On 18th and 19th May, ADEMU and the Banco de España, in conjunction with the European Stability Mechanism and the International Monetary Fund, hosted a conference to examine the role of a fiscal union in the European Monetary Union (EMU).
During the conference, held at the Banco de España Madrid headquarters, 57 international economists, lawyers, social scientists and researchers
presented research and findings into the need for a fiscal union and discussed the future of the euro area.
Participants discussed their own research alongside the EC’s current proposals for the EMU, detailed in its White Paper on the Future of Europe. In the paper, the EC suggests five suggested outcomes: 1) carrying on; 2) nothing but the single market; 3) those who want more do more; 4) doing less more efficiently, and 5) doing much more together.
18 May 2017 - 19 May 2017
Banco de España, Madrid
Programme ( 497 KB )
Speakers
18 May
-
- 08:30h - 09:00h
- Registration
-
- 09:00h - 09:15h
-
Welcome to the Banco de España
Juan Francisco Jimeno | Banco de España
The aim of this ADEMU conference
(95 KB)
Ramon Marimon | European University Institute
The aim of this ADEMU conference. Presentation (1 MB)
-
- 09:15h - 10:45h
-
On monetary policy, fiscal policy, and private finance interaction
Chair: Rodolphe Blavy | International Monetary Fund
“Monetary-fiscal interactions and the euro-area’s malaise”
(417 KB)
Marek Jarociński | European Central Bank
Bartosz Mackowiak* | European Central Bank
"Monetary-fiscal interactions and the euro-area's malaise". Presentation (314 KB)Discussant: Jean-Pierre Danthine | Paris School of Economics
“Aggregate Demand Externalities in a Global Liquidity Trap”
(464 KB)
Luca Fornaro | CREI & Universitat Pompeu Fabra
Federica Romei* | Stockholm School of Economics
"Aggregate Demand Externalities in a Global Liquidity Trap". Presentation (291 KB)Discussant: Alessandro Barattieri | Collegio Carlo Alberto and ESG UQAM
Alessandro Barattieri. Presentation (298 KB)
-
- 10:45h - 11:15h
- Coffee break
-
- 11:15h - 12:45h
-
On emu fiscal rules
Chair: Árpád Ábrahám | European University Institute
“Fiscal rules, bailouts, and reputation in Federal governments”
(564 KB)
Alessandro Dovis* | University of Pennsylvania
Rishab Kirpalani | New York University
"Fiscal rules, bailouts, and reputation in Federal governments". Presentation (284 KB)Discussant: Charles Brendon | University of Cambridge
Alessandro Dovis. Presentation (166 KB)“The political economy of fiscal transparency and independent fiscal councils”
Roel Beetsma* | Universiteit van Amsterdam
Xavier Debrun | International Monetary Fund
Randolph Sloof | Universiteit van Amsterdam
"The political economy of fiscal transparency and independent fiscal councils". Presentation (402 KB)Discussant: Carlos Mulas Granados | International Monetary Fund
Carlos Mulas Granados. Presentation (3 MB)
-
- 12:45h - 14:00h
-
Policy panel “Are current fiscal rules credible? What is the role of fiscal rules and of independent fiscal councils?”
Chair: Päivi Leino-Sandberg | UEF Law school and European University Institute
Introduction: Are Fiscal Policy Rules Part of the Solution or the Problem?
Matthias Goldmann | Goethe University Frankfurt
Matthias Goldmann Are Fiscal Policy Rules Part of the Solution or the Problem?. Presentation (466 KB)Panel participants:
José Luis Escrivá | AIReF
Frans van Nispen | Erasmus University RotterdamRené Smits | University of Amsterdam
René Smits. Presentation (108 KB)
-
- 14:00h - 15:00h
- Lunch
-
- 15:00h - 16:30h
-
On risk sharing (new ADEMU results) & policy reforms
Chair: Pedro Teles | Universidade Católica Portuguesa
“On the design of a European Unemployment Insurance Mechanism”
(639 KB)
Árpád Ábrahám* | European University Institute
João Brogueira de Sousa* | European University Institute
Ramon Marimon* | European University Institute
Lukas Mayr* | European University Institute
"On the design of a European Unemployment Insurance Mechanism". Presentation (654 KB)“On the optimal design of a Financial Stability Fund”
(729 KB)
Árpád Ábrahám* | European University Institute
Eva Cárceles-Poveda | SUNY at Stony Brook
Yan Liu | Wuhan University
Ramon Marimon* | European University Institute
"On the optimal design of a Financial Stability Fund". Presentation (607 KB)“Attitudes Towards Institutional Reforms For The Euro Area”
Matthias Dolls* | ZEW Mannheim and IZA
Nils Wehrhöfer* | ZEW Mannheim and University of Mannheim
"Attitudes Towards Institutional Reforms For The Euro Area". Presentation (702 KB)Discussants:
Paolo Pasimeni | European Commission
Tuomas Saarenheimo | Finnish Ministry of Finance
-
- 16:30h - 17:00h
- Coffee break
-
- 17:00h - 18:30h
-
Policy panel “A Treasury for the Banking Union?”
