Toward a Genuine Economic and Monetary Union

September 10, 2015 – September 11, 2015

This workshop’s purpose is to inspire reflection on the long-term future of Economic and Monetary Union (EMU). Starting from current crisis-related challenges, the workshop focuses on four areas in which reforms might increase the resilience of EMU architecture and the prosperity of the euro area. The workshop intends to give an overview of the current state of economic research and the policy debate, with an emphasis on creative proposals aimed at overcoming existing deadlocks. The specific areas covered are in line with the recent “Five Presidents’ Report – Completing Europe's Economic and Monetary Union”: Economic, Financial, Fiscal and Political Union.

Papers and Presentations – September 10, 2015

Ewald Nowotny – Opening remarks
Speech

Paul De Grauwe – Keynote lecture
Presentation

Niels Thygesen – Completing Europe’s EMU – Where do we stand?
Presentation

Jakob de Haan – Reforming the architecture of EMU: ensuring stability in Europe
Paper
Presentation

Marek Dabrowski – Monetary union and fiscal and macroeconomic governance
Paper
Presentation

Stefan Ederer – Macroeconomic imbalances and institutional reforms in the EMU
Paper
Presentation

Andrew Watt – Quantitative easing with bite: A proposal for conditional overt monetary financing of public investment
Paper
Presentation

Plamen Iossifov – Opting into the banking union before euro adoption
Paper
Presentation

Paweł Smaga – (When) should a non-euro country join the banking union?
Presentation

Ad van Riet – Market-preserving fiscal federalism in the European Monetary Union
Presentation

Margit Schratzenstaller – Sustainable tax policy beyond the tax ratio in the EU as core element of a “fiscal union”
Paper
Presentation

Kurt Bayer – Wrap-up first workshop day
Resume

Papers and Presentations – September 11, 2015

László Andor – Keynote lecture
Paper
Presentation

Francesca Carta – A feasible unemployment-based shock absorber for the Euro Area
Paper
Presentation

Mathias Dolls – An unemployment insurance scheme for the Euro Area
Paper
Presentation

Paul Ramskogler – The trinity of wage setting in the European Monetary Union – a policy proposal
Presentation

Bernd Brandl – The effects of institutional instability in collective bargaining: a long-term analysis of changing collective bargaining actors and structures
Paper
Presentation

Régis Breton – Monetary union with a single currency and imperfect credit market integration
Paper
Presentation

Joseba Martinez – Does a currency union need a capital market union?
Paper
Presentation

Giancarlo Corsetti – A new start for the Eurozone: dealing with debt
Paper
Presentation

John Muellbauer – Conditional Eurobonds and Eurozone reform
Paper
Presentation

Achim Truger –  Implementing the golden rule for public investment in Europe
Paper
Presentation

Zsolt Darvas – In sickness and in health: protecting and supporting public investment in Europe
Paper
Presentation

Paolo Pasimeni – The economic rationale of an EMU fiscal capacity
Paper
Presentation

Agnès Bénassy-Quéré – Making Sense of the Fiscal Union: a Budget for the Eurozone?
Presentation

Andreas Breitenfellner – Closing remarks
Presentation