{"id":491,"date":"2025-11-05T10:02:35","date_gmt":"2025-11-05T10:02:35","guid":{"rendered":"https:\/\/iwfsas.org\/iwfsas2025\/?page_id=491"},"modified":"2025-11-05T10:05:23","modified_gmt":"2025-11-05T10:05:23","slug":"gallery","status":"publish","type":"page","link":"https:\/\/iwfsas.org\/iwfsas2025\/gallery\/","title":{"rendered":"Gallery"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text]<\/p>\n<h2>IWFSAS 2025 Concluded with Great Success<\/h2>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-492 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/1.jpg\" alt=\"\" width=\"832\" height=\"468\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/1.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/1-300x169.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/1-768x432.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>The 10th Edition of the International Workshop on Financial System Architecture &amp; Stability (IWFSAS) successfully concluded at the Euro-Mediterranean Economists Association (EMEA) Headquarters, Recinte Modernista de Sant Pau, Barcelona \u2013 23\u201324 October 2025, bringing together leading academics, researchers, international economists, financial sector experts and policymakers to debate the future of the global financial architecture in a rapidly changing geopolitical and economic landscape.<\/p>\n<p>IWFSAS 2025 was organised by the Euro-Mediterranean Economists Association (EMEA) in collaboration with the Centre for European Policy Studies (CEPS), Bayes Business School (City, University of London), and the Gustavson School of Business (University of Victoria).<\/p>\n<p>The workshop received 33 paper submissions, of which 13 were presented, across four academic sessions addressing macro-financial stability, market-based finance, debt and monetary sovereignty, and the geopolitical restructuring of international financial flows. The programme also included two keynote speeches and a high-level policy session.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>IWFSAS 2025 Day 1 \u2013 23 October 2025<\/strong><\/p>\n<p><strong>Opening Interventions<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-493 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/2.jpg\" alt=\"\" width=\"758\" height=\"426\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/2.jpg 758w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/2-300x169.jpg 300w\" sizes=\"auto, (max-width: 758px) 100vw, 758px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-494 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/3.jpg\" alt=\"\" width=\"832\" height=\"468\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/3.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/3-300x169.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/3-768x432.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/p>\n<p>The first day opened with remarks by Prof. Barbara Casu Lukac, Director of the Centre for Banking Research &amp; Deputy Dean (Faculty and Research), Bayes Business School and EMEA Advisor, and Dr. Cinzia Alcidi, Director of Research and Head of the Economic Policy Unit at CEPS and EMEA Advisor, who set the stage for two days of research-driven policy dialogue.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Keynote Speech<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-519 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/keynote.jpg\" alt=\"\" width=\"832\" height=\"468\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/keynote.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/keynote-300x169.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/keynote-768x432.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/p>\n<p>The keynote address of the first day was delivered by Kathleen Tyson, author of Multicurrency Mercantilism and Founder &amp; CEO of Pacemaker.Global, who examined how geoeconomic fragmentation, digital infrastructures, and sanctions dynamics are reshaping the architecture of global finance.<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-495 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/5.jpg\" alt=\"\" width=\"832\" height=\"608\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/5.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/5-300x219.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/5-768x561.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/strong><\/p>\n<p><strong>Academic Session 1:<\/strong> \u201cFinancial Stability and the Real Economy\u201d chaired by Dr. Sami Ben Naceur \u2013 Director, IMF Middle East Centre for Economics and Finance (CEF), Member of EMANES Scientific Committee.