Evenements

Ce séminaire coorganisé par le CAE et le Conseil des cinq sages allemands (Sachverstaendigenrat) a réuni une quarantaine d’économistes dont des représentants des administrations allemandes, françaises et européennes pour échanger leurs points de vue sur la gouvernance de la zone euro.

Voici le programme en anglais, langue des échanges ainsi que des liens sur les documents discutés.

Discussions about a closer fiscal integration of the euro area are gaining momentum. Fiscal rules have been strengthened and a two-tier system, with those countries under an adjustment programme being closely monitored, has de facto been established. Furthermore, the interim report “Towards a Genuine Economic and Monetary Union” by the President of the European Council has proposed additional steps of economic integration like a fiscal capacity to improve the resilience of the euro area and a specific contractual approach to foster structural reforms. At the same time, some countries have signaled their unwillingness to increase the European budget.

How can fiscal policy-making in the euro area be revamped in a meaningful and integrated way ? Does the euro area need more fiscal integration including its own budget ? If the answer is yes, how should it be structured and how would it relate to existing EU institutions ? How can moral hazard effects of a fiscal capacity or a contractual approach be addressed ? The workshop aims at bringing together economic policy makers and economic advisors to discuss these questions in an open and frank debate under Chatham house rules.

10:30 : Opening

10:45 - 12:15 : Session 1
Chair : Pierre Joly, Secretary General of CAE

  “Midstream : reforms needed to complete the Economic and Monetary Union”, 
Pierre-Olivier Gourinchas, Member of the CAE, University of Berkeley and Science Po, Paris 
  “Is a fiscal capacity really necessary to complete the EMU ?”, 
Lars P. Feld, Member of the GCEE, University of Freiburg

12:15 - 13:15 : Lunch

13:15 - 14:45 : Session 2 : 
Chair : Benjamin Weigert, Secretary General of GCEE

  “Towards Deeper Integration in Europe : What Can the Banking Union Contribute ?”, 
Claudia M. Buch, Member of the GCEE, University of Tübingen 
  “A three-step path to reunify the euro area”, 
Laurence Boone, Associate of the CAE, Director of research for Bank of America Merrill Lynch

14:45 - 15:15 : Coffee break

15:15 - 17:15 : Session 3 : Panel Discussion
Chair : Agnès Bénassy-Quéré, Chairman of CAE and Christoph Schmidt, Chairman of GCEE