ADEMU Conference: How much of a fiscal union for the EMU

The views of the researchers participating in the ADEMU conference do not necessarily reflect the views of the ESM or ESM policy.

Programme

18 May 2017
8.30 - 9.00	Registration
9.00 - 9.15	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 Presentation (1 MB)
9.15 - 10.45	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 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 Presentation (291 KB) Discussant: Alessandro Barattieri \| Collegio Carlo Alberto and ESG UQAM Presentation (298 KB)
10.45 - 11.15	Coffee break
11.15 - 12.45	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 Presentation (284 KB) Discussant: Charles Brendon \| University of Cambridge 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 Presentation (402 KB) Discussant: Carlos Mulas Granados \| International Monetary Fund Presentation (3 MB)
12.45 - 14.00	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 Presentation (466 KB) Panel participants: José Luis Escrivá \| AIReF Frans van Nispen \| Erasmus University Rotterdam René Smits \| University of Amsterdam Presentation (108 KB)
14.00 - 15.00	Lunch
15.00 - 16.30	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 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 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 Presentation (702 KB) Discussants: Paolo Pasimeni \| European Commission Tuomas Saarenheimo \| Finnish Ministry of Finance
16.30 - 17.00	Coffee break
17.00 - 18.30	Policy panel “A Treasury for the Banking Union?” Chair: Xavier Vidal-Folch \| EL PAIS Introduction Martin Hellwig \| Max Planck Institute 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
20.30	Conference dinner (by invitation only)
19 May 2017
9.00 - 10.30	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 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 Presentation (1 MB) Discussant: Andreja Lenarčič \| European Stability Mechanism Presentation (302 KB)
10.30 - 11.00	Coffee break
11.00 - 12.30	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 Presentation (425 KB) Discussant: Christian Hellwig \| Toulouse School of Economics Presentation (78 KB) “When Ramsey Searches for Liquidity” Wei Cui* \| University College London Discussant: Chima Simpson-Bell \| European University Institute Presentation (129 KB)
12.30 - 13.30	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 Bank Panel participants: Jeffrey R. Franks \| International Monetary Fund, European Division Svend E. Hougaard Jensen \| Copenhagen Business School Presentation (170 KB) Jean-Marc Fournier\| OECD Presentation (425 KB) Rolf Strauch \| European Stability Mechanism
13.30 - 14.30	Lunch
14.30 - 15.45	On a fiscal union for the EMU Chair: Juan Francisco Jimeno \| Banco de España “Fiscal Unions” (1 MB) Emmanuel Farhi* \| Harvard University Presentation (3 MB) Discussant: Rody Manuelli \| Washington University in St. Louis Presentation (271 KB) “Beyond the Five Presidents’ Report” Marco Buti* \| European Commission Presentation (929 KB)
15.45 - 16.00	Coffee Break
16.00 - 17.30	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 Presentation (110 KB) José Manuel Campa \|Banco Santander Ana Gouveia \| Portuguese Ministry of Finance Presentation (454 KB) Javier Pérez \| Banco de España Presentation (504 KB) Guido Tabellini \| Bocconi University 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)

ADEMU – A Dynamic EMU - is a three-year Horizon 2020 research project set up to reassess the overall fiscal and monetary framework of the EU and examine the long-term sustainability of the European Monetary Union (EMU). It aims to provide concrete and implementable policy proposals for the reform of the EMU through the application of the methods of modern macroeconomics and on the basis of empirical facts.