Chair: Xavier Vidal-Folch | EL PAIS
Introduction
Martin Hellwig | Max Planck Institute
Martin Hellwig. Presentation (70 KB)Panel participants:
Thomas Cooley | New York University – Stern Business School
Isabel Correia | Bank of Portugal
Federico Fabbrini | Dublin City University
Thomas Wieser | Euro Group Working group
-
- Conference dinner (by invitation only)
19 May
-
- 09:00h - 10:30h
-
On the EMU and fiscal federalism
Chair: Tomasz P. Wozniakowski | LMU Munich
“Hamilton’s paradox revisited: lessons from the euro area”
(616 KB)
Waltraud Schelkle* | London School of Economics
"Hamilton's paradox revisited: lessons from the euro area". Presentation (338 KB)Discussant: Johannes Fleck | European University Institute
“Fiscal delegation in a monetary union: Instruments assignment and stabilization properties”
(823 KB)
Henrique Basso* | Banco de España
James Costain* | Banco de España
"Fiscal delegation in a monetary union: Instruments assignment and stabilization properties". Presentation (1 MB)Discussant: Andreja Lenarčič | European Stability Mechanism
Andreja Lenarčič. Presentation (302 KB)
-
- 10:30h - 11:00h
- Coffee break
-
- 11:00h - 12:30h
-
On sovereign debt and stabilization policies
Chair: Aitor Erce | European Stability Mechanism
“Sovereign Default Risk and Firm Heterogeneity”
(631 KB)
Cristina Arellano* | Federal Reserve Bank of Minneapolis
Yan Bai | University of Rochester
Luigi Bocola | Northwestern University
"Sovereign Default Risk and Firm Heterogeneity". Presentation (425 KB)Discussant: Christian Hellwig | Toulouse School of Economics
Christian Hellwig. Presentation (78 KB)“When Ramsey Searches for Liquidity”
Wei Cui* | University College LondonDiscussant: Chima Simpson-Bell | European University Institute
Chima Simpson-Bell. Presentation (129 KB)
-
- 12:30h - 13:30h
-
Policy panel “Debt overhang and stabilization policies”
Chair: Thomas Cooley | New York University – Stern Business School
Introduction: “A safe sovereign asset for the Eurozone?”
(1 MB)
Ad van Riet | European Central BankPanel participants:
Jeffrey R. Franks | International Monetary Fund, European Division
Svend E. Hougaard Jensen | Copenhagen Business School
Svend E. Hougaard Jensen. Presentation (170 KB)Jean-Marc Fournier| OECD
Jean-Marc Fournier. Presentation (425 KB)Rolf Strauch | European Stability Mechanism
Rolf Strauch. Presentation
-
- 13:30h - 14:30h
- Lunch
-
- 14:30h - 15:45h
-
On a fiscal union for the EMU
Chair: Juan Francisco Jimeno | Banco de España
“Fiscal Unions”
(1 MB)
Emmanuel Farhi* | Harvard University
"Fiscal Unions". Presentation (3 MB)Discussant: Rody Manuelli | Washington University in St. Louis
Rody Manuelli. Presentation (271 KB)“Beyond the Five Presidents’ Report”
Marco Buti* | European Commission
Marco Buti. Presentation (929 KB)
-
- 15:45h - 16:00h
- Coffee Break
-
- 16:00h - 17:30h
-
Policy panel “How much of a fiscal union for the EMU? Has the answer to this, and related questions regarding the EMU fiscal and monetary framework, changed after 2016?”
Chair: Martin Sandbu | Financial Times
Panel participants:
Joaquín Almunia | Former Vice President of the European Commission
Joaquín Almunia. Presentation (110 KB)José Manuel Campa |Banco Santander
Ana Gouveia | Portuguese Ministry of Finance
Ana Gouveia. Presentation (454 KB)Javier Pérez | Banco de España
Javier Pérez. Presentation (504 KB)Guido Tabellini | Bocconi University
Guido Tabellini. Presentation (43 KB)CONCLUDING REMARKS
Organizing Committee:
Aitor Erce | European Stability Mechanism
Jeffrey R. Franks | European Division, International Monetary Fund
Juan Francisco Jimeno | Banco de España
Ramon Marimon | European University Institute, UPF, Barcelona GSE; Chair
Pedro Teles | Universidade Católica Portuguesa* Participating author(s)