Past Event

Bruegel – Financial Times Forum: The future of euro-area governance

The third event in the Bruegel - Financial Times Forum series looked into the future of euro-area governance.

Date: February 27, 2018, 12:30 pm Topic: European Macroeconomics & Governance

video & audio recordings


At this event, we used Slido to conduct polls. 

What are the missing pieces of the euro-area architecture? How to go beyond the current visions of euro-area governance?
How should the new European Monetary Fund work, in order to break the sovereign-bank link? What are the broader strategic implications for Europe’s position in the world?

Manfred Weber, Guntram Wolff and Gideon Rachman explored the next steps needed to create a more functional and coherent economic governance framework. This event was moderated by Maria Demertzis.

Summary

With improved economic conditions in the EA as well as increased trust in the common currency, the debate not only focused on subdued reforms, but also on a potential new status quo for the EA. However, with awareness that more reforms are needed, there exist both temporary as well as structural obstacles that impede further progress.

Potential objectives and visions for the EA …

  • Complete banking union – the European Deposit Insurance Scheme and a common backstop for the Single Resolution Fund are still outstanding
  • Redefine priorities in budget – identify areas in which EA/EU can contribute most and channel resources towards them e.g. migration, macroeconomic stabilization
  • Improve risk sharing – instruments such as mutual or contingent debt or a budget line that supports the EA economy during downswings are crucial pillars in other monetary unions
  • Safeguard democracy – strengthen the role of European Parliament to guarantee independent institutions
  • Reduce asymmetries – e.g. fiscal rules determine maximum deficit, but allow for discretion on the upside

… and obstacles to achieve them

Temporary

  • National elections – e.g. political German gridlock hampered progress in reforms
  • Lost momentum – Brexit, changing dynamics in the USA, improved economic conditions side-line EA reforms

Structural

  • Mistrust – across nations as well as between nations and EU institutions manifest diverging visions
  • Sovereignty – opposed to the development of other federations, European nations have well developed government functions which leaves less roles for EU and therefore, reluctance to transfer sovereignty
  • Unanimity condition – finding a progressive compromise based on unanimous agreement impedes major reforms

Event notes by David Pichler, Research Assistant.

This event was jointly organised with the Financial Times, one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy.

Schedule

Feb 27, 2018

12:30-13:00

Check in and lunch

13:00-14:00

Panel discussion

Chair: Maria Demertzis, Deputy Director

Gideon Rachman, Chief Foreign Affairs Commentator, Financial Times

Manfred Weber, Chair of the EPP Group, European Parliament

Guntram B. Wolff, Director

14:00-14:30

Q&A

14:30

End

Speakers

Maria Demertzis

Deputy Director

Gideon Rachman

Chief Foreign Affairs Commentator, Financial Times

Manfred Weber

Chair of the EPP Group, European Parliament

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

matilda.sevon@bruegel.org

Read about event More on this topic

Past Event

Past Event

Market power and its implications to competition policy

What are the reasons behind the global trends in corporate margins and market concentration?

Speakers: Adina Claici, Fiona Scott Morton, Nicolas Petit, Georgios Petropoulos and Arno Rasek Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 16, 2019
Read article More by this author

Blog Post

What 2019 could bring: A look inside the crystal ball

Economic performance prospects in Europe, the US and Asia in 2019. We start off by reviewing commentaries and predictions about the euro zone, which many commentators expect to perform below potential as uncertainties continue to dampen a still robust recovery.

By: Michael Baltensperger Topic: European Macroeconomics & Governance, Global Economics & Governance Date: January 14, 2019
Read article Download PDF More on this topic

Policy Contribution

The euro as an international currency

Is a more important international role for the euro worth pursuing? What measures would achieve this result, if it is worth pursuing?

By: Konstantinos Efstathiou and Francesco Papadia Topic: European Macroeconomics & Governance Date: December 18, 2018
Read about event More on this topic

Past Event

Past Event

Investment and intangible capital

This event featured a presentation of the EIB's 2018 Investment Report.

Speakers: Román Arjona, Maria Demertzis, Debora Revoltella and Mario Nava Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 14, 2018
Read about event More on this topic

Past Event

Past Event

Emerging Trends in Competition Policy - A Global Perspective

How is global competition policy evolving given the challenges of the digital era?

Speakers: Cristina Caffarra, Antonio Capobianco, Kris Dekeyser, William Kovacic and Georgios Petropoulos Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 11, 2018
Read about event More on this topic

Past Event

Past Event

Environmental and economic effects of the EU ETS

What is the impact of the EU ETS on carbon emissions and economic performance of regulated companies?

Speakers: Sander de Bruyn, Antoine Dechezleprêtre, Beatriz Yordi Aguirre and Georg Zachmann Topic: Energy & Climate Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 6, 2018
Read about event More on this topic

Past Event

Past Event

Civil society for the digital age

What is the place of civil society in the digital age as well as the role of technology in society?

Speakers: Eline Chivot, Orla Lynskey, Bertin Martens, Georgios Petropoulos, Thiébaut Weber and Glen Weyl Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 4, 2018
Read article More on this topic

Blog Post

The international role of the euro

The authors assess whether the euro area should pursue a greater international role for the euro, as outlined by European Commission president Jean-Claude Juncker, and how it might go about doing so.

By: Konstantinos Efstathiou and Francesco Papadia Topic: European Macroeconomics & Governance Date: December 3, 2018
Read about event More on this topic

Past Event

Past Event

How to speed up sustainable finance?

Which steps are needed to really change current practices and speed up sustainable finance?

Speakers: Sophie Barbier, Molly Scott Cato, Cathrine de Coninck-Lopez, Alain Deckers, Edmund Lakin and Dirk Schoenmaker Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 28, 2018
Read article Download PDF

External Publication

European Parliament

How to provide liquidity to banks after resolution in Europe’s banking union

Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. After resolution but before full market confidence is restored, the liquidity needs of resolved banks might exceed what can be met through regular monetary policy operations or emergency liquidity assistance. All liquidity needs that emerge must be met for resolution to be a success. In the euro area, this can only be done credibly for systemically important banks by the central bank.

By: Maria Demertzis, Inês Goncalves Raposo, Pia Hüttl and Guntram B. Wolff Topic: European Macroeconomics & Governance, European Parliament, Testimonies Date: November 22, 2018
Read about event More on this topic

Past Event

Past Event

Reviewing the EU fiscal framework

What are the positive and negative developments and is there scope for improvement?

Speakers: Niels Thygesen and Anne-Laure Delatte Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 22, 2018
Read about event

Past Event

Past Event

European Banking Supervision: the past five years and prospects for the future

This event will look back at the first five years of the Single Supervisory Mechanism.

Speakers: Danièle Nouy and Guntram B. Wolff Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: November 20, 2018
Load more posts