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This article presents a synopsis of a workshop on systemic liquidity and macroprudential supervisionheldattheOesterreichischeNationalbankonOctober 28, 2015. Weintroducethe concept of systemic liquidity and argue that it can be a driving force of systemic risk. Systemic liquidity is shown to be endogenous and cyclical, and to reflect the interaction between banks, other financial intermediaries and financial markets. We then summarize the main conclusions from the individual contributions to the workshop. Finally, we present key questions to be addressed when developing a macroprudential policy to contain systemic liquidity risk.