Euro-Mediterranean Economists Association - EMEA

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗛𝗮𝘀 𝗖𝗼𝗺𝗲 𝘁𝗼 𝗮𝗻 𝗘𝗻𝗱 The International Workshop on Financial System Architecture & Stability (IWFSAS) 2025 has come to an end at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona – 23–24 October 2025. In her closing remarks, Prof. Rym Ayadi, President of the Euro-Mediterranean Economists Association - EMEA, underlined "The future of global finance will not be built on a new hegemon, but on a cooperative dynamic, infrastructure — a multipolar, technologically enabled system where Europe and the Global South reclaim financial sovereignty from the dominant currency". The IWFSAS 2025 edition was co-organised by the Euro-Mediterranean Economists Association - EMEA, the CEPS (Centre for European Policy Studies), Bayes Business School City St George’s, University of London, and the Peter B. Gustavson School of Business University of Victoria. Warm thanks to all speakers, chairs, discussants, and participants who contributed to two days of inspiring debate and insight. #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗣𝗼𝗹𝗶𝗰𝘆 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 “𝗥𝗲𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗚𝗹𝗼𝗯𝗮𝗹 𝗙𝗶𝗻𝗮𝗻𝗰𝗲” The flagship Policy Session “Rethinking Global Finance” of IWFSAS 2025 took place today at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona – 24 October 2025, bringing together senior experts to debate the future of the international financial system. Moderator: Prof. Rym Ayadi, Founder and President, Euro-Mediterranean Economists Association - EMEA Introduction: Karel Lannoo, CEO, CEPS (Centre for European Policy Studies) Panelists: • Kathleen Tyson, Founder & CEO, Pacemaker.Global • Prof. Ulrich Bindseil, Technische Universität Berlin; former Director General, European Central Bank • Martin Kessler, Director, Finance for Development Lab, Paris • Katie Swan-Nelson, UN Trade and Development (UNCTAD) • Prof. Dr. Martin R. Stuchtey, Founder, The The Landbanking Group The discussion focused on how global finance 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. #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗗𝗮𝘆 𝟮: 𝗞𝗲𝘆𝗻𝗼𝘁𝗲 𝗯𝘆 𝗣𝗿𝗼𝗳. 𝗨𝗹𝗿𝗶𝗰𝗵 𝗕𝗶𝗻𝗱𝘀𝗲𝗶𝗹 The keynote address of IWFSAS 2025, held at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona – 24 October 2025, was delivered by Prof. Ulrich Bindseil, Technische Universität Berlin, and former Director General of Market Infrastructure and Payments at the European Central Bank (ECB). In his keynote “𝗠𝗼𝗻𝗲𝘁𝗮𝗿𝘆 𝗦𝗼𝘃𝗲𝗿𝗲𝗶𝗴𝗻𝘁𝘆 – 𝗥𝗲𝘀𝗽𝗼𝗻𝗱𝗶𝗻𝗴 𝘁𝗼 𝘁𝗵𝗲 𝗡𝗲𝘄 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀”, Prof. Bindseil discussed the evolving nature of monetary systems amid digitalization, geopolitical shifts, and financial innovation. He examined how central banks can safeguard sovereignty while adapting to emerging technologies such as for digital currencies. #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗗𝗮𝘆 𝟮: 𝗔𝗰𝗮𝗱𝗲𝗺𝗶𝗰 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝟰 – 𝗚𝗲𝗼𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝘀 𝗮𝗻𝗱 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 The second day of IWFSAS 2025 has started at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona – 24 October 2025, with the fourth academic session, dedicated to Geopolitics and Financial Stability. Chair: Prof. Barbara Casu, Director of the Centre for Banking Research & Deputy Dean (Faculty and Research), Bayes Business School City St George’s, University of London, and EMEA Advisor 𝗣𝗮𝗽𝗲𝗿𝘀 𝗣𝗿𝗲𝘀𝗲𝗻𝘁𝗲𝗱: Climate Change Risk-Related Engagement and Credit Risk in the South African Banking System –  Ivan Russo, University of