Crisis Resolution in the Euro Area

The meeting was by invitation only.

Programme

CEPR Research and Policy Network (RPN)-ESM Workshop on Crisis Resolution in the Euro Area

Monday 18 - Tuesday 19 November 2019
ESM, 6a Circuit de La Foire Internationale, 1347 Luxembourg

Monday 18 November

18:30 - Shuttle bus departing from Legere Hotel to Brasserie Mansfeld

19:00 – 22:00 Reception and Dinner Brasserie Mansfeld, 3 Rue de la Tour Jacob, 1831 Luxembourg

• Welcome/Introduction to the workshop: Beatrice Weder di Mauro
• Dinner speaker: Rolf Strauch

Tuesday 19 November

(Disclaimer: all presentation titles are working titles and subject to change)

8:00 - Shuttle bus departing from Legere Hotel to ESM

8:30 – 9:00 Registration and welcome 

9:00 – 10:30 Session 1: Sovereigns: liquidity support (Chair: Isabel Vansteenkiste)

• Nicola Giammarioli: ESM facilities: What have we achieved? What is lacking? [15 minutes] 

• Ramon Marimón: What the perfect ESM would look like [20 minutes] (Presentation Slides)

• Discussant: Jean Pisani-Ferry [10 minutes] (Presentation Slides)

• General discussion: [45 minutes]. 

10:30 – 11:00 Coffee Break and Group Photo 

11:00-– 12:30  Session 2: Sovereigns: debt restructuring (Chair: Jeromin Zettelmeyer)

• Mitu Gulati: How to restructure euro area debt [20 minutes]

• Discussant: Anne-Laure Delatte [10 minutes], Sebastian Grund [10 minutes]

• General discussion: [50 minutes] 

12:30 – 13:45 Lunch 

13:45 – 16:00 Session 3: Financial intermediaries: banks (Chair: Angel Ubide)

• Lucrezia Reichlin (with Mathias Dewatripont and André Sapir): Resolution in the banking union: completing the agenda. [20 minutes] 

• Paolo Fioretti: Alternative options of a euro area resolution liquidity framework. [20 minutes] 

    Completing banking union to support Economic and Monetary Union

• Discussants: Luc Laeven [10 minutes], Marina Moretti [10 minutes], Shahin Vallée [10 minutes] 

• General discussion: [65 minutes]. 

16:00 – 16:30 Coffee Break 

16:30 – 17:45 Session 4: Financial intermediaries: non-banks (Chair: Agnes Bénassy-Quéré)

• Richard Portes: Non-bank Financial Intermediation in the Next Crisis [20 minutes] 

• Discussant: Giovanni dell’Ariccia [10 minutes]. 

• General discussion: [45 minutes]. 

17:45 – 18:00 Wrap-up and goodbye 

• Jeromin Zettelmeyer and Agnes Bénassy-Quéré

18:00 – 19:00 Evening Reception