<\/p>\n<p><strong>Presented papers<\/strong><\/p>\n<p>Disentangling the Real Impact of a Credit Market Disruption<\/p>\n<ul>\n<li>Author: C\u00e9dric Huylebroek (KU Leuven &amp; Norges Bank)<\/li>\n<li>Discussant: Francesc Rodriguez Tous (Bayes Business School)<\/li>\n<\/ul>\n<p>Monetary Policy and Long-Term Real Rates: Revisiting the Evidence<\/p>\n<ul>\n<li>Author: Francesc Rodriguez Tous (Bayes Business School)<\/li>\n<li>Discussant: Dr. Yeganeh Forouheshfar (EMEA)<\/li>\n<\/ul>\n<p>Heterogeneous Macroprudential Policies and Corporate Financing Decisions<\/p>\n<ul>\n<li>Author: Yassine Bakkar (Queen\u2019s University Belfast)<\/li>\n<li>Discussant: C\u00e9dric Huylebroek (KU Leuven &amp; Norges Bank)<\/li>\n<\/ul>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-496 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/6.jpg\" alt=\"\" width=\"832\" height=\"472\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/6.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/6-300x170.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/6-768x436.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/strong><\/p>\n<p><strong>Academic Session 2:<\/strong> \u201cFinancial Stability and Market-Based Finance\u201d chaired by Dr. Yeganeh Forouheshfar, Senior Researcher, EMEA.<\/p>\n<p><strong>Presented papers<\/strong><\/p>\n<p>Certification vs. Conflicts of Interest in Banking: The Case of ABS<\/p>\n<ul>\n<li>Author: Dr. Angela Gallo (Bayes Business School)<\/li>\n<li>Discussant: Eduardo Maqui (Bank of England)<\/li>\n<\/ul>\n<p>Market-Based Finance Is No Island: Volatility Spillovers Across Non-Banks, Markets and Borders<\/p>\n<ul>\n<li>Author: Eduardo Maqui (Bank of England)<\/li>\n<li>Discussant: Farah Mugrabi (Universit\u00e9 Catholique de Louvain &amp; Central Bank of Ireland)<\/li>\n<\/ul>\n<p>Systemic Implications of Financial Inclusion<\/p>\n<ul>\n<li>Author: Farah Mugrabi (Universit\u00e9 Catholique de Louvain &amp; Central Bank of Ireland)<\/li>\n<li>Discussant: Dr. Angela Gallo (Bayes Business School)<\/li>\n<\/ul>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-497 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/7.jpg\" alt=\"\" width=\"832\" height=\"468\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/7.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/7-300x169.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/7-768x432.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/strong><\/p>\n<p>Academic Session 3: \u201cDebt\u201d chaired by Ms. Yara Saab, Director, EMEA.<\/p>\n<p><strong>Presented papers<\/strong><\/p>\n<p>The Chicago Plan Revisited \u2013 Debt-Free Money, Growth, and Stability<\/p>\n<ul>\n<li>Author: Michael Kumhof (Bank of England)<\/li>\n<li>Discussant: Gon\u00e7alo Pina (ESCP Business School)<\/li>\n<\/ul>\n<p>The State-Contingent Debt Premium: Evidence from French Public Bonds<\/p>\n<ul>\n<li>Author: Gon\u00e7alo Pina (ESCP Business School)<\/li>\n<li>Discussant: Yassine Bakkar (Queen\u2019s University Belfast)<\/li>\n<\/ul>\n<p>Bitcoin\u2019s Transactional Value and Energy Prices<\/p>\n<ul>\n<li>Authors: Yrj\u00f6 Koskinen &amp; Mohammadhossein Lashkaripour (University of Calgary)<\/li>\n<li>Discussant: Ivan Russo, University of Universit\u00e0 degli Studi di Milano-Bicocca<\/li>\n<\/ul>\n<p><strong>Day 1 \u2013 Closing Reflections<\/strong><\/p>\n<p>Closing the first day of IWFSAS 2025, Prof. Rym Ayadi, President and Founder of EMEA, underlined: \u201cWe welcomed the 10th Edition of IWFSAS in Barcelona to share the latest research and policy on the evolving architecture of the global financial system \u2014 a system facing profound transformation driven by technological innovation, climate imperatives, geopolitical shifts, and the search for resilience, looking beyond efficiency.\u201d<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-498 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/8.jpg\" alt=\"\" width=\"522\" height=\"664\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/8.jpg 522w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/8-236x300.jpg 236w\" sizes=\"auto, (max-width: 522px) 100vw, 522px\" \/><\/strong><\/p>\n<p><strong>Day 2 \u2013 24 October 2025<\/strong><\/p>\n<p>The second day opened with the continuation of the academic programme, followed by a keynote speech and the flagship policy session.<\/p>\n<p><strong>Academic Session 4:<\/strong> \u201cGeopolitics and Financial Stability\u201d chaired by Prof. Barbara Casu Lukac, Director of the Centre for Banking Research &amp; Deputy Dean (Faculty and Research), Bayes Business School, and EMEA Advisor.<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-499 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/9.jpg\" alt=\"\" width=\"832\" height=\"542\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/9.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/9-300x195.