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European troubles, Asian worries

This event was co-organised as part of the Asia-Europe economic forum (AEEF) project by Bruegel, the Bertelsmann Stiftung, Centre d’Etudes Prospectives et d’Informations Internationales (CEPII), Asian Development Bank Institute (ADBI), Chinese Academy of Social Sciences - Institute of World Economics and Politics (CASS-IWEP), Korea Institute of Finance, Korea University, with the financial support of Asia Europe Foundation (ASEF).

Event materials

Keynote speech by Benoît Coeuré

Video with Yung Chul Park

Video with Mitsuhiro Fukao

Event summary


Monday 21 January

13:45 Welcome coffee

14:15 Word of welcome by Jean Pisani-Ferry, Director, Bruegel - presentation here

Introductory remarks by Ambassador Zhang Yan, Executive Director, ASEF and Aart De Geus, Chair and Chief Executive Officer, Bertelsmann Stiftung

14.40 Opening remarks Maarten Verwey, Deputy Director General, European Commission, DG ECFIN

15.00 Q & A

15.30 Session 1. The euro crisis: is the policy response effective?

Chair Mitsuhiro Fukao, Professor, Keio University


  • Pierre-Olivier Gourinchas, Professor, University of California Berkeley and Sciences Po, Paris - presentation here
  • Jens Ulbrich, Head, Economics Department, Deutsche Bundesbank- presentation here


  • Gene Frieda, Senior Strategist, Moore Capital Management
  • Yung Chul Park, Professor, Korea University

17.15 Coffee break

17.30 Session 2. Banking union and fiscal union in Europe: outlook and implications for global partners

Chair Jean Pisani-Ferry, Director, Bruegel


  • Agnès Bénassy-Quéré, Professor, Paris School of Economics and Executive President, French PM’s Economic Advisory Council - presentation here and paper here
  • John Berrigan, Director, Financial Stability, Economic and Financial Affairs, European Commission - presentation here


  • Jon Cunliffe, Ambassador, UK’s Permanent Representative to the EU
  • Haizhou Huang, Co-Head, Research Department, CICC - presentation here

20.00 Dinner Keynote speech by Benoît Cœuré, Executive Board Member, ECB

Tuesday 22 January

9.15 Session 3. Growth in Asia: temporarily blip, slowdown or abrupt adjustment?

Chair Aart De Geus, Chair and Chief Executive Officer, Bertelsmann Stiftung


  • Jong Wha Lee, G20 Sherpa, Korea- presentation here
  • Fan He, Deputy Director, IWEP/CASS - presentation here
  • Suman Bery, Chief Economist, Shell - presentation here


  • Stephen Schwartz, Chief Economist Asia, BBVA - presentation here
  • Tao Wang, Head, China Economic Research, UBS

11.00 Coffee break

11.15 Session 4. The global deleveraging process: where do we stand?

Chair Yung Chul Park, Professor, Korea University


  • Charles Roxburgh, Director of the McKinsey Global Institute, McKinsey - presentation here
  • Mitsuhiro Fukao, Professor, Keio University - paper here and presentation


  • Erik Nielsen, Chief economist, UniCredit
  • David Vines, Professor of Economics, Oxford University - presentation here
  • Guntram Wolff, Deputy Director, Bruegel - presentation here

13.00 Lunch

14.30 Session 5. International monetary developments in Asia: consequences for the global monetary regime

Chair Christophe Destais, Acting Director, CEPII


  • Rintaro Tamaki, Deputy Secretary-General, OECD - presentation here
  • Ji Young Choi, Director of Financial cooperation division, Ministry of Strategy and Finance, Korea - presentation here
  • Francesco Papadia, Visiting Fellow, Bruegel - presentation here and paper here


  • Wang Xin, Representative in Frankfurt, People's Bank of China
  • Shahin Vallée, Economic Advisor in the cabinet of the President of the European Council, European Council

16.15 Coffee break

16.30 Session 6. Financial regulation: convergence or divergence?

Chair André Sapir, Senior Fellow, Bruegel


  • Nicolas Véron, Senior Fellow, Bruegel and Visiting Fellow, Peterson Institute - presentation here
  • Mario Nava, Acting Director, European Commission DG Market - presentation here
  • Tokio Morita, Deputy Commissioner for International Affairs, FSA Japan - presentation here


  • Sangche Lee, Deputy Chairman for International Affairs, FSC Korea
  • Michiel Bijlsma, Financial Markets Programme Leader, CPB and Visiting Fellow, Bruegel

18.15 Conclusions

Practical details


See more photos (photos : vivian hertz)