Bruegel Annual Meetings 2016

09:15-09:45

09:45-11:00

How to link the emerging energy union to European climate policies

Chair: Georg Zachmann, Senior Fellow

Connie Hedegaard, Chair, KR Foundation

Brigitte Knopf, Secretary General, Mercator Research Institute on Global Commons and Climate Change

Simone Mori, Member of the Board

Laszlo Varro, Chief Economist, International Energy Agency

The Paris Agreement marks a milestone in the fight against climate change. The EU can contribute not only by reducing its domestic emissions, but also by developing the political instruments and technological innovations necessary for global decarbonisation. With sensible energy and climate policies, the EU can punch above its economic weight in this crucial question. This session will discuss the place of decarbonisation in EU energy policy over the medium and long term.

11:00-11:30

11:30-13:00

Parallel session A: Innovation policies: What works and what doesn’t

Chair: Reinhilde Veugelers, Senior Fellow

Albert Bravo-Biosca, Head, Innovation Growth Lab, Nesta

Dominique Guellec, Head of Science and Technological Policy, Directorate for Science, Technology and Industry, OECD

Robert Madelin, Senior Advisor, European Commission

Egon Schulz, Director of Wireless Innovation Centre, Huawei

Scott Stern, Professor of Management of Technology, MIT Sloan School of Management

The EU wants future growth to be built on innovation, but this ambition has so far not been achieved and few major companies at the digital frontier are European. Meanwhile, the dangerous cocktail of low growth and high public debt calls for any public spending to be smart. Evidence is necessary to target and justify public investment in R&D. How can Europe effectively create an environment that fosters innovation-based growth?

11:30-13:00

Parallel session B: The Future of the EU Budget

Chair: Grégory Claeys, Senior Fellow

Nadia Calviño, Minister of Economy and Business, Spain

Claude Denagtergal, Advisor, ETUC

Vazil Hudák, Deputy Chairman, GLOBSEC

Jakob von Weizsäcker, Member of the European Parliament

Is it time for a major rethink of the EU budget? The current budget is very small relative to GDP, and focuses largely on regional cohesion and natural resources. The 7-year frameworks prevent the EU budget playing a meaningful role in stabilisation. Moreover, using national contributions to finance the EU budget encourages countries to reason in terms of net contributions rather than policy effectiveness. Could a greater use of “own resources” improve the situation, and how might this revenue be raised?

13:00-14:00

14:00-15:00

Competitiveness and sustainable growth: Reforming the Finnish economy

Chair: Maria Demertzis, Deputy Director

Olli Rehn, Minister of Economic Affairs and Employment, Finland

Olli Rehn, Minister of Economic Affairs of Finland, will discuss the state of the economy in Europe and Finland. He will focus on key elements of the Finnish government’s economic policy and the ongoing economic reforms. A special emphasis will be given to the recently agreed Competitiveness Pact.

15:00-16:00

Lecture: Debt overhangs and their resolution

Chair: Guntram B. Wolff, Director

Erik F. Nielsen, Group Chief Economist, Unicredit

Carmen M. Reinhart, Professor, Harvard Kennedy School

Carmen Reinhart will give a lecture exploring some of the options countries have to reduce their sovereign debt burden – a pressing issue as the global economy tries to recover from its recent crises. She will especially focus on heterodox solutions such as restructuring and financial repression. Could these offer a way out for heavily indebted countries?

16:00-16:30

16:30-18:15

Parallel session A: The future of the euro area in historical perspective

Chair: André Sapir, Senior Fellow

Joachim Bitterlich, Ambassador (ret), and former European, Diplomatic and Security Advisor to Chancellor Helmut Kohl

Sylvie Goulard, Second Deputy Governor, Banque de France

Romano Prodi, Former Prime Minister of Italy and former President of the European Commission

There are two readings of the ongoing euro area crisis. One is that the original design was flawed: a stable monetary union requires much more than monetary integration. The other is that that the decentralised monetary union could have functioned properly if only its members had respected the rules. The panellists will share their experiences of the Euro’s development, and offer reflections on its future.

