon, Head of Liquidity, Leverage, Loss Absorbency and Capital Unit, European Banking Authority
  • Jo Swyngedouw, National Bank of Belgium
  • Sebastiano Laviola, Board Member of the Single Resolution Board

Dinner: 19.00

October 6th, 2023

9.00- 10.00      Keynote Session
Xavier Vives, professor of Economics and Finance at IESE Business School, Director of its Banking Initiative and President of the European Finance Association

10.00-10.15     Break

10:15-12:30 Session 3: Bank Supervision
Chair: Sandra Challita, EMEA emlyon Business School

Paper 3.1: Local bank supervision
Authors: Di Gong, University of International Business and Economics, Thomas Lambert, Erasmus University Rotterdam and Wolf Wagner, Erasmus University Rotterdam and CEPR
Discussant: Alessandro Scopelliti (KU Leuven)

Paper 3.2: Bank lending, liquidity regulation and unconventional monetary policies in the Eurozone
Authors: Barbara Casu (Bayes Business School, City University London, UK) , Laura Chiaramonte (Università degli Studi di Verona, Verona – Italy ) and Doriana Cucinelli (EMEA and Università di Parma, Parma – Italy)
Discussant: Bertrand Candelon (Université Catholique de Louvain – UCLouvain)

Paper 3.3: Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter?
Authors: Mohamed Belkhir (IMF), Sami Ben Naceur (IMF), Bertrand Candelon (Université Catholique de Louvain) , Woon Gyu Choi (IMF), Farah Mugrabi ( Université Catholique de Louvain)
Discussant: Di Gong (University of International Business and Economics)

12:30- 13:30 Lunch Break

13:30- 15:00 Session 4: Bank lending in trouble periods

Chair: Doriana Cucinelli, EMEA and Universiy of Parma

Paper 4.1: How to Release Capital Requirements in an Economic Downturn? Evidence from Euro Area Credit Register
Authors: Cyril Couaillier (ECB), Alessio Reghezza (ECB), Costanza Rodriguez d’Acri (ECB), and Alessandro Scopelliti, (KU Leuven)
Discussant: Antonis Kotidis (Board of Governors of the Federal Reserve System)

Paper 4.2: The Provision and Effects of ECB’s Emergency Liquidity Assistance (ELA)
Authors: Antonis Kotidis (Board of Governors of the Federal Reserve System), Dimitris Malliaropulos (Bank of Greece and University of Piraeus), Elias Papaioannou (London Business School and CEPR)
Discussant: Barbara Casu (Bayes Business School, City University London, UK)

15.00-15.15 Coffee Break

15.15-16.45 Session 5: Climate Change Risk
Chair: Apostolos Thomadakis, CEPS

Paper 5.1: Do natural disasters affect exposed banks differently?
Author: Jiaxuan Wang, City University
Discussant: Doriana Cucinelli, EMEA and University of Parma

Paper 5.2: Climate Risk and Bank Capital Structure
Author: Yassine Bakkar, Queen’s University Belfast, United Kingdom
Discussant: Apostolos Thomadakis, CEPS

Program Co-chairs

Rym Ayadi

EMEA & Bayes Business School City, University of London

Barbara Casu

Bayes Business School City University of London

Cinzia Alcidi

Centre for European Policy Studies

Basma Majerbi

Gustavson School of Business & CSSI, University of Victoria


Local Organising Committee

Angela Gallo

Bayes Business School & CBR, City University of London

Francesc Rodriguez-Tous

Bayes Business School City University of London

Mais Sha’ban

Euro-Mediteranean Economists Association

Kirsty Fairhurst

Euro-Mediteranean Economists Association

Sandra Challita

Euro-Mediteranean Economists Association

Doriana Cucinelli

Euro-Mediteranean Economists Association