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Leibniz Institute for Financial Research SAFE
@safefrankfurt.bsky.social
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Sustainable Architecture for Finance in Europe • Research & policy advice on finance • Legal Note http://safe-frankfurt.de/impressum
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safefrankfurt.bsky.social
Private stablecoins, central bank money, the digital euro. But what happens when private digital money meets public debt? 🤔

Book a Scientist and discuss this topic with Tatiana Farina!

📅 29 September 2026

👉Register here: www.leibniz-gemeinschaft.de/mainnavigati...

#Econsky
Promotional graphic for the “Book a Scientist” initiative. The image has a light green background and displays the Book a Scientist, SAFE, and Leibniz Association logos across the top. The topic is “Private and public digital currency.” Event details state: “29 September 2026” with available times “10:00 / 10:30 / 11:00 / 16:00 / 16:30 / 17:00 hrs.” At the bottom left, the text identifies “Tatiana Farina, Leibniz Institute for Financial Research SAFE (SAFE).” On the right side is a black-and-white portrait of Tatiana Farina wearing a light-colored blazer.
September 24, 2026 at 9:49 AM
Reposted by Leibniz Institute for Financial Research SAFE
cepr.org
Europe has spent a quarter of a century building a financial architecture it has never agreed to finish. Florian Heider, Loriana Pelizzon, & Claudia Schaffranka set out 10 specific decisions that could keep a genuinely convergent Europe reachable within 15 years.
ow.ly/mIZ350ZPBUS
#Europe2050
Europe has spent a quarter of a century building a financial architecture it has never agreed to finish. Writing for CEPR's Europe 2050 series, Florian Heider, Loriana Pelizzon and Claudia Schaffranka (all SAFE, Goethe University Frankfurt) argue that the usual framing of the choice ahead, completion versus collapse, is a false binary. The likelier outcome, they contend, is a third state they call mediocrity: an architecture in which every institution formally exists, every directive has been transposed, and none of it binds. Twenty-seven insolvency regimes, no common safe asset, and a Banking Union missing its deposit insurance pillar leave capital and liquidity trapped inside national borders, even as European households export around €300 billion a year into more liquid American markets. Mediocrity has genuine beneficiaries, from national supervisors to domestic banks with captive deposit bases, which is precisely why it persists: each element of completion imposes concentrated, immediate costs on organised incumbents while its benefits are diffuse and go to firms and savers who do not yet exist. But the authors insist mediocrity is not a stable resting point. It is a state built for calm conditions that decays into fragmentation under stress, and the conditions that made it survivable for twenty-five years are ending: tokenisation, stablecoins and AI are standard-setting contests that Europe cannot win by abstaining, and a fragmented Europe's fallback is not national self-sufficiency but deeper dependence on American capital markets and dollar-denominated digital money. They set out ten specific, largely already-drafted decisions, from a permanent EU safe asset to completing deposit insurance, that could keep a genuinely convergent Europe reachable within fifteen years, arguing that this is a hard ask but a precise one: not what Europe should aspire to, but which of ten known files it is prepared to conclude.
September 21, 2026 at 12:30 PM
Reposted by Leibniz Institute for Financial Research SAFE
goetheuni.bsky.social
Wissenschaft mitten in der Gesellschaft! 🔬 Das 2. Science Festival der #FrankfurtAlliance brachte Samstag Forschung auf den Roßmarkt: Begehbares Herz, Neutronenstern zum Anfassen und viele Mitmachstationen. Danke an die 16 Institute für den starken Dialog zwischen Forschung und Öffentlichkeit! 👏
September 22, 2026 at 1:05 PM
safefrankfurt.bsky.social
A hostile takeover or a step towards a European banking union?

🎥 Last week, Florian Heider was interviewed by ARD's Plusminus about UniCredit's ongoing attempt to acquire Commerzbank.