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/9-768x500.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/strong><\/p>\n<p><strong>Presented papers<\/strong><\/p>\n<p>Climate Change Risk-Related Engagement and Credit Risk in the South African Banking System<\/p>\n<ul>\n<li>Authors: Ivan Russo, University of Universit\u00e0 degli Studi di Milano-Bicocca<\/li>\n<li>Discussant: Ivan Hajdukovic, EMEA Research Fellow<\/li>\n<\/ul>\n<p>Geopolitics and Financial Contagion: Are Crises Becoming More Global?<\/p>\n<ul>\n<li>Author: Elise Brezis, Bar-Ilan University \u2013 Head of the Azrieli Center for Economic Policy and the Israel Macroeconomic Forum<\/li>\n<li>Discussant: Karim Iddouch, PhD International University of Casablanca<\/li>\n<\/ul>\n<p>Geopolitical Risk, Global Banking, and the Role of Financial Architecture, Institutions and Regional Integration<\/p>\n<ul>\n<li>Author: Karim Iddouch, PhD International University of Casablanca &amp; Sara Loukili, Banque Al Maghreb<\/li>\n<\/ul>\n<ul>\n<li>Discussant: Beatrice Mbinya, University of Nairobi &amp; African Organization on Debt and Development<\/li>\n<\/ul>\n<p>Geopolitical Fragmentation and De-dollarization: Quantifying Systemic Financial Instability through Multi-Asset Reallocation and Contagion<\/p>\n<ul>\n<li>Author: Beatrice Mbinya, University of Nairobi &amp; African Organization on Debt and Development<\/li>\n<li>Discussant: Elise Brezis, Bar-Ilan University \u2013 Head of the Azrieli Center for Economic Policy and the Israel Macroeconomic Forum<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Keynote Speech<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-500 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/10.jpg\" alt=\"\" width=\"832\" height=\"468\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/10.jpg 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/10-300x169.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/10-768x432.jpg 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/>The keynote speech of the second day was delivered by Prof. Ulrich Bindseil, TU Berlin and former Director General at the European Central Bank (ECB), on \u201cMonetary Sovereignty \u2013 Responding to the New Challenges\u201d, exploring how technological change, new financial infrastructures, and geopolitical realignment are reshaping monetary sovereignty and currency hierarchies.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Policy Session: \u201cRethinking Global Finance\u201d<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-502 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/12.jpg\" alt=\"\" width=\"1274\" height=\"715\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/12.jpg 1274w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/12-300x168.jpg 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/12-1024x575.jpg 1024w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/12-768x431.jpg 768w\" sizes=\"auto, (max-width: 1274px) 100vw, 1274px\" \/><\/p>\n<p>Moderator: Prof. Rym Ayadi, Founder and President, EMEA<\/p>\n<p>Introduction: Karel Lannoo, CEO, CEPS<\/p>\n<p>Panelists:<\/p>\n<ul>\n<li>Kathleen Tyson, Founder &amp; CEO, Pacemaker.Global<\/li>\n<li>Prof. Ulrich Bindseil, TU Berlin; former Director General, ECB<\/li>\n<li>Martin Kessler, Director, Finance for Development Lab, Paris<\/li>\n<li>Katie Gallogly Swan, UNCTAD<\/li>\n<li>Prof. Dr. Martin R. Stuchtey, Founder, The Landbanking Group<\/li>\n<\/ul>\n<p>The session explored how the international financial system must be redesigned to deliver resilience, inclusion and sustainability, with particular attention to governance reform, fairer access to capital for the Global South, and the mobilisation of long-term investment for climate and sustainable development.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Final Closing Remarks<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-503 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/13.png\" alt=\"\" width=\"832\" height=\"826\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/13.png 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/13-300x298.png 300w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/13-150x150.png 150w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/13-768x762.png 768w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/13-60x60.png 60w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/p>\n<p>Closing the 10th Edition of IWFSAS, Prof. Rym Ayadi emphasised: \u201cThe future of global finance will not be built on a new hegemon, but on a cooperative dynamic infrastructure \u2014 a multipolar, technologically enabled system where Europe and the Global South reclaim financial sovereignty from the dominant currency.