ECB/ESCB Legal Conference 2026 - Panel 4

Panel 4 Liquidity in resolution: institutional coordination under stress In January 2026, the ECB announced amendments to its counterparty framework to address access to Eurosystem monetary policy operations for entities subject to a resolution scheme. This marks a significant development in the ECB’s approach to liquidity provision following resolution by addressing the so-called ‘Monday morning problem’. Under the updated framework, access to monetary policy operations will be reinstated for financially sound banks subject to an open bank resolution strategy, provided certain conditions are met. This amendment lifts the automatic limitation previously applied and helps reinstate banks coming out of resolution as monetary policy counterparties. Effective implementation of this framework will require swift and coordinated actions involving the ECB (both SSM and the central banking side), the Single Resolution Board the European Commission, and potentially the ESM, and Member States. The ECB’s role in the provision of liquidity and the supervision of the incumbent bank, the role of Single Resolution Board and of the European Commission in ensuring swift and perennial resolution in compliance with state aid rules, and potentially the role of ESM, and Member States in providing a guarantee will be assessed by the panel. Chair: Piero Cipollone, Member of the Executive Board, European Central Bank Panellists: • Seraina Grunewald, Professor, University of St. Gallen • Karl Philipp Wojcik, Senior Adviser to the Executive Vice-President, European Commission • David Ramos Muñoz, Professor, Carlos III University of Madrid Discussion with questions from the audience --- ‘Independence, not isolation: central banks and their connections with other authorities’. Monday, 28 and Tuesday, 29 September 2026, Hybrid event – by invitation only. This year’s conference focuses on the connections between central banks and other authorities. These relationships are often framed through the concepts of accountability and independence. The 2026 Legal Conference aims to revisit this debate by emphasizing cooperation and by discussing the arrangements that define modern central banking and banking supervision as collaborative endeavours. See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20260928_ECB_ESCB_legal_conference.en.html