📺 Stay tuned and watch the segment in the upcoming episode on 30 September at 9:45 p.m. on Das Erste (in German).
A video interview is being recorded in a lecture hall. Two people are seated facing each other beside a curved wooden desk, while a camera operator films the conversation and another crew member holds a boom microphone overhead. Professional studio lights illuminate the scene, and several empty chairs are visible along the wall. The room has white walls, a high ceiling, and a modern conference-style layout.
September 22, 2026 at 9:18 AM
safefrankfurt.bsky.social
Stock tips on TikTok, trading strategies on Reddit, retirement advice on YouTube. But who should we trust? 🤔

Discuss these questions with Olga Balakina.

📅 29 September 2026
Only two slots are still available: 10:30-10:55 | 11:00-11:25

👉More information: www.leibniz-gemeinschaft.de/mainnavigati...
Promotional graphic for the Leibniz Association’s “Book a Scientist” series. The design features a light sage-green background with black typography and logos. In the upper left corner, the “Book a Scientist” logo is displayed, with scientific-themed graphic elements integrated into the lettering. A simple hand icon appears near the center, and the Leibniz Association logo is placed in the upper right corner. The event title, “Financial Advice from Your Feed: Follow or Unfollow?”, is centered on the left side of the graphic in bold black text. Below, the date “29 September 2026” and six available time slots (10:00, 10:30, 11:00, 16:00, 16:30, and 17:00 hrs) are highlighted in large white text. At the bottom left, the speaker is listed as Olga Balakina from the Leibniz Institute for Financial Research SAFE. The right side of the graphic contains a black-and-white portrait cropped from the shoulders up, showing the featured researcher against the same sage-green background. The overall layout is clean, modern, and minimalistic, with strong visual contrast between the dark text and the muted background color.
September 21, 2026 at 12:16 PM
safefrankfurt.bsky.social
🔬 SAFE ist heute beim Science Festival auf dem Frankfurter Roßmarkt!

Kommt vorbei und mit uns über Finanzmarktforschung ins Gespräch. Wir freuen uns auf euch!

Mehr dazu hier: frankfurtscience.de.

#ScienceFestival #Frankfurt
Foto von einem Pagodenzelt auf dem Frankfurter Rossmarkt anlässlich des Science Festival 2026. Das Zelt ist zu zwei Seiten offen und wird von den Leibniz-Instituten PRIF und SAFE genutzt. Im Zelt sitzen erste Gäste des Science Festivals auf Hockern an einem großen mittig platzierten Tisch. Rechts vorne vor dem Zelt sind zwei Strandflaggen mit den Logos der Institute zu sehen.
September 19, 2026 at 9:34 AM
safefrankfurt.bsky.social
Today is International Equal Pay Day. But when it comes to financial inequality, we should also talk about the gender wealth gap.

💰 On average, women earn less than men.

📈 Beyond income, the gap widens further through differences in wealth accumulation.

👉 More: safe-frankfurt.de/de/publikati...
Graphic for International Equal Pay Day by SAFE. The image features a large quote about gender equality in finance next to a portrait of Christine Laudenbach standing with folded arms. The quote is introduced by the question: “What motivated your research on gender equality in finance?” The quoted response reads: “When you work in a very male-dominated area, which was the case for me at the bank, you are often the only woman in the room, and I thought that something had to be done to change this systematic imbalance.” The name “Christine Laudenbach” appears below the quote. The SAFE logo is displayed in the top-right corner. The background is light grey with green design elements. Source noted as: “SAFE Website | Research profile Laudenbach.”
September 18, 2026 at 9:33 AM
safefrankfurt.bsky.social
The countdown is on - just two days to go!

This Saturday, we will be part of the Frankfurt Science Festival, where science comes out of the lab and into the heart of the city.

