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Strengthening euro area economic Governance: short-term priorities and the long-term view

23 May 2018
Banco de España, Madrid


The reform agenda on the euro area architecture is at a crossroads. The prospect of a more cohesive monetary union as proposed in the Van Rompuy's Report of June 2012 (the so-called Four Presidents' Report) and in the Juncker's Report of June 2015 (the so-called Five Presidents' Report) has encountered resistance and no significant progress has been made since the establishment of the Single Resolution Fund in June 2014. Following the publication of the European Commission 's report on "Further steps towards completing Europe's Economic and Monetary Union: A roadmap", the Euro-Summit on 15th December 2017 renewed the political commitment of governments to foster substantial progress on Europe's architecture during the first semester of 2018 with a view to agreeing by June the next steps to be taken. After years of low growth, Europe is now experiencing a robust recovery which opens up a window of opportunity that should be seized to make headway in the governance reform agenda before the next crisis hits.

Against this background, the High Level seminar on “Strengthening euro area economic Governance: short-term priorities and the long-term view” addresses the issues still open around the necessary reform of the institutional architecture of EMU, taking a double time perspective: the short-term horizon that provides the June deadline and the political compromises that can be reached by then, on the one hand; and the medium- to longer-term issues that, with all likelihood, will remain after that date, on the other. The conference gathers policy-makers and both academic and business economists.



23 May 2018
12.00 - 12.15
12.15 - 13.45
First panel on “Short-term Challenges towards a Complete EMU”

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Moderator: Paloma Marín (Banco de España)


  • Ashok Vir Bhatia (European Department of the International Monetary Fund)
  • Fernando Navarrete (Secretary General of the Spanish Treasury)
  • Klaus Regling (Managing Director of the European Stability Mechanism)
  • Ludger Schuknecht (Chief Economist, Director General for Fiscal Policy and International Financial and Monetary Policy of the German Ministry of Finance)
15.00 - 16.30
Second panel on “Long-term Prospects for a Cohesive EMU”

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Moderator: Paz Guzmán (European Commission)


  • Grégory Claeys (Research Fellow at Bruegel)
  • Fernando Fernández (Professor at the IE Business School)
  • Olivier Garnier (Director General for Economics and International Relations of the Banque de France)
  • Johannes Lindner (Head of the European Institutions and Fora Division in the Directorate General European and International Relations – ECB)
16.30 - 16.50
Closing address: Román Escolano, Spanish Minister of Economy, Industry and Competitiveness

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