LECTURE SERIES: MONETARY POLICY AND THE FINANCIAL SECTOR (MPFS) You are cordially invited to the following public lecture: “Fiscal Sustainability in a Changing Global Financial System“ Frank SMETS Head of Economic Analysis and Statistics and Deputy Head of the Monetary and Economic Department, Bank for International Settlements, Basel Time: Friday, January 23, 2026, 10:30-12:00 a.m. Location: Wirtschaftsuniversität Wien, Welthandelsplatz 1, Clubraum, LC.2.400 (Learning Center/Library Building, 2nd floor, above the entrance area to the library, opposite the Study Service Center) Sovereign debt levels have increased considerably since the Great Financial Crisis, reaching historical post-World War II highs in many advanced economies. This has been accompanied by a growing presence of non-bank financial institutions in sovereign bond markets. This combination generates new financial stability challenges, which have both domestic and international aspects. Policymakers should address these challenges by employing a carefully selected mix of tools that spans fiscal, monetary and prudential policy. Frank Smets, being one of the creators of the famous Smets-Wouters macroeconomic model, is an internationally leading expert on monetary policy. He joined the BIS in December 2024 from the ECB, where he previously was Director General of Economics and Director General of Research. He was also in charge of conducting the ECB’s Strategy Review 2021. Mr. Smets holds a PhD in economics from Yale University. The public lecture is jointly organized by Aurel Schubert, Honorary Professor at WU Vienna and former Director General Statistics, ECB and by Guido Schäfer, Department of Economics, WU Vienna. ------------ Guido Schäfer Department of Economics, WU Vienna Welthandelsplatz 1, 1020 Vienna, Austria Tel.: + 431 31336 4579 Email: Guido.Schaefer@wu.ac.at