📅 19 September 2026 | 10:00 a.m.–07:00 p.m.
📍 Roßmarkt, Frankfurt

👉 Learn more: frankfurtscience.de
Promotional graphic and event photo for the “Gude Zukunft” Science Festival in Frankfurt. The graphic displays colorful blocks with the text: “Gude Zukunft,” “Science Festival,” “19.09.26, 10 a.m. to 7 p.m.,” “Free Entry,” and “Rossmarkt Frankfurt.” Below, a wide view of Rossmarkt square shows an outdoor festival with rows of chairs, white event tents, and numerous visitors gathered between modern city buildings. A stage or presentation area is visible in the foreground, with attendees seated and standing throughout the square. Photo credit: Science Festival 2024.
September 17, 2026 at 9:09 AM
safefrankfurt.bsky.social
Meet SAFE researcher Alexander Hillert at the Science Festival and discover how the SAFE Manager Sentiment Index captures the mood in Germany’s executive suites.

📅 19 September 2026
🕔 3:30–5:30 p.m.
📍 Roßmarkt, Frankfurt

More information: frankfurtscience.de/en/welcome/t...
Promotional graphic for a SAFE event titled “The mood in Germany’s executive suites.” The poster has a light grey background with the event title at the top left and the SAFE logo at the top right. It presents insights from the SAFE Manager Sentiment Index and features researcher Alexander Hillert. Event details are shown with icons for speaker, time, and location: 19 September, 3:30 to 5:30 p.m., at the SAFE booth (4.1). The lower part of the poster contains colorful blocks with the words “Guide Zukunft,” “Science Festival,” “Free Entry,” and “Rossmarkt Frankfurt,” highlighting the Science Festival branding.
September 14, 2026 at 10:03 AM
safefrankfurt.bsky.social
What will make Germany’s “early start pension” a success?

Our researchers @claudenbach.bsky.social ky.social and Claudia Schaffranka, with Tabea Bucher-Koenen, Ulrike Malmendier & Milena Schwarz, focus on a key issue: the default investment solution.

Read more: safe-frankfurt.de/news-latest/...
Sharepic on the early start pension. On the left, the title “Early start pension” appears, followed by a quote from Christine Laudenbach: “By automatically enrolling every family, the early start pension can bring in the broader population.” Her name, the date, and copyright information appear below the quote. A cut-out portrait of Christine Laudenbach is shown on the right, with the SAFE logo in the upper-right corner.
September 11, 2026 at 11:24 AM
safefrankfurt.bsky.social
📈 Sentiment among listed companies in Germany is improving: The SAFE Manager Sentiment Index rose from +0.14 to +0.35 points.
In 93 earnings calls, recurring topics included:
→ Good business results
→ Less geopolitical uncertainty
→ Low Rhine water levels
More: safe-frankfurt.de/news-latest/...
Line chart showing the SAFE Manager Sentiment Index from 2020 to September 2026. The latest value, highlighted at the right edge of the chart, is +0.35 in September 2026, indicating a modestly positive sentiment. Source: Leibniz Institute for Financial Research SAFE and LSEG Workspace database.
September 10, 2026 at 9:48 AM
safefrankfurt.bsky.social
New Working Paper by Ioan Sumandea-Simionescu, Oana Andreea Stefan, and Lucian Bercea examines the tone used in @eba.europa.eu guidelines.

Find "Soft in Name: The Uneven Normativity of European Banking Guidelines" on SSRN: ssrn.com/abstract=736...

#EBA #Financialregulation #LawFin
Cover of the SAFE Working Paper No. 496 "Soft in Name: The Uneven Normativity of European Banking Guidelines" by Ioan Sumandea-Simionescu, Oana Andreea Stefan, and Lucian Bercea. Logo of the Leibniz Institute SAFE in the corner upright.
September 7, 2026 at 10:20 AM
safefrankfurt.bsky.social
📝In SAFE Working Paper No. 494, Dvir Aviam-Ezra examines the legal gray zone of proxy voting policies and proposes a new regulatory model to strengthen disclosure, compliance, and accountability.

👉 Read the paper @ssrn.bsky.social: safe-frankfurt.de/en/publicati... #EconSky
Cover of SAFE Working Paper No.494 "The Legal Grady Zone of Proxy Voting Policies" by Dvir Aviam Ezra from August 2026
September 4, 2026 at 6:40 AM
safefrankfurt.bsky.social
🏠 Did you miss the inaugural Annual Workshop in Real Estate Finance at Frankfurt School?

