Upcoming events

• Italy's challenges in the midst of the euro-crisis

  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.

  Event materials

  • Agenda here
  • Zsolt Darvas, Bruegel - "Balancing fiscal adjustment and internal devaluation in Italy" here
  • Francesco Daveri, Università di Parma - "Italy’s decline and the most urgent reforms to fight it", presentation here
  • Paolo Manasse, University of Bologna - "Fiscal Adjustment and Internal Devaluation", presentation here
  • Marcello Messori, LUISS - "European banking union and Italy: Design issues, financial fragmentation, impact on the Italian banking sector", presentation here
  • Fabiano Schivardi, LUISS & EIEF - "The role of equity finance for firms’ growth", presentation here
  • Guntram Wolff, Bruegel - "Next steps on the road to a European Banking Union", presentation here

  This event was co-organised with the Italian Treasury

  Practical details

  • Venue: Italian Treasury on Via XX Settembre, 97, 00187 Rome
  • Time: 8 May 2013, 9:00 - 15:25
  • Contact: matilda.sevon[at]bruegel.org

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• The bankers’ new clothes

  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.

  Speakers

  • Anat Admati, George G.C. Parker Professor of Finance and Economics at the Graduate School of Business, Stanford University. She serves on the FDIC Systemic Resolution Advisory Committee and has contributed to the Financial Times, Bloomberg News, and the New York Times.
  • Martin Hellwig, Director, Max Planck Institute for Research on Collective Goods. He was the first chair of the Advisory Scientific Committee of the European Systemic Risk Board and the cowinner of the 2012 Max Planck Research Award for his work on financial regulation.
  • Discussant - Nadia Calviño, Deputy Director General for Financial services policy, DG MARKT, European Commission
  • Discussant - Thomas Leysen, Chairman of the Board of Directors, KBC Group
  • Chair - André Sapir, Senior Fellow, Bruegel and Professor at ULB

  Event materials

  • Event summary here
  • Authors' presentation here

  Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Bruxelles
  • Time: 15 May 2013, 12:45 - 14:30 (A light lunch will be served before the event starts at 13:00)
  • Contact: matilda.sevon[at]bruegel.org

  Photos

  

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• AMR-BRUEGEL Seminar “Cultivation of New Derive for Economic Growth”

  This seminar was organised jointly by Bruegel and the Academy of Macroeconomic Research, NDRC. P.R.China, under the Memorandum of Understanding signed in October 2012.

  Agenda

  13:30—13:50 Addresses
  • Wang Yiming (Executive Vice President)
    
  • Jean Pisani-Ferry (Former Director)
    
  Moderator: Wang Yiming Session 1: Macroeconomic Situation of China and Europe
  • 13:50—14:15 Sun Xuegong：The latest development of China's economy and outlook for 2013
  • 14:15—14:40 Guntram B. Wolff：The EU's economic situation and its outlook
  • 14:40—15:00 Discussion
  Session 2: Promoting the sustainable growth of China and Europe with the approach of reform
  • 15:00—15:25 Bi Jiyao：China: Structural reform and growth prospects
  • 15:25—15:50 Zsolt Darvas: The EU's structural reform agenda to reinvigorate long-term growth
  • 15:50—16:10 Discussion
  Session 3: Fiscal policy, public debt, sustainability and growth
  • 16:10—16:35 Liu Lifeng：Local government debt crisis and control in the process of growth
  • 16:35—17:00 Jean Pisani-Ferry: Fiscal policy and public debt sustainability in the EU
  • 17:00—17:20 Discussion
  17:20—17:30 Summary

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• Emission Trading beyond backloading

  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 discussed the merits of several approaches. Herman Vollebergh (PBL) introduced an evaluation of the structural measures proposed by the European Commission, Georg Zachmann presented a possible approach to reestablish confidence in the ETS in the short-term and Raphael Trotignon (Dauphine) discussed the possibility of an independent institution for managing the scarcity in the ETS. Finally Peter Zapfel (DG CLIMA) gave the view of the European Commission. The event was held under the Chatham House rule.

  Speakers

  • Raphael Trotignon, Researcher in Energy and Climate Economics, Paris Dauphine
  • Herman Vollebergh, Senior Research Fellow, PBL
  • Georg Zachmann, Research Fellow on Energy and Climate, Bruegel
  • Peter Zapfel, Head of Policy Coordination, DG Climate Action

  Event materials

  • Event summary here
  • Georg Zachmann, presentation, You'd better bet on the ETS here
  • Raphael Trotignon, presentation, The Case for an Independent Carbon Market Authority here
    

  Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Bruxelles
  • Time: 23 May 2013, 12:00 - 13:45
  • Contact: matilda.sevon[at]bruegel.org

  Photos

  

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• Sovereign debt and its restructuring framework in the eurozone

  Since the main burden of public debt reduction has fallen on fiscal austerity, public debt ratios in the eurozone remain high. Private debt burdens have also remained high since deleveraging has been slow. To regain growth momentum, public and private debt will need to be lowered. History suggests--and the current experience confirms--that predictable and orderly debt restructuring help the resumption of growth as the debt overhang and associated uncertainty are lowered. Looking ahead, sovereign debt should be regarded as equity (a residual claim on the sovereign), operationalised by mechanisms for automatic maturity extensions upon breaching contractually-specified thresholds.

  Speaker

  • Ashoka Mody, Visiting Fellow at Bruegel and Charles and Marie Robertson Visiting Professor in International Economic Policy at the Woodrow Wilson School of Public and International Affairs, Princeton University
  • Discussant - Maarten Verwey, Deputy Director General, European Commission, DG ECFIN
  • Chair: Guntram Wolff, Acting Director, Bruegel

  Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Bruxelles
  • Time: 28 May 2013, 12:45 - 14:30 (Sandwiches will be available before the event)
  • Contact: matilda.sevon[at]bruegel.org

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• Toward Revitalization of the Japanese Economy: The Role of Policy in the Global Economy

  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)：

  • Richard Cooper, Professor, Harvard University
  • Koichi Hamada, Special Advisor to the Cabinet
  • Motoshige Ito, Member, Council on Economic and Fiscal Policy
  • Takatoshi Ito, Professor, University of Tokyo
  • Kazumasa Iwata, President, Japan Center for Economic Research
  • Sahoko Kaji, Professor, Keio University
  • Hiroshi Nakaso, Deputy Governor, Bank of Japan
  • Masahiro Kawai, Dean, Asian Development Bank Institute
  • Adam Posen, President, Peterson Institute for International Economics
  • Jeffrey Sachs, Director, The Earth Institute, Columbia University
  • Andre Sapir, Senior Fellow, Bruegel and Professor, Free University of Brussels
  • Joseph Stiglitz, Professor, Columbia University
  • Chalongphob Sussangkarn, Special Advisor, Thailand Development Research Institute
  • Heizo Takenaka, Professor, Keio University
  • Masazumi Wakatabe, Professor, Waseda University
  • Hiroshi Yoshikawa, Professor, University of Tokyo
  (About 300 economists and specialists are expected to join the conference.)

  Practical details

  Venue: Mita Conference Hall (2-1-8 Mita, Minato-ku, Tokyo, Japan)
  Time: Thursday, May 30th 14:30-18:10 and Friday, May 31st 9:30-17:30
  Contact: Economic and Social Research Institute Japan

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