The Lamfalussy Fellowship programme was launched in 2003 and aims to promote high-quality research on the structure, integration and performance of the European financial system. The programme is named after the late Baron Alexandre Lamfalussy, the first President of the European Monetary Institute. Up to five fellowships are awarded annually and each fellowship is endowed with an honorarium of €10,000. During their fellowship, the selected candidates are required to write a paper on a topic related to the Fellowship’s research priorities. Lamfalussy fellows are encouraged to present their papers at relevant ECB workshops and conferences and, ultimately, to have them published in leading refereed journals. Past Lamfalussy papers have been published in journals such as the American Economic Review, the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies.