Plenary Session

09.00 - 10.40

Plenary Session
What governance for the euro area?

Chair: Virginie Coudert, Bank of France, CEPII, and EconomiX‐CNRS, University of Paris Ouest

The European Monetary Fund – A systemic problem needs a systemic solution, Stephan Schulmeister, WIFO

How to restore sustainability of the euro? Kari Alho, ETLA


Discussant: John FitzGerald, ESRI

Session 1

11.00 - 13.00

Session 1
Fiscal policy

Chair: Catherine Mathieu, OFCE


Fiscal multipliers: A meta analysis of the literature, Sebastian Gechert, Chemnitz University of Technology, Henner Will, IMK

An assessment of stability and growth pact reform proposals in a small scale macro framework, Jérôme Creel, ESCP Europe & OFCE, Paul Hubert and Francesco Saraceno, OFCE

Macroeconomic imbalances as indicators for debt crises in Europe, Tobias Knedlik and Gregor von Schweinitz, IWH

Fiscal and monetary policy determinants of the euro zone crisis and its resolution, Marek Dabrowski, CASE



Discussant: Ulrich Fritsche, University of Hamburg


11:00 - 13:00

Session 2
Financial issues

Chair: Enno Langfeldt, Kiel University of Applied Sciences


Debt, assets and imbalances in the euro area: An urgent call for rebalancing instead of deleveraging, Christophe Van Nieuwenhuyze, National Bank of Belgium

International monetary transmission with bank heterogeneity and default risk, Tsvetomira Tsenova, Bulgarian National Bank

Financial stress and economic activity in Germany, Björn van Roye, IfW

Financial crisis, economic adjustment and a return to growth in the EU, John FitzGerald, The Economic and Social Research Institute



Discussant: Carsten Patrick Meier, Kiel Economics


11.00- 13.00

Session 3
Real exchange rate issues

Chair: Markku Kotilainen, ETLA


On currency misalignments within the euro area, Virginie Coudert, Bank of France, CEPII, and EconomiX-CNRS, University of Paris Ouest, Cécile Couharde, EconomiX-CNRS, University of Paris Ouest,
Valérie Mignon, EconomiX-CNRS, University of Paris Ouest and CEPII

Currency devaluation with dual labor market: Which perspectives for the euro zone? Amélie Barbier-Gauchard, Francesco De Palma and Giuseppe Diana, BETA, University of Strasbourg

Exchange rate misalignments, fiscal federalism and redistribution: How to adjust in a monetary union, Vincent Duwicquet, CLERSÉ, University of Lille 1, CNRS, Jacques Mazier, CEPN, University Paris 13 Nord, CNRS, Jamel Saadaoui, CEPN, University Paris 13 Nord, CNRS

Exchange rate volatility and the two margins of trade: Evidence from monthly trade data, Florian Johannsen, Georg-August University of Göttingen, Immaculada Martinéz-Zarzoso, University Jaume I, Spain, and Georg-August University of Göttingen



Discussant: Iulia Siedschlag, ESRI


14.00 - 16.00

Session 4
Fiscal rules

Chair: Thomas Lux, Kiel University


The European redemption pact: An illustrative guide, Hasan Doluca, Malte Hübner, Dominik Rumpf and Benjamin Weigert, German Council of Economic Experts

Open to manipulation and pro-cyclical: A detailed analysis of Germany’s ‘debt brake’, Achim Truger, Berlin School of Economics and Law, Henner Will, IMK

Do we need fiscal rules?, Catherine Mathieu and Henri Sterdyniak, OFCE

A modified golden rule for the euro area, Pierre Villa



Discussant: Wim Suyker, CPB


14.00 - 16.00

Session 5
Monetary policy

Chair: Klaus‐Jürgen Gern, IfW


Macroprudential policy rules, Tatiana Fic, NIESR

The global prudential response to the crisis and the EU framework: An assessment, Dominique Perrut, GRANEM, University of Angers

Monetary policy trade-offs in a portfolio model with endogenous asset supply, Stefan Schüder, University of Göttingen

On the performance of monetary policy committees, Etienne Farvaque, Université du Havre & Equippe - Universités de Lille & Skema Business School, Lille, Piotr Stanek, Cracow University of Economics, Stéphane Vigeant, Equippe - Universités de Lille & IESEG School of Management, Lille



Discussant: Christian Dreger, DIW


14.00 - 16.00

Session 6
Debt sustainability

Chair: Stefan Kooths, IfW


When is debt sustainable?, Jasper Lukkezen, CPB, Utrecht University and Hugo Rojas-Romagosa, CPB

Fiscal shocks, public debt, and long-term interest rate dynamics, Luigi Marattin, University of Bologna, Paolo Paesani, University of Rome-Tor Vergata and Simone Salotti, National University of Ireland Galway

An empirical investigation of the sustainability of fiscal policy in Greece during the last centuries, Christian Richter and Dimitrios Paparas, University of East London

Irish government debt and implied debt dynamics: 2012–2015, John FitzGerald, Ide Kearney, and Nuša Žnuderl, ESRI



Discussant: Dawn Holland, NIESR


16.20 - 18.20

Round Table

Chair: Henning Klodt, IfW

16.20 -.16.50
Keynote introduction: Avoiding debt traps: Financial backstops and structural reforms, Pier Carlo Padoan, Urban Sila and Paul van den Noord, OECD

Paolo Onofri, PROMETEIA

Joachim Scheide, IfW

Henri Sterdyniak, OFCE

Paul van den Noord, OECD