Contributions
Specific categories for the 2025 contributions are:
- General contributions: themes of current interest linked to developments in the risk landscape or in regulatory debates
- Stress testing: ideas to improve methodologies and practices for supervisory and macroprudential stress test exercises
- Real estate: policies and supervisory practices to assess and contain risks to financial stability from real estate markets
- Non-bank financial institutions: tools to assess and contain risks to financial stability in light of the growing role on non-bank intermediaries
Cross-border supervisory cooperation: opportunities and challenges
10th July 2025
Category: General contributions
This article by Thorsten Beck discusses the factors that drive to a higher or lower intensity of supervisory cooperation, or even to supranational arrangements, in dealing with cross-border banks, and the impact this has on banks' commercial strategies.

Real Estate Risks in the European Union: The Dangers of an Unlevel Playing Field
8th July 2025
Category: Real Estate
Andrea Resti’s contribution opens the section of the Forum focused on real estate, discussing the risks and segmentations as well as the role of non-bank financial institutions in EU markets

The Use of Market Price Information in Financial Supervision: Framing the key questions
3rd July 2025
Category: General contributions
Claudio Borio discusses the advantages of using market prices’ cross-sectional information in financial supervision

The Impact of US Policy Innovations on Central Banking Policy in Europe
1st July 2025
Category: General contributions
Patrick Honohan discusses how shifts in US policy may transmit to the global financial sector

Supervisory Judgement – A Fresh Perspective?
26th June 2025
Category: General contributions
An article by Sam Woods, Chief Executive of the Prudential Regulation Authority and Deputy Governor of the Bank of England, in conversation with Professor Sir Andrew Likierman of the London Business School

Charles Goodhart Interview
26th June 2025
Category: General contributions
Andrea Enria and Pedro Duarte Neves in conversation with Charles Goodhart
Forum on Financial Supervision: Opening statement by the editors
26th June 2025
Category: General contributions
An opening statement about the Forum on Financial Supervision by the editors, Andrea Enria and Pedro Duarte Neves

About the Forum
The Forum on Financial Supervision seeks to trigger a lively debate on the most prominent issues on financial stability, by releasing written policy contributions from senior representatives from supervisory authorities, academia, and financial industry. The Forum hosts opinions on regulatory and supervisory issues with a broad coverage (microprudential, macroprudential, conduct, anti-money laundering, amongst others), for all the segments of the financial sector (banks and non-banks), and with a global perspective.
The Forum explores the current challenges for the preservation of financial stability and discusses possible options for regulatory policy and supervisory practices. The contributions will be released in two tracks: general contributions on any relevant topic for the preservation of financial stability; thematic contributions on selected topics which will be defined on an annual basis. Specific categories for 2025 are (i) stress testing, (ii) risk from real estate, and (iii) risks from non-banks.
The Forum releases varied and complementary views on the most relevant issues on financial stability, with a view to foster an open dialogue between supervisory authorities, academia and financial industry. Opinions are completely independent and reflect only personal views. The Forum welcomes feedback on the contributions and on any suggestions concerning other relevant topics to be covered. The editors of the Forum are Andrea Enria and Pedro Duarte Neves.

Andrea Enria
Andrea Enria is a Senior Advisor at the Prudential Regulation Authority and a Member of the Prudential Regulation Committee of the Bank of England, with a term of appointment from 20 March 2025 to 19 March 2028.
He was a visiting scholar at the London School of Economics’ Financial Markets Group from May 2024 to April 2025. He previously had key roles in European banking supervision: he served as Chair of the Supervisory Board of the European Central Bank (2019-2023), first Chairperson of the European Banking Authority (2011-2018) and Secretary General of the Committee of European Banking Supervisors (2004-2008). He began his career in banking regulation and supervision at Banca d’Italia, where he covered different roles and left as Head of the Regulation and Macroprudential Analysis Department.
He has a BA in Economics from Bocconi University and a MA in Economics from the University of Cambridge.

Pedro Duarte Neves
Pedro Duarte Neves is Adviser for the Board of Directors of Banco de Portugal and editor of the Review of Economic Studies of the Bank. He is a Visiting Professor at Católica Lisbon School of Business and Economics, Associate at the Systemic Risk Centre (London School of Economics) – where he is Editor of the Forum on Financial Supervision – Affiliated Fellow with the Qatar Centre for Global Banking and Finance (King’s College London), and a member of the Advisory Board of the European Banking Institute.
He was Vice-Governor of Banco de Portugal and Alternate Chairperson of the EBA. Pedro has a vast experience at the main high-level supervisory and regulatory fora (EBA, SSM, ESRB, Joint Committee of the ESAs, and FSB) where he chaired many committees.
Pedro published in scientific journals like The Journal of Econometrics, Economics Letters, and Economic Modelling. Pedro has a European Doctoral Program in Quantitative Economics from Université Catholique de Louvain, having conducted his research at The Institute for Fiscal Studies (London), University College London (London), and Center for Operations Research and Econometrics (Louvain).