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 – Quantitaive 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