Past Event

The search for fiscal discipline and financial integration in the euro area: lessons from US history

On 27 November Vitor Gaspar, Adviser at Banco Portugal and former Finance Minister of Portugal came to Bruegel and speak about the search for fiscal discipline and financial integration in the euro area and what Europe can learn from US history. The presentation discussed how the US solved the challenge of honoring the debt accumulated […]

Date: Nov 27 - Topic: Macroeconomic policy

On 27 November Vitor Gaspar, Adviser at Banco Portugal and former Finance Minister of Portugal came to Bruegel and speak about the search for fiscal discipline and financial integration in the euro area and what Europe can learn from US history.

The presentation discussed how the US solved the challenge of honoring the debt accumulated during the War of Independence. The possibility of federal insolvency was one of the main motivations leading to the 1789 Constitution. A key priority was to establish Public Credit.

The problem was addressed in a comprehensive way. Alexander Hamilton thought throught the main elements of a financial program in the 1780s. He then went on to implemented as the first secretary of the US Treasury. That gave the US one of the most advanced financial systems in the world fostering growth and development.

But the years from 1789 to the 1930s were eventful. The US experienced episodes of financial crises and financial fragmentation. The interaction between financial policies and politics was pervasive.

US financial history helps the understanding of financial integration, financial stability and crises, fiscal profligacy and discipline. The process is particularly interesting when looked at from an European perspective.

Speakers

  • Vítor Gaspar, Special Adviser at Banco Portugal and former Finance Minister of Portugal
  • André Sapir, Senior fellow at Bruegel and Professor at ULB
  • Chair: Guntram Wolff, Director of Bruegel

<iframe width="560" height="315" src="//www.youtube.com/embed/i27mAPqIxt0" frameborder="0" allowfullscreen></iframe>

Practical details

Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
Time: Wednesday 27 November 2013, 12:45 – 14:30 (A light lunch will be served before the event)
Contact:Matilda Sevón, Events Coordinator – matilda.sevon[at]bruegel.org

Read about event More on this topic
 

Past Event

Past Event

Fiscal policy and rules after the pandemic

What are the possibilities for shaping the new fiscal policy?

Speakers: Zsolt Darvas, Maria Demertzis, Michel Heijdra and Katja Lautar Topic: Macroeconomic policy Date: November 24, 2021
Read article
 

Blog Post

European governance

Including home-ownership costs in the inflation indicator is not just a technical issue

The European Central Bank is right to propose inclusion of owner-occupied housing services in the inflation indicator. But the ECB’s preferred method would involve an asset price in the consumer inflation indicator.

By: Zsolt Darvas and Catarina Martins Topic: European governance, Macroeconomic policy Date: November 18, 2021
Read article More by this author
 

Blog Post

Fiscal arithmetic and risk of sovereign insolvency

The record-high debt levels in advanced economies increase the risk of sovereign insolvency. Governments should start fiscal consolidation soon in an environment of low nominal and real interest rates and post-COVID growth.

By: Marek Dabrowski Topic: Global economy and trade, Macroeconomic policy Date: November 18, 2021
Read article More by this author
 

Opinion

European governance

Growth and inflation after the pandemic in the EU

Countries hit comparatively hard during the financial crisis, helped also by domestic and European policies, are bouncing back from the pandemic faster than their peers.

By: Maria Demertzis Topic: European governance, Macroeconomic policy Date: November 18, 2021
Read article Download PDF More by this author
 

Parliamentary Testimony

European governanceFrench Senate

European Union countries’ National Recovery and Resilience Plans: A cross-country comparison

Testimony before the Economic Affairs Committee of the French Senate.

By: Simone Tagliapietra Topic: European governance, French Senate, Macroeconomic policy Date: November 12, 2021
Read article Download PDF
 

Policy Contribution

European governance

Next Generation EU borrowing: a first assessment

The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets. This paper assesses the first design decisions made by the European Commission and the issuances that have taken place so far. It also outlines the potential risks and opportunities linked to this upgrading of the EU borrowing.

By: Rebecca Christie, Grégory Claeys and Pauline Weil Topic: Banking and capital markets, European governance, Macroeconomic policy Date: November 10, 2021
Read article Download PDF More by this author
 

Parliamentary Testimony

European governanceEuropean Parliament

The New Euro Area Inflation Indicator and Target: The Right Reset?

Testimony to the Monetary Dialogue Preparatory Meeting of the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Zsolt Darvas Topic: European governance, European Parliament, Macroeconomic policy Date: November 9, 2021
Read about event More on this topic
 

Past Event

Past Event

Phasing out COVID-19 emergency support programmes: effects on productivity and financial stability

How can European countries phase out the COVID-19 support measures without having a negative impact on productivity and financial stability?

Speakers: Eric Bartelsman, Maria Demertzis, Peter Grasmann and Laurie Mayers Topic: Macroeconomic policy Date: November 9, 2021
Read article
 

External Publication

European governanceEuropean Parliament

The new euro area inflation indicator and target: the right reset?

In-depth analysis on the European Central Bank's revised inflation target prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON).

By: Zsolt Darvas and Catarina Martins Topic: European governance, European Parliament, Macroeconomic policy Date: November 4, 2021
Read about event More on this topic
 

Past Event

Past Event

European monetary policy: lessons from the past two decades

This event will feature the presentation of “Monetary Policy in Times of Crisis – A Tale of Two Decades of the European Central Bank."

Speakers: Petra Geraats, Wolfgang Lemke, Francesco Papadia and Massimo Rostagno Topic: Macroeconomic policy Date: November 4, 2021
Read article Download PDF
 

Policy Contribution

European governance

COVID-19 financial aid and productivity: has support been well spent?

While support schemes during the pandemic were not targeted at protecting ‘good’ firms, financial support mostly went to those with the capacity to survive and succeed. Labour schemes have been effective in protecting employment.

By: Carlo Altomonte, Maria Demertzis, Lionel Fontagné and Steffen Müller Topic: European governance, Macroeconomic policy Date: November 4, 2021
Read article Download PDF More on this topic
 

Working Paper

Does money growth tell us anything about inflation?

Attention should be paid to a possible sequence of negative events: if inflation would start to be volatile and money growth remains high, efforts to control inflation could be undermined.

By: Leonardo Cadamuro and Francesco Papadia Topic: Macroeconomic policy Date: November 4, 2021
Load more posts