Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 92

Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 96

Warning: date() expects parameter 2 to be long, string given in /home/bruegelo/public_html/wp-content/themes/bruegel/content.php on line 99

Past Event

Japan and the EU in the global economy – challenges and opportunities

This event was co-organised by Bruegel, the Graduate School of Economics, Kobe University and Fondation France-Japon de l’EHESS. Japan and the EU are both open economies with significant trade and financial links and facing in many respects similar challenges. Both economies are affected by the rise of emerging market economies, which represent a huge opportunity […]

Date: Oct 7 - Global Economics & Governance Tags & Topics

This event was co-organised by Bruegel, the Graduate School of Economics, Kobe University and Fondation France-Japon de l’EHESS.

Japan and the EU are both open economies with significant trade and financial links and facing in many respects similar challenges. Both economies are affected by the rise of emerging market economies, which represent a huge opportunity but also imply the need to continuously adapt the production structure to the new competition. Both economies are also facing similar comparable internal economic adjustments. Japan in the 1990s had to overcome the bursting of a housing bubble and struggle with significant corporate balance sheet adjustment. Europe, in turn, is currently undergoing one of its most severe crisis in recent history with similar balance sheet adjustments happening in some parts of the economy. In Europe as in Japan, the role of monetary policy and central banks in addressing and overcoming the crisis is hotly debated. Also the appropriate role of fiscal policy and structural reforms is debated controversially in both economies.

The conference with four sessions debated these issues in depth. A first panel focused on the trade and financial links of the two economies in a period of rising emerging markets. The second panel consisted of a deep comparative discussion between Japanese and Europe expert on the housing bubbles, the deleveraging and the appropriate structural response. The third panel studied and compared the monetary policy reactions of the Bank of Japan with that of the European Central Bank as well as the fiscal policy reactions in the context of a fragile financial system. A final discussion of high level policy makers drew lessons and came up with concrete policy suggestions for Japan, Europe and their economic relation.

The conference and exchange offered a unique opportunity to deepen the economic understanding of two major economies facing similar challenges and opportunities. It brought together scholars from Kobe University, Bruegel and Fondation France-Japon de l’EHESS (École des Hautes Etudes en Sciences Sociales), as well as selected outside speakers from Japan and the EU from government and leading policy institutions.

Event materials

  • Event notes download
  • Speech by Peter Praet
  • Biographies of the speakers download
  • How did the Japanese economy really adjust? Lessons for Europe, presentation by Sébastien Lechevalier download
  • Japan-EU’s Cooperation to Promote Asia’s Economic Integration, presentation by Takuji Kinkyo download
  • Housing (Land Price) Bubbles, Government Responses, and Economic/Corporate Adjustments in Japan, presentation by Tomomi Miyazaki download
  • Policy Panel: What lessons to draw, presentation by Kiyohiko G. Nishimura download
  • Japan in the EU in the Global Economy: Challenges and Opportunities –
    Panel 1 Discussants’ Comments
    , presentation by Michael G. Plummer download
  • EU-Japan Trade Linkages, presentation by André Sapir download
  • Monetary, fiscal policy & financial system…, presentation by Jens Ulbrich download
  • Common Issues Central Banks Face on Unconventional Monetary Policies, presentation by Wataru Takahashi download

Programme download

Welcome remarks by Masahiko Yoshii, Dean of Graduate School of Economics, Kobe University, Sébastien Lechevalier, Associate Professor at EHESS (Paris), president of Fondation France-Japon de l’EHESS and Guntram Wolff, Director, Bruegel.

9:00-10:00 First panel: Trade and financial linkages between Europe and Japan: new evidence and scope for improvement

  • André Sapir, Senior Fellow, Bruegel; Professor, Free University of Brussels
  • Takuji Kinkyo, Professor, Graduate School of Economics, Kobe University; Senior Research Fellow, Policy Research Institute, Ministry of Finance, Japan
  • Discussant: Michael G. Plummer, ENI Professor in International Economics; Faculty and Academic Liaison, SAIS Bologna

10.15-11.15 Second panel: Housing Bubbles, Government Responses and Economic/Corporate Adjustments: can Europe learn from Japan?

