CEPR Research and Policy Network (RPN) on European Economic Architecture

This meeting was by invitation only.

Monday 15 - Tuesday 16 April 2019
Collège de France, Paris

Programme

Monday 15 April  - Salle 4

14:00-16:00 - Session 1 - Reform of the Stability and Growth Pact: do we have a consensus?

Chair: Beatrice Weder di Mauro, Graduate Institute of Geneva, INSEAD and CEPR

Initial presentations: 14:00-15:00

• Roel Beetsma, European Fiscal Board, University of Amsterdam and CEPR- Chapter 6 (page 70) of the European Fiscal Board Annual Report (Presentation Slides) 
• Philippe Martin, CAE, Sciences-Po and CEPR - European Fiscal Rules Require a Major Overhaul (Presentation Slides)
• Wolf Heinrich Reuter, German Council of Economic Experts 

1.  Uniting European Fiscal Rules: How to Strenghten the Fiscal Framework, 
2. On the design of stabilising fiscal rules
3. When and why do countries break their national fiscal rules?
4. Presentation Slides

Discussion: 15:00-16:00

16:00-16:30 - Coffee Break 

16:30-18:30 - Session 2 - What holds back productivity growth in euro area countries?

Chair: Gilbert Cette, Banque de France

Initial presentations: 16:30-17:30

• Reint Gropp, IW Halle and University of Magdeburg - Firm Dynamism, Productivity and the German Anomaly (Presentation Slides)

• Giuseppe Nicoletti, OECD

1. Digital technology diffusion: A matter of capabilities, incentives or both?

2. Digitalisation and productivity: In search of the holy grail – Firm-level empirical evidence from EU countries 

3. The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries

4. Presentation Slides

• Luigi Zingales, University of Chicago Booth and CEPR - Diagnosing the Italian Disease (Presentation Slides)

Discussion: 17:30-18:30

20:00 - Dinner with keynote speaker (senior French government official) and discussion at Le Coupe Chou, 11 Rue de Lanneaur, 75005 Paris

Tuesday 16 April - Salle 1

9:00-11:00 - Session 3 - Does the euro area need a safe asset – and if so, how should it be designed?

Chair: Natacha Valla, ECB (Additional Material)

Initial presentations: 9:00-10:00

• Sam Langfield, European Central Bank - Regulating the Doom Loop (Presentation Slides)
• Jeromin Zettelmeyer, Peterson Institute for International Economics and CEPR

1. Europe’s Search for a Safe Asset (Policy Brief)
2. The Search for a Euro Area Safe Asset (Working Paper)
3. Presentation Slides

• Michala Marcussen, Société Générale - Domesticating the Euro (Presentation Slides)

• Supplementary material on E-bonds contributed by Gabriele Giudice - Safer than it looks: creating a European safe asset to coexist with national bonds (Please contact Mandy Chan [email protected] if you would like access to the paper and/or presentation slides)

Discussion: 10:00-11:00

11:00 - 11:30 - Coffee Break 

11:30-13:00 - Session 4 - Open discussion on the state of research on European economic architecture area and next steps for our network.

13:00-14:00 - Lunch at L’invitée, 8 Rue Thénard, 75005 Paris

14:30-16:30 - Panel debate on euro area reform (in French, public CdF event) - Amphithéâtre Guillaume Budé

The reform of the euro area economic and financial architecture: What next?

Chair: Lucrezia Reichlin, London Business School, CEPR and Collège de France

Welcome: Lucrezia Reichlin (London Business School, CEPR and Collège de France) and Beatrice Weder di Mauro (Graduate Institute of Geneva, INSEAD and CEPR) 

Participants: Marco Buti (DG ECFIN, European Commission), Henrik Enderlein (Hertie School of Governance and Jacques Delors Institute Berlin), Francesco Giavazzi (Bocconi University and CEPR), Michel Houdebine (Tresor), Jean Pisani-Ferri (Bruegel, EUI, Hertie School of Governance and Sciences Po), Natasha Valla (European Central Bank), Jakob von Weizsäcker (German Ministry of Finance)

This is a public event which aims at engaging a wide audience with the the themes of the economic and financial reform of the euro area architecture. The panelists - both academics and policy makers - will discuss the lessons learned during the euro crisis, the progress in institutional reform of the last years and the fragilities still remaining. The discussion will aim at identifying the key policy controversies in today's debate and the agenda for further work at both the academic and policy level.  After a first round of brief interventions from the pannelists, the discussion will be opened to Q&As from the audience. The event will be in French.

La réforme de l'architecture économique et financière de la zone euro: quelles perspectives?

Il s’agit d’un événement public qui vise à intéresser un large public aux thèmes de la réforme économique et financière de l’architecture de la zone euro. Les panélistes, universitaires et décideurs, discuteront des enseignements tirés de la crise de l'euro, des progrès réalisés dans la réforme institutionnelle de ces dernières années et des fragilités qui persistent. La discussion visera à identifier les principales controverses politiques dans le débat d’aujourd’hui et le programme des travaux futurs, tant au niveau académique que politique. Après une première série de brèves interventions des membres des groupes de discussion, la discussion sera ouverte aux questions et réponses de l'auditoire. L'événement sera en français.

The Collège de France is a unique public research and higher education institution located in the heart of Paris. Since 1530, it has been a forum for cutting-edge research and education in all fields of knowledge, from the mathematical and natural sciences to the social sciences and humanities. The 50 to 60 appointed professors teach their own “research in the making” at the Collège de France, by delivering lecture series on new topics every year, wherever their research leads them. Lectures at this special place of learning are open to anyone wishing to attend, without any registration or fees.

Lucrezia Reichlin holds the European Chair of the Collège de France for 2018-2019.