Strengthening European money markets through dialogue

The European Money Markets Expert Committee (EMMEC), supported by the European Money Markets Institute (EMMI), brings together experts from across Europe to exchange views on key developments in money markets. By connecting practitioners and national financial markets associations, it helps build a shared understanding of how these markets are evolving.

Looking back at 2025, Frank Beset, Chair of EMMEC, describes a year of active and wide-ranging discussions. Topics included liquidity systems for ECB intraday operations, as well as broader macroeconomic developments linked to global policy shifts. As he notes, “these discussions really underscored how valuable EMMEC is as a platform for cross-border dialogue and shared expertise.”

A platform for meaningful exchange

EMMEC meetings were held throughout the year in several European financial centres, including Brussels, Paris, Vienna and Luxembourg. Beyond the topics themselves, the format of these meetings plays a key role.

As the Chair explains, the two-day structure is central to the way the group works. “The first day builds trust, strengthens personal connections, and sets the tone for what follows.” By the time formal discussions begin, exchanges tend to be more open and constructive — and ultimately more useful.

Frank Beset, Chair of EMMEC

From discussion to insight

At its core, EMMEC is a place where experts share perspectives on liquidity, regulation, payments and market infrastructure. These exchanges help participants better understand ongoing developments and anticipate emerging risks.

As Frank Beset puts it, this approach ensures that “the realities of day-to-day market functioning are reflected in the broader ecosystem,” while also helping align practices across different markets. In this way, EMMEC supports the resilience and efficiency of European money markets.

The role of the Chair

Keeping the group focused and effective requires careful coordination. As Chair, Frank Beset’s role is to shape a clear agenda and make sure the right perspectives are brought into the room.

He also stresses the importance of balance. Ensuring that both smaller markets and major financial centres are heard on equal footing is key. At the same time, discussions are always steered towards practical outcomes, rather than purely theoretical debates.

At the centre of it all is a strong collective dynamic. As he explains, “I simply help channel the group’s energy and expertise so we can translate it into our collective goals.”

Looking ahead

Looking to 2026, several themes are already emerging. Market liquidity and collateral dynamics will remain central, particularly as central banks continue to adjust their operational frameworks.

The digital transformation of money markets is another key area of focus, including topics such as instant payments, digital settlement infrastructures and tokenised assets. At the same time, ongoing macro-financial uncertainty means continued attention will be needed on how volatility affects short-term funding conditions.

As the Chair notes, this makes it essential to keep examining “how volatility affects short-term financing channels and treasury functions,” and to ensure discussions stay closely connected to market realities.

A continued commitment to dialogue

In a fast-changing environment, the value of dialogue is only increasing. For the Chair, maintaining strong connections across the market ecosystem remains essential.

As he concludes, “dialogue isn’t optional; it’s essential.” EMMEC will continue to provide a space where practitioners and market participants can exchange views openly and constructively.