Università degli Studi di Milano-Bicocca Discussant: Ivan Hajdukovic, EMEA Research Fellow Geopolitics and Financial Contagion: Are Crises Becoming More Global? – Elise Brezis, Bar-Ilan University – Head of the Azrieli Center for Economic Policy and the Israel Macroeconomic Forum Discussant: Karim Iddouch • Geopolitical Risk, Global Banking, and the Role of Financial Architecture, Institutions and Regional Integration – Karim IDDOUCH, PhD International University of Casablanca & Sara L., Banque Al Maghreb Discussant: Beatrice Mbinya • Geopolitical Fragmentation and De-dollarization: Quantifying Systemic Financial Instability through Multi-Asset Reallocation and Contagion – Beatrice Mbinya, University of Nairobi & African Organization on Debt and Development Discussant: Elise Brezis The session examined how geopolitical instability intersects with financial systems and highlighted the growing importance of regional integration, institutional design, and climate-related risk governance. #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗗𝗮𝘆 𝟭 – 𝗖𝗹𝗼𝘀𝗶𝗻𝗴 𝗥𝗲𝗳𝗹𝗲𝗰𝘁𝗶𝗼𝗻𝘀 Closing the first day of IWFSAS 2025, held at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona, the President and Founder of EMEA, Prof. Rym Ayadi, underlined: “We welcomed the 10th Edition of IWFSAS in Barcelona to share the latest research and policy on the evolving architecture of the global financial system — a system facing profound transformation driven by technological innovation, climate imperatives, geopolitical shifts, and the search for resilience, looking beyond efficiency.” In the photos:   • Prof. Rym Ayadi – President and Founder, Euro-Mediterranean Economists Association - EMEA   • Prof. Barbara Casu, Director of the Centre for Banking Research and Deputy Dean (Faculty & Research), Bayes Business School City St George’s, University of London   • Dr. Sami Ben Naceur – Director, International Monetary Fund – Middle East Centre for Economics and Finance (CEF), Member of the EU-Mediterranean and African Network for Economic Studies-EMANES Scientific Committee   • Kathleen Tyson – Author of Multicurrency Mercantilism & Founder/CEO, Pacemaker.Global   • Prof. Ulrich Bindseil – Technische Universität Berlin; former Director General, European Central Bank (ECB) #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗗𝗮𝘆 𝟭: 𝗔𝗰𝗮𝗱𝗲𝗺𝗶𝗰 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝟯 – 𝗗𝗲𝗯𝘁 The third academic session of IWFSAS 2025, held at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona – 23 October 2025, focused on Debt — exploring its macroeconomic, structural, and digital dimensions. Chair: Ms. Yara Saab, Director, EMEA 𝗣𝗮𝗽𝗲𝗿𝘀 𝗣𝗿𝗲𝘀𝗲𝗻𝘁𝗲𝗱: The Chicago Plan Revisited – Debt-Free Money, Growth, and Stability – Michael Kumhof, Bank of England Discussant: Gonçalo Pina The State-Contingent Debt Premium: Evidence from French Public Bonds – Gonçalo Pina, ESCP Business School Discussant: Yassine Bakkar Bitcoin’s Transactional Value and Energy Prices – Yrjo Koskinen, Haskayne School of Business, University of Calgary, and Mohammadhossein Lashkaripour, University of Calgary (Online) Discussant: Ivan Russo The discussion addressed debt sustainability, public-sector risk premiums, and the interactions between digital assets and macro-financial stability. #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗗𝗮𝘆 𝟭: 𝗔𝗰𝗮𝗱𝗲𝗺𝗶𝗰 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝟮 – 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗠𝗮𝗿𝗸𝗲𝘁-𝗕𝗮𝘀𝗲𝗱 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 The second academic session of IWFSAS 2025 continued discussions at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona – 23 October 2025, under the theme Financial