Bruegel organised a workshop in Rome that discussed Italy’s challenges in the midst of the euro-crisis.
The event was divided into three sessions dealing with short/midterm issues, long-run issues and finally the European Banking Union initiative in relation to Italy.
This event was co-organised with the Italian Treasury
What is wrong with today’s banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. The bankers’ new clothes examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack of reform, exposing them as invalid.
The book argues that we can have a safer and healthier banking system without sacrificing any of the benefits of the system, and at essentially no cost to society. Banks are as fragile as they are not because they must be, but because they want to be–and they get away with it. Whereas this situation benefits bankers, it distorts the economy and exposes the public to unnecessary risks.
Weak regulation and ineffective enforcement allowed the buildup of risks that ushered in the financial crisis of 2007-2009. Much can be done to create a better system and prevent crises. Yet the lessons from the recent crisis have not been learned.
After the European Parliament decided to - for the time being - stay away from backloading, the discussion on reforming the Emission Trading System (ETS) continues. A number of short-term fixes and long-term measures to reestablish the ETS as the centerpiece for synchronizing decarbonisation in the EU (and beyond) are on the table. In this panel-discussion we would like to discuss the merits of several approaches. Herman Vollebergh (PBL) will introduce an evaluation of the structural measures proposed by the European Commission [click here to download the paper], Georg Zachmann will present a possible approach to reestablish confidence in the ETS in the short-term [click here to download the paper] and Raphael Trotignon (Dauphine) will discuss the possibility of an independent institution for managing the scarcity in the ETS [click here to download the paper]. Finally Peter Zapfel (DG CLIMA) will give the view of the European Commission. The event will be held under the Chatham House rule.
A policy package that has come to be known as “Abenomics” is being set forth. The package consists of a three-pronged approach: bold monetary policy, flexible fiscal policy, and a growth strategy that encourages private-sector investment. The policy is a complete departure from the past. ESRI is convening an international conference in Tokyo to discuss the role these economic policies will play in terms of revitalization of the Japanese economy as well as development of the world economy under the present global economic environment. ESRI is inviting eminent economists and specialists at home and abroad to discuss this theme. Invited speakers (alphabetical order)：