Klaus Regling at the Foreign Correspondents' Club of Japan
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Tokyo, Japan
Agenda
From the organiser:
"The Road toward Monetary Union in Europe – Where Next?"
The European Union is poised to further its long march toward full economic and monetary union by forming a European Monetary Fund or EMF that will succeed the European Stability Mechanism (ESM). Klaus Regling is the current and first Managing Director of the European Stability Mechanism which, since its launch in 2012, has helped to preserve stability in the euro area by providing financial support to euro area Member States in distress.
The proposed European Monetary Fund will have similar powers and financial resources as the ESM to react to crises. But through its actions it will also aim to instil confidence in Europe's banking system, thus reducing the risk of a situation where public rescue funds are required. Should such aid be required, the EMF would have power to recover funds from the banking sectors in member states participating in the EU Banking Union.
This further progress toward a financially safe euro area is a tribute to the vision and determination of the EU's founding fathers, although it comes at a time when Britain is about to quit the Union and when other threats to the stability and integrity of the EU have recently been felt.
What lessons can Asia learn from Europe's continuing progress toward full monetary union, and how will regional monetary funds such as the EMF and the quasi Asian Monetary Fund (known as the Chiang Mai Initiative) operate in cooperation with the International Monetary Fund (IMF)? Klaus Regling, who spent a decade with the German Ministry of Finance where he prepared Economic and Monetary Union in Europe, is well positioned to discuss such issues.
Regling worked for 40 years as an economist in senior positions in the public and the private sector in Europe, Asia, and the U.S., including a decade with the IMF in Washington and Jakarta. From 2001 to 2008, he was Director General for Economic and Financial Affairs of the European Commission.
Time shown is local time
"The Road toward Monetary Union in Europe – Where Next?"
The European Union is poised to further its long march toward full economic and monetary union by forming a European Monetary Fund or EMF that will succeed the European Stability Mechanism (ESM). Klaus Regling is the current and first Managing Director of the European Stability Mechanism which, since its launch in 2012, has helped to preserve stability in the euro area by providing financial support to euro area Member States in distress.
The proposed European Monetary Fund will have similar powers and financial resources as the ESM to react to crises. But through its actions it will also aim to instil confidence in Europe's banking system, thus reducing the risk of a situation where public rescue funds are required. Should such aid be required, the EMF would have power to recover funds from the banking sectors in member states participating in the EU Banking Union.
This further progress toward a financially safe euro area is a tribute to the vision and determination of the EU's founding fathers, although it comes at a time when Britain is about to quit the Union and when other threats to the stability and integrity of the EU have recently been felt.
What lessons can Asia learn from Europe's continuing progress toward full monetary union, and how will regional monetary funds such as the EMF and the quasi Asian Monetary Fund (known as the Chiang Mai Initiative) operate in cooperation with the International Monetary Fund (IMF)? Klaus Regling, who spent a decade with the German Ministry of Finance where he prepared Economic and Monetary Union in Europe, is well positioned to discuss such issues.
Regling worked for 40 years as an economist in senior positions in the public and the private sector in Europe, Asia, and the U.S., including a decade with the IMF in Washington and Jakarta. From 2001 to 2008, he was Director General for Economic and Financial Affairs of the European Commission.
Time shown is local time