  • Tomomi Miyazaki, Associate Professor, Graduate School of Economics, Kobe University
  • Sébastien Lechevalier, Associate Professor, EHESS (Paris); President of Fondation France-Japon de l’EHESS
  • Discussant: Joachim Fels, Chief International Economist, Morgan Stanley

11.30-12.30 Third panel: Monetary, fiscal policy and the financial system in Japan and Europe: a comparative perspective

  • Wataru Takahashi, Professor, Faculty of Economics, Osaka University of Economics, former Director General of the Institute for Monetary and Economic Studies of the Bank of Japan
  • Jens Ulbrich, Head of Economics Department, Bundesbank
  • Discussant: Zsolt Darvas, Senior Fellow, Bruegel

12.30-13.15 Break

13.15-14:00 Lunch with Keynote speech by Peter Praet, Member of the Executive Board of the European Central Bank

14:00-15:00 Fourth Panel: Policy panel: What policy lessons to draw?

  • Kiyohiko Nishimura, Professor of Economics at the Graduate School of Economics, Faculty of Economics at Tokyo University
  • Peter Praet, Member of the Executive Board of the European Central Bank
  • Michael G. Plummer, ENI Professor in International Economics; Faculty and Academic Liaison, SAIS Bologna
  • Guntram Wolff, Director, Bruegel

15:00-15:30 Closing remarks by Hideki Fukuda, President, Kobe University; Sébastien Lechevalier, President Fondation France‑Japon de l’EHESS and Guntram Wolff, Director, Bruegel

Read article More on this topic More by this author

Blog Post

Jérémie Cohen-Setton

The fiscal stance puzzle

What’s at stake: In a low r-star environment, fiscal policy should be accommodative at the global level. Instead, even in countries with current account surplus and fiscal space the IMF appears to have trouble advocating fiscal expansion. This also raises a political economy puzzle regarding the persistence of the current policy mix of tight fiscal and easy money.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: August 29, 2016
Read about event

Upcoming Event

Sep
6-7
09:15

Bruegel Annual Meetings 2016

The Annual Meetings are a high point in Bruegel's calendar.

Speakers: Michel Barnier, Joachim Bitterlich, Arnoud Boot, Albert Bravo-Biosca, Elmar Brok, Nadia Calviño, Tom Carver, Grégory Claeys, Daniel Daianu, Zsolt Darvas, Paulina Dejmek-Hack, Maria Demertzis, Jeroen Dijsselbloem, Alicia García-Herrero, Sylvie Goulard, Charles Grant, Dominique Guellec, Connie Hedegaard, Michel Houdebine, Vazil Hudák, Brigitte Knopf, Pascal Lamy, Lawrence J. Lau, Matthew Lobner, Robert Madelin, Sylvie Matherat, Simone Mori, Erik F. Nielsen, Barbara Novick, Jean Pisani-Ferry, Romano Prodi, Olli Rehn, Carmen M. Reinhart, André Sapir, Dirk Schoenmaker, Ludger Schuknecht, Egon Schulz, Maroš Šefčovič, Jeremy Shapiro, Scott Stern, Jean-Claude Trichet, Laszlo Varro, Nicolas Véron, Reinhilde Veugelers, Helen Wallace, Guntram B. Wolff and Georg Zachmann Topic: Energy & Climate, European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance, Innovation & Competition Policy Location: Autoworld, Brussels, Belgium
Read article More on this topic More by this author

Blog Post

Alicia García-Herrero

China's political agenda for the G20 summit

Chairing the G20 offers China a unique opportunity to set the tone in global economic debates, and the Hangzhou summit is the focus of attention. The author predicts that trade, structural reforms and a bigger global role for China will be Beijing’s three priorities. But how realistic are these goals?

By: Alicia García-Herrero Topic: Global Economics & Governance Date: August 22, 2016
Read article More on this topic More by this author

Blog Post

Jérémie Cohen-Setton

The Fed’s rethinking of normality

What’s at stake: As we approach Jackson Hole, monetary policymakers are considering how to redesign monetary policy strategies to better cope with a low r-star environment.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: August 22, 2016
Read about event More on this topic

Upcoming Event

Sep
21-22
09:00

13th Asia Europe Economic Forum (AEEF)

This edition of the of the Asia-Europe Economic Forum is entitled: “Riding the new waves: Asian and European Economic Perspectives” and will be held in Beijing on 21-22 September 2016.

Topic: Global Economics & