Summary: Problems of stability of an axially moving elastic band travelling at constant velocity between two supports and experiencing small transverse vibrations are considered in a 2D formulation. The model of a thin elastic plate subjected to bending and tension is used to describe the bending moment and the distribution of membrane forces. The stability of the plate is investigated with the help of an analytical approach. In the frame of a general dynamic analysis, it is shown that the onset of instability takes place in the form of divergence (buckling). Then the static forms of instability are investigated, and critical regimes are studied as functions of geometric and mechanical problem parameters. It is shown that in the limit of a narrow strip, the 2D formulation reduces to the classical 1D model. In the limit of a wide band, there is a small but finite discrepancy between the results given by the 1D model and the full 2D formulation, where the discrepancy depends on the Poisson ratio of the material. Finally, the results are illustrated via numerical examples, and it is observed that the transverse displacement becomes localised in the vicinity of free boundaries.