16:30-18:15

Parallel session B: EU – China: Towards a strategic relationship

Chair: Guntram B. Wolff, Director

Alicia García-Herrero, Senior Fellow, Bruegel

Pascal Lamy, President emeritus, Jacques Delors Institute

Lawrence J. Lau, Ralph and Claire Landau Professor of Economics, The Chinese University of Hong Kong

Matthew Lobner, Chief of Staff and Head of Strategy for Europe, HSBC

China-EU relations are continuously evolving as China seeks to rebalance its economy. This offers new opportunities for EU countries to sell consumer goods and services. Meanwhile, China's quest to increase and improve its investments abroad has put Europe among the top recipients of Chinese investment. The panel will discuss ways forward in the current difficult environment, where China is experiencing a slowdown and Europe is beset with its own difficulties.

18:30-22:00

Bruegel Annual Dinner [Invitation-only]

Chair: Jean-Claude Trichet, Honorary Chairman of Bruegel

Jeroen Dijsselbloem, President of the Eurogroup

08:45-09:15

09:15-10:45

Euro and non euro-area governance [Invitation-only]

Chair: Zsolt Darvas, Senior Fellow

Daniel Daianu, Member of the Board, National Bank of Romania

Charles Grant, Director, Centre for European Reform

Jean Pisani-Ferry, Senior Fellow

Ludger Schuknecht, Director General of Economic and Fiscal Policy Strategy, International Economy and Finance, German Federal Ministry of Finance

With the United Kingdom’s vote to leave the EU, the euro area will become even more dominant relative to non-euro area countries. How does the deepened euro-area governance framework affect relations between euro and non-euro members of the EU? Should non-euro area countries contribute to further euro-area reforms, since they are one day expected to join the single currency? Or should the EU endorse a more explicit two-tier membership model?

10:45-11:15

11:15-12:45

Banking and financial union [Invitation-only]

Chair: Nicolas Véron, Senior Fellow

Arnoud Boot, Professor, University of Amsterdam

Paulina Dejmek-Hack, Economic Advisor, Cabinet of European Commission President Juncker

Michel Houdebine, Chief Economist, French Treasury

Barbara Novick, Vice-Chairman, BlackRock

Banking union, arguably the most significant EU-level structural reform of the past decade, remains unfinished. Meanwhile, the Juncker Commission’s capital markets union project is still at an early stage. This session will focus on current policy challenges and prospects to make Europe’s financial system more resilient and better supportive of economic growth.

12:45-13:45

13:45-15:45

European security policy: Economic and geopolitical challenges

Chair: Tom Carver, Vice-president for Communications and Strategy, Canergie Endowment for International Peace

Michel Barnier, Special Counsellor for Defence and Security Policy, European Commission

Elmar Brok, Chairman of the Committee on Foreign Affairs, European Parliament

Jeremy Shapiro, Research Director, ECFR

Helen Wallace, Fellow, British Academy

Europe is being buffeted by extraordinary security challenges. More than one million migrants have entered the EU, while neighbouring Turkey is in political crisis, numerous European cities have been terrorised, and Putin continues to threaten the sovereignty of Ukraine. Join this session to discuss the impact that these geostrategic issues are having on the direction and economies of Europe.

15.45-16.00

16:00-17:00

Debate: The future of investment banking in Europe

Sylvie Matherat, Chief Regulatory Officer and Member of the Management Board, Deutsche Bank

Dirk Schoenmaker, Non-Resident fellow

We have recently witnessed a rise of US investment banks and a decline of their European competitors. Should we worry? Does it matter whether European corporates are served by US or European investment banks? Meanwhile, since 2015, Chinese investment banks have overtaken American and European investment banks in the Asia-Pacific market. Dirk Schoenmaker will explore these issues and more in conversation with Sylvie Matherat.

17:00-18:00

Energy union and challenges for jobs, growth and investment

Chair: Guntram B. Wolff, Director

Maroš Šefčovič, Vice-President for Energy Union, European Commission

Vice-President Šefčovič will close the Bruegel Annual Meetings with an intervention on the energy union and the challenges for jobs, growth and investment. He will especially underline the key role played by low carbon innovation in moving the EU economy forward and bringing it closer to its citizens.