Loriana Pelizzon

Full Professor of Economics Ca' Foscari University Of Venice; Full Professor and Chair of Law and Finance Goethe University Frankfurt; Department Director of "Financial Markets" and Coordinator of Gender Equality Leibniz Institute For Financial Research (SAFE)


Stephen Cecchetti

Rosen Family Chair in International Finance, Brandeis International Business School Brandeis University; Vice-Chair, Advisory Scientific Committee European Systemic Risk Board


Darrell Duffie

Dean Witter Distinguished Professor of Finance at Stanford University, Graduate School of Business Stanford University

On 21 February 2023, 03:00 PM - 04:00 PM (CEST), the SAFE Policy Center and the Centre for Economic Policy Research (CEPR), within the Research Policy Network (RPN) European Financial Architecture, organized a presentation of the report. 

Stabilizing Financial Markets: Lending and Market Making as a Last Resort

Stephen G. Cecchetti: Professor and Rosen Family Chair in International Finance
Brandeis International Business School and CEPR

Co-authored with Willem Buiter, Kathryn Dominguez, and Antonio Sanchez Serrano

CommentsFrank Keane, Federal Reserve Bank of New York, and Darrell Duffie, Stanford University and CEPR

Moderator: Loriana Pelizzon, Leibniz Institute SAFE and CEPR

Report of the ESRB Advisory Scientific Committee, January 2023

European Systemic Risk Board Website

Starting with the 2007-2009 financial crisis and continuing through the coronavirus (COVID-19) pandemic, central banks expanded their lending operations to restore funding liquidity and intervened in financial markets directly, purchasing securities to restore market liquidity. They expanded their toolkit, putting new facilities and programs in place quickly and in a manner that leaves little time to reflect on their structure. In this report, we examine how authorities that feel compelled to use them again might design enhanced LOLR and MMLR facilities to maximize their effectiveness while minimizing the damage that they might cause.

The policy web seminar is a part of the SAFE-CEPR European Financial Architecture Research Policy Network.