SAFE researcher @claesbackman.bsky.social co-organized the workshop.

👉 Read more about it here: www.frankfurt-school.de/en/news/2026... #realestate #EconSky #finance
Frankfurt School and SAFE Host First Annual Workshop in Real Estate Finance
Frankfurt School of Finance & Management gGmbH
www.frankfurt-school.de
September 3, 2026 at 12:15 PM
safefrankfurt.bsky.social
What are #stablecoins – payment instruments, private money, or tools of geoeconomic power?
At a joint roundtable, SAFE & @fw-recherche.bsky.social discussed key policy questions around MiCAR, regulatory arbitrage, the digital euro, and Big Tech’s growing role in payments & money markets. 👇 #EconSky
Participants at a roundtable event during a discussion. Florian Heider and Denise Rößler present on Stablecoins. Carolina Melches speaks at a roundtable event in front of an audience. The speaker is standing in a lecture room in front of her presentation. Several participants sit in a lecture room at a roundtable event. Vincent Lindner speaks while the other participants listen.
September 2, 2026 at 3:03 PM
safefrankfurt.bsky.social
📝In SAFE Working Paper No. 493, Ioan Sumandea Simionescu examines how remuneration in supervisory and control functions affect bank risk-taking during crises.

👉 Read the paper via @ssrn.bsky.social: papers.ssrn.com/sol3/papers.... @lawfinfrankfurt.bsky.social #EconSky
Cover of SAFE Working Paper no. 493 "Paying for Prudence? Empirical Evidence on Remuneration in Supervisory Banking Functions During Crisis, from August 2026, by Ioan Sumandea-Simionescu
September 1, 2026 at 7:10 AM
safefrankfurt.bsky.social
🔎 News on financial regulation: The European Commission has published new CBAM guidance, while EBA has published draft Regulatory Technical Standards on operational risk management for CRR institutions.

Read our August Regulatory Radar 👉 safe-frankfurt.de/news-latest/...

#EURegulation
The SAFE Regulatory Radar in August
New guidance on the Carbon Border Adjustment Mechanism and draft Regulatory Technical Standards on operational risk management
safe-frankfurt.de
August 31, 2026 at 12:59 PM
safefrankfurt.bsky.social
How can evidence-based policy advice remain reliable in times of crisis despite incomplete data?

SAFE researchers Florian Heider, Vincent Lindner & Claudia Schaffranka draw three key lessons on transparency, scientific independence & better data infrastructure 👇
August 28, 2026 at 8:48 AM
safefrankfurt.bsky.social
Meet SAFE researcher Winta Beyene at the Science Festival Frankfurt! 🌱🏦

How do banks shape the green transition, and how do climate risks affect their decisions?

📅 19 September, 5–6 pm
📍 Roßmarkt, Frankfurt

👉 frankfurtscience.de/en/welcome/g... #greentransition #banks #eventsinfrankfurt
Invitation to meet SAFE researcher Winta Beyene at the Science Festival Frankfurt. Her topic will be "Banks and Climate - How does the financial sector influence the green transition?" on 19 September from 5 to 6 PM at the SAFE booth (4.1).
August 27, 2026 at 7:35 AM
safefrankfurt.bsky.social
Are you a journalist covering finance and looking for new perspectives?

We invite you to apply for our Journalist in Residence Program.

📅Apply year-round | Application review dates: 30 June, 30 September, 18 December & 31 March

👉 More information: safe-frankfurt.de/press/journa...
SAFE information graphic promoting the Journalist in Residence Fellowship. The program provides journalists with direct access to experts in financial markets and financial regulation. Applications are accepted year-round, with review dates on 30 September, 18 December, 31 March, and 30 June. Fellows can receive funding for up to three months and a stipend of €3,500 per month. The program is intended for financial journalists with at least five years of professional experience. A photograph of stacked newspapers appears at the bottom of the graphic.
August 26, 2026 at 10:14 AM
safefrankfurt.bsky.social
Everything a Crisis?!