\u201d<\/p>\n<p>Warm thanks are extended to all speakers, session chairs, discussants, authors, contributors and participants for their engagement and high-level contributions. IWFSAS continues to serve as a bridge between academic research and financial policy innovation, reinforcing EMEA\u2019s commitment to advancing a more resilient, inclusive and sustainable global financial architecture. We look forward to continuing this dialogue in IWFSAS 2026.<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-504 alignnone\" src=\"http:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/14.png\" alt=\"\" width=\"832\" height=\"1176\" srcset=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/14.png 832w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/14-212x300.png 212w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/14-724x1024.png 724w, https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/14-768x1086.png 768w\" sizes=\"auto, (max-width: 832px) 100vw, 832px\" \/><\/strong><\/p>\n<p>More photos from the event<\/p>\n<div class=\"lightbox-gallery mt16 mt0-vc third-thumbs\" data-gallery-title=\"Gallery\"><ul><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/15.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/15.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/18.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/18.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/17.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/17.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/16.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/16.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/25.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/25-960x715.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/24.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/24.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/23.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/23.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/22.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/22.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/21.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/21-960x715.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/20.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/20.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/Picture-1.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/Picture-1.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/30.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/30.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/29.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/29.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/28.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/28.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><li>\n\t\t    \t    \t\t\t\t\t<a href=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/27.jpg\" data-lightbox=\"true\" data-title=\"\">\n\t\t    \t    \t\t\t\t\t\t<div class=\"image-box hover-meta zoom-hover text-center\">\n\t\t\t\t\t\t\t\t\t\t\t    <img decoding=\"async\" src=\"https:\/\/iwfsas.org\/iwfsas2025\/wp-content\/uploads\/2025\/11\/27-960x715.jpg\" alt=\"gallery-item\" \/>\n\t\t\t\t\t\t\t\t\t\t\t    <div class=\"meta-caption\">\n\t\t\t\t\t\t\t\t\t\t\t    \t<h3 class=\"color-white to-top mb0 bold\"><\/h3>\n\t\t\t\t\t\t\t\t\t\t\t    \t<h4 class=\"color-white to-top-after\"><\/h4>\n\t\t\t\t\t\t\t\t\t\t\t    <\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t    \t    \t        \t\t\t<\/a>\n\t    \t    \t        \t\t<\/li><\/ul><\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/3&#8243;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column width=&#8221;2\/3&#8243;][vc_column_text] IWFSAS 2025 Concluded with Great Success &nbsp; &nbsp; The 10th Edition of the International Workshop on Financial System Architecture &amp; Stability (IWFSAS) successfully concluded at the Euro-Mediterranean Economists Association (EMEA) Headquarters, Recinte Modernista de Sant Pau, Barcelona \u2013 23\u201324 October 2025, bringing together leading academics, researchers, international economists, financial sector experts and policymakers&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-491","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/pages\/491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/comments?post=491"}],"version-history":[{"count":4,"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/pages\/491\/revisions"}],"predecessor-version":[{"id":524,"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/pages\/491\/revisions\/524"}],"wp:attachment":[{"href":"https:\/\/iwfsas.org\/iwfsas2025\/wp-json\/wp\/v2\/media?parent=491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}