Past Event

The impact of the crisis on euro area neighbours

This workshop was organised jointly with the EBRD (European Bank for Reconstruction and Development). The euro area debt crisis spurred a vast debate on the nature of the problem and possible solutions, whilst far less attention has been devoted to analyzing the implications for those outside the euro area, whether EU members or candidates. The […]

Date: Nov 8 - Topic: Macroeconomic policy

This workshop was organised jointly with the EBRD (European Bank for Reconstruction and Development).

The euro area debt crisis spurred a vast debate on the nature of the problem and possible solutions, whilst far less attention has been devoted to analyzing the implications for those outside the euro area, whether EU members or candidates. The workshop discussed how the debt crisis in Europe has impacted on trade, finance and what the proposal for a European banking union implies for those that remain outside.

Programme

09.00-10.00: Session 1 – How has the euro area crisis impacted on trade and foreign direct investment in neighbouring countries?

Chair: André Sapir, Bruegel

How has the euro zone crisis affected trade and foreign direct investment outside the euro area and outside the EU? Through what channels? What can the experience of recent EU/non euro area members teach to acceding (Croatia) and candidate countries (Iceland, The former Yugoslav Republic of Macedonia, Montenegro, Serbia, Turkey)? How are trade relations going to look like in the future?

Speakers

  • Vedran Šošić, Vice-governor, Croatian National Bank
  • Michael Landesmann, Director of Research, wiiw
  • Discussant – Cagatay Bircan, EBRD

Q&A and roundtable discussion

10.00-10.15 Coffee break

10.15-11.15: Session 2 – How has financial turmoil in the euro area affected those outside?

Chair: Zsolt Darvas, Bruegel

How has financial turmoil in the euro area affected countries outside the euro zone and the EU? What happened to cross-border lending in non euro area/non EU countries and why? What prospects for cross-border financial integration?

Speakers

  • Gediminas Simkus, Director of Financial Stability Department in Economics and Financial Stability Business Area, Bank of Lithuania
  • Jeromin Zettelmeyer, Deputy Chief Economist and Director of Research, EBRD
  • Discussant – Bozidar Djelic, former Deputy Prime Minister of Serbia

Q&A and roundtable discussion

11.15-13.00: Session 3 – How will European plans for a banking union affect neighbours?

Chair: Jean Pisani-Ferry, Bruegel

How do European plans for a banking union affect outsiders? What policy initiatives may contribute to reducing negative externalities?

Speakers

  • Martin Spolc, DG MARKT, European Commission
  • Erik Berglöf, Chief Economist, EBRD
  • Cristian Popa, Deputy Governor, National Bank of Romania
  • Discussant – Péter Györkös, Ambassador at the Permanent Representation of Hungary to the EU

Q&A and roundtable discussion chaired by Guntram Wolff, Bruegel

13.00- Buffet Lunch

Practical information

  • Venue: Bruegel, Rue de la Charité 33, 1210 Bruxelles
  • Time: 8 November 2012, 9:00 – 13:00
  • Contact: [email protected]
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