Stability and Market-Based Finance. Chair: Dr. Yeganeh Forouheshfar, Senior Researcher, EMEA 𝗣𝗮𝗽𝗲𝗿𝘀 𝗣𝗿𝗲𝘀𝗲𝗻𝘁𝗲𝗱: Certification vs. Conflicts of Interest in Banking: The Case of ABS – Angela Gallo Bayes Business School, City St George’s, University of London Discussant: Eduardo Maqui Market-Based Finance Is No Island: Volatility Spillovers Across Non-Banks, Markets and Borders – Eduardo Maqui, Bank of England Discussant: Dr. Farah Mugrabi Otero, Systemic Implications of Financial Inclusion – Dr. Farah Mugrabi Otero, Université catholique de Louvain & Central Bank of Ireland Discussant: Angela Gallo The session examined the complex interlinkages between banking and non-banking sectors, highlighting the need for balanced oversight in an increasingly market-based financial landscape. #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

𝗜𝗪𝗙𝗦𝗔𝗦 𝟮𝟬𝟮𝟱 𝗗𝗮𝘆 𝟭: 𝗔𝗰𝗮𝗱𝗲𝗺𝗶𝗰 𝗦𝗲𝘀𝘀𝗶𝗼𝗻 𝟭 – 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗥𝗲𝗮𝗹 𝗘𝗰𝗼𝗻𝗼𝗺𝘆 The first academic session of IWFSAS 2025 took place today at the Euro-Mediterranean Economists Association - EMEA Headquarters, Recinte Modernista de Sant Pau, Barcelona – 23 October 2025, focusing on Financial Stability and the Real Economy. Chair: Dr. Sami Ben Naceur, Director, International Monetary Fund - Middle East Centre for Economics and Finance (CEF), member of the EU-Mediterranean and African Network for Economic Studies-EMANES Scientific Committee 𝗣𝗮𝗽𝗲𝗿𝘀 𝗣𝗿𝗲𝘀𝗲𝗻𝘁𝗲𝗱: Disentangling the Real Impact of a Credit Market Disruption – Cédric Huylebroek, KU Leuven & Norges Bank Discussant: Francesc Rodriguez Tous Monetary Policy and Long-Term Real Rates: Revisiting the Evidence – Francesc Rodriguez Tous, Bayes Business School Discussant: Dr Yeganeh Forouheshfar, EMEA Senior Researcher Heterogeneous Macroprudential Policies and Corporate Financing Decisions – Yassine Bakkar, Queen’s University Belfast Discussant: Cédric Huylebroek The session explored how monetary and macroprudential policies shape credit markets, investment behaviour, and long-term financial stability. #IWFSAS25 #FinancialStability #GlobalFinance #EMEA #Sustainability

A new research deliverable under the STAPLES Project provides an in-depth analysis of cereal value chains across six MENA countries, mapping players, trade flows, and dependencies over the past two decades. The Euro-Mediterranean Economists Association - EMEA is proud to contribute to this important effort to strengthen regional food systems and inform evidence-based policy for greater resilience and sustainability. Read the study: https://lnkd.in/d-sGtNvN #FoodSecurity #CerealValueChain #TradePolicy #SupplyChains #MENA #STAPLESProject #PRIMAProgramme #EMEA

Great to welcome colleagues and speakers to Barcelona for IWFSAS 2025 at the Euro-Mediterranean Economists Association - EMEA Headquarters, ahead of two days of rich discussions on the future of global financial architecture. In the photo: • Prof. Barbara Casu, Director of the Centre for Banking Research and Deputy Dean (Faculty & Research), Bayes Business School City St George’s, University of London • Kathleen Tyson, author of Multicurrency Mercantilism and Founder & CEO of Pacemaker.Global • Prof. Elise Brezis, Bar-Ilan University – Head of the Azrieli Center for Economic Policy and the Israel Macroeconomic Forum • Dr Angela Gallo, Senior Lecturer in Finance, Bayes Business School, City St George’s, University of London • Francesc Rodriguez Tous, Senior Lecturer in Banking, Bayes Business School, City St George’s, University of London Looking forward to the sessions and exchanges over the next two days — and delighted to host everyone in Barcelona. #IWFSAS25 #EMEA #FinancialStability #GlobalFinance #AcademicCommunity