Past Event

News from the South. Proposal to strengthen the European Monetary Union: Combining fiscal discipline with risk sharing

On 4 June Bruegel, as in previous years, will host the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2017.

Date: June 4, 2018, 12:30 pm Topic: European Macroeconomics & Governance

AUDIO & VIDEO RECORDINGS

summary

The Euro Yearbook focuses on a desired steady-state for the European Monetary Union from an economic point of view and suggests further integration based on risk-sharing along with discipline and reforms.

According to the authors, integration is crucial to unleash the benefits of a monetary union and requires reforms e.g. financial markets union, lender of last resort, simplification of fiscal rules, and the introduction of a safe asset.

However, desired economic and political states are not aligned, and could be expected to diverge even further due to greater participation of Euro-sceptic parties in national governments. While deeper integration and strengthened institutions could foster trust within the EU, the current mistrust has enforced the debate about the dimension of risk-reduction and risk-sharing.

Topics discussed in particular:

  • Fiscal rules: Need for simple and enforceable design which entails transfer of sovereignty and reforms in case of nonconformity. However, stricter enforceability could reduce trust in central institutions.
  • Banking resolution: Current resolution mechanisms are insufficient e.g. in case there is no bid for failing bank’s assets. Thus, public institution, which does not require political consensus and is endowed with sufficient leverage, should be able to manage failed banks for limited time.
  • Financial markets: Current design of Euro Area entails great risk posed by financial markets’ confidence e.g. uncertainty in case of default. The same problems often arise in emerging markets economies with pegged currencies and weak institutions.    The Euro Yearbook focuses on a desired steady-state for the European Monetary Union from an economic point of view and suggests further integration based on risk-sharing along with discipline and reforms.

Schedule

Jun 04, 2018

12:30-13:00

Check-in and lunch

13:00-13:15

Introduction

Cristina Cabrera, Director, Fundación ICO

Javier Méndez Llera, Executive Director, FEF

Guntram B. Wolff, Director

13:15-14:00

Presentation and discussion

Chair: Maria Demertzis, Deputy Director

Fernando Fernández, Member of the Scientific Council

Massimo Giuliodori, Professor of Empirical Macroeconomics and Director of the Graduate School of Economics, University of Amsterdam

14:00-14:15

Q&A

14:30

End

Speakers

Cristina Cabrera

Director, Fundación ICO

Maria Demertzis

Deputy Director

Fernando Fernández

Member of the Scientific Council

Massimo Giuliodori

Professor of Empirical Macroeconomics and Director of the Graduate School of Economics, University of Amsterdam

Javier Méndez Llera

Executive Director, FEF

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

[email protected]

Read about event More on this topic
 

Upcoming Event

Sep
2
14:15

Monetary and macroeconomic policies at the crossroads

Bruegel Annual Meetings, Day 2- In this session we would like to discuss monetary and macroeconomic policies after Covid-19.

Speakers: Grégory Claeys, Per Callesen, Gita Gopinath, Jorge Sicilia Serrano and Lawrence H. Summers Topic: Finance & Financial Regulation Location: PALAIS DES ACADEMIES, RUE DUCALE 1
Read about event More on this topic
 

Past Event

Past Event

Investment firepower for the recovery: a conversation with Philippe Donnet, CEO of Assicurazioni Generali

At this event the CEO of Assicurazioni Generali, Philippe Donnet will be in conversation with Guntram Wolff, Director of Bruegel.

Speakers: Philippe Donnet and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: July 8, 2021
Read about event More on this topic
 

Past Event

Past Event

Strengthening the weak links: future of supply chains

What new supply chains trends will we see in the post-pandemic era?

Speakers: Ebru Özdemir, André Sapir and Guntram B. Wolff Topic: Global Economics & Governance Date: July 7, 2021
Read about event
 

Past Event

Past Event

Ensuring competitiveness of low-carbon investments

At this event, speakers will introduce the core idea of commercialisation contracts, and then discuss key design elements. This includes whether contracts should be issued at the EU or national level, how competition for contracts should be organised, and which industries should be eligible for support.

Speakers: Natalia Fabra, Peter Handley, Ben McWilliams and Georg Zachmann Topic: Energy & Climate, European Macroeconomics & Governance Date: July 1, 2021
Read about event More on this topic
 

Past Event

Past Event

EU debt vs national debts: friends or foes?

The EU will become into a major issuer of safe assets in the coming years. How will this interact with the debt issuance of European sovereign debts?

Speakers: Grégory Claeys, Yves Jacob, Gert-Jan Koopman, Pablo de Ramón-Laca and Imène Rahmouni-Rousseau Topic: European Macroeconomics & Governance Date: June 29, 2021
Read about event More on this topic
 

Past Event

Past Event

How to spend it? A closer look at the recovery plans

In this event, participants will take a closer look at the recovery plans submitted by EU countries.

Speakers: Zsolt Darvas, Alex Patelis and Maarten Verwey Topic: European Macroeconomics & Governance Date: June 23, 2021
Read article More on this topic More by this author
 

Opinion

What to expect from the ECB’s monetary policy strategy review?

Emphasis will be placed on greening monetary policy and clarifying the ECB's price stability objective, but is this enough?

By: Maria Demertzis Topic: European Macroeconomics & Governance Date: June 23, 2021
Read about event More on this topic
 

Past Event

Past Event

Conference on the Future of Europe: Vehicle for reform versus forum for reflection?

At this policy dialogue organised by the research project EU3D, panellists will discuss different options and what they may entail while revisiting the debates on the future of Europe at national and EU-level that have been conducted thus far and their patterns, including preliminary findings on national parliamentary debates.

Speakers: Sergio Fabbrini, John Erik Fossum, Magdalena Góra, Vivien Schmidt, Manfred Weber and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: June 16, 2021
Read article Download PDF More on this topic More by this author
 

External Publication

The Value of Money, Controversial Economic Cultures in Europe: Italy and Germany

A discussion of Italian and German macro-economic cultures and performances.

By: Francesco Papadia Topic: European Macroeconomics & Governance Date: June 10, 2021
Read article Download PDF More by this author
 

External Publication

European Parliament

What Are the Effects of the ECB’s Negative Interest Rate Policy?

This paper explores the potential effects (and side effects) of negative rates in theory and examines the evidence to determine what these effects have been in practice in the euro area.

By: Grégory Claeys Topic: European Parliament, Finance & Financial Regulation, Testimonies Date: June 9, 2021
Read about event More on this topic
 

Past Event

Past Event

The Recovery and Resilience Fund: Accelerating the digitalisation of the EU?

How can new EU funds financed by EU borrowing supplement national digital and green funding and EU funds available from the standard seven-year EU budget to accelerate digitalisation?

Speakers: Sam Blackie, Zsolt Darvas, Maria Teresa Fabregas Fernandez, J. Scott Marcus and Ben Wreschner Topic: European Macroeconomics & Governance Date: June 8, 2021
Read about event More on this topic
 

Past Event

Past Event

Women, Covid-19 & The EU Recovery Plan

How can we ensure that the recovery plan doesn’t leave women behind when 84% of working women in the EU aged 15-64 are employed by services that were predominantly impacted by Covid-19 restrictions?

Speakers: Mary Collins, Maria Demertzis, Alexandra Geese, Jacob Funk Kirkegaard, Dan Mobley, Naomi O'Leary and Emma Rainey Topic: European Macroeconomics & Governance Date: June 2, 2021
Load more posts