Past Event

Structural Reforms: dynamic growth impact and policy challenges

What are the beneficial effects of product market reforms? What progress have Spain and Italy made in the past years and what challenges do they still face? How should structural reforms be coordinated within the euro area?

Date: November 2, 2015, 10:00 am Topic: Macroeconomic policy

The need for ‘structural reforms’ is a constant feature of policy debates in Europe. Far-reaching reform programmes were central to the release of funds to struggling member states, and find their place in European semester country-specific recommendations. But which reforms are most effective? This off-the-record workshop examined the potential contribution of product and labour reforms to growth.

There were three sessions:

  • The first was more methodological and aimed to quantify the beneficial effects of product market reforms, measures to unleash productivity and improvements in good governance.
  • The second focused on Spain and Italy, assessing progress made over the past years and the challenges going forward.
  • The third was a policy debate on how structural reforms could and should be coordinated within the euro area.

Video recording: Vitor Gaspar’s Keynote

EVENT MATERIALS

Laura Bardone – Presentation
Helge Berger – Presentation
Vitor Gaspar – Keynote Presentation
Vitor Gaspar – Presentation
Alessio Terzi – Presentation
Ramon Xifre – Presentation

Relevant reading

The Microeconomic Dimensions of the Eurozone Crisis | Article by Christian Thimann
The Fiscal Consequences of Shrinking Populations | IMF Staff Discussion Note
Structural Reform Programme | Italian Ministry of Economy and Finance
Reform Timetable | Italian Ministry of Economy and Finance
Intermediate report on implementation of reforms | Italian Ministry of Economy and Finance

Schedule

Nov 02, 2015

09:30 - 10:00

Registration and Coffee

10:00 - 10:05

Welcome

Guntram B. Wolff, Director

10:05 - 11:30

Dynamic effects of product market reforms and improvements in governance: a way to increase European productivity?

Chair: Zsolt Darvas, Senior Fellow

Christian Thimann, Member of the Executive Committee, AXA Group

Huw Pill, Chief European Economist, Goldman Sachs

Romain Duval, Assistant Director, Research, International Monetary Fund

11:30 - 11:45

Coffee Break

11:45 - 13:15

Italy and Spain - stocktaking of reforms and challenges ahead

Chair: Adriana Cerretelli, European Editorialist, Il Sole 24 Ore

Alessio Terzi, Former Affiliate Fellow

Helge Berger, Assistant Director, Asia and Pacific Department, IMF

Laura Bardone, Head of Unit – Spain and Croatia, European Commission DG ECFIN

Ramon Xifré, Professor at ESCI - Universitat Pompeu Fabra and Policy Research Fellow at PPSRC - IESE Business School

13:15 - 14:15

Lunch

14:15 - 15:00

Keynote Speech - LIVE-STREAMED

Vitor Gaspar, Director of Fiscal Affairs Department, IMF

15:00 - 16:30

Structural reforms in EMU and the political economy of coordination in Europe’s quest for growth

Chair: Gabriele Steinhauser, Brussels Correspondent, The Wall Street Journal

Massimo Bordignon, Former Non Resident fellow

Vitor Gaspar, Director of Fiscal Affairs Department, IMF

Wilfried Steinheuer, Director European Economic and Monetary Union, German Federal Finance Ministry

Speakers

Laura Bardone

Head of Unit – Spain and Croatia, European Commission DG ECFIN

Helge Berger

Assistant Director, Asia and Pacific Department, IMF

Massimo Bordignon

Former Non Resident fellow

Adriana Cerretelli

European Editorialist, Il Sole 24 Ore

Zsolt Darvas

Senior Fellow

Romain Duval

Assistant Director, Research, International Monetary Fund

Vitor Gaspar

Director of Fiscal Affairs Department, IMF

Huw Pill

Chief European Economist, Goldman Sachs

Gabriele Steinhauser

Brussels Correspondent, The Wall Street Journal

Wilfried Steinheuer

Director European Economic and Monetary Union, German Federal Finance Ministry

Alessio Terzi

Former Affiliate Fellow

Christian Thimann

Member of the Executive Committee, AXA Group

Guntram B. Wolff

Director

Ramon Xifré

Professor at ESCI - Universitat Pompeu Fabra and Policy Research Fellow at PPSRC - IESE Business School

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

[email protected] +32 2 227 4212

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