At the Science Festival, experts from Leibniz institutes @prif.org, @sgn.one, @dipfaktuell.bsky.social, and SAFE discuss today's interconnected crises. The discussion will be held in German.

📅 19 September 2026 | 1:00-2:00 p.m.
📍 Main Stage, Roßmarkt, Frankfurt

Join in!
Promotional poster for a Science Festival panel discussion titled “Is everything a crisis?”. Experts from the Leibniz Association institutes PRIF, SGN, DIPF, and SAFE discuss crises in politics, finance, climate, and education. The event takes place on 19 September, from 1:00 to 2:00 p.m., on the Main Stage, and the discussion is held in German. The SAFE logo appears in the top right corner. The lower section features colorful blocks with the text “Guide Zukunft,” “Science Festival,” “19.09.26, 10–19 Uhr,” “Rossmarkt Frankfurt,” and “Free Entry.” The design uses a light gray background with black text and bright blue, pink, purple, green, and orange graphic elements.
August 25, 2026 at 12:17 PM
safefrankfurt.bsky.social
In SAFE Policy Letter No. 119, Bero Gebhard finds that higher attendance at shareholder meetings means a 30% stake no longer typically confers effective control, calling into question Germany’s current takeover threshold.

👉 Read the full paper here: safe-frankfurt.de/policy-cente... #EconSky
Graphic displaying the title of SAFE Policy Letter No. 119, Rethinking the Control Threshold in German Takeover Law by Bero Gebhard. The design features blue text on a light gray background, the SAFE logo in the upper-right corner, and a blue banner at the bottom with the text “Leibniz Institute for Financial Research SAFE” and “Sustainable Architecture for Finance in Europe.”
August 24, 2026 at 7:42 AM
safefrankfurt.bsky.social
Tomorrow, Loriana Pelizzon will serve as Session Chair at the European Finance Association 2026 Annual Meeting in Ghent. The session, featuring our PhD student Lea Paoli as a discussant, will showcase research on financial intermediation, funding structures, and credit provision.
Promotional event graphic for the European Finance Association (EFA) 2026 Annual Meeting. The header states: “Session FI10: Changing Nature of Bank Funding and Credit Provision.” Event details shown with icons include the date “22 August 2026,” the time “09:30 a.m. to 11:00 a.m.,” and the location “Ghent, Belgium.” Below the text is a large photograph of a Loriana Pelizzon wearing glasses and a headset microphone, seated in front of a blurred conference backdrop. The layout uses a light gray background with black text and a full-width conference photo.
August 21, 2026 at 8:15 AM
safefrankfurt.bsky.social
SAFE Professor @claudenbach.bsky.social was featured on a German podcast with @cwroehl.bsky.social, discussing the psychology of investing and why dealing with uncertainty may be just as important as financial knowledge.
cwroehl.bsky.social Christian W. Röhl @cwroehl.bsky.social · Aug 19
Das größte Risiko für unser Vermögen… ist nicht die KI-Blase, die Schulden-Bonanza oder der Iran-Krieg. Das sind wir selbst!

Genau dazu forscht die Verhaltensökonomin Christine Laudenbach, die übrigens Teil des Teams war, mit dem Prof. Weber 2008 den ARERO gestartet hat.
August 20, 2026 at 8:34 AM
safefrankfurt.bsky.social
Together with @lawfinfrankfurt.bsky.social, we invite you to join the

1st Watching European Financial Market Regulation and Supervision Conference

📅 15 September 2026
📍 Goethe University Frankfurt

👉 Find the program and register here: safe-frankfurt.de/news-media/e... #EconSky
Event announcement graphic for the 1st Watching European Financial Market Regulation and Supervision Conference. A light gray background features the SAFE logo and the conference title, followed by the date (15 September 2026), time (10:00 a.m. to 6:00 p.m.), and location (Campus Westend, Goethe University Frankfurt), each accompanied by an icon. The lower portion of the image contains a photograph of multiple blue European Union flags with yellow stars flying in front of a modern glass-and-metal building, emphasizing the conference's European regulatory focus.
August 19, 2026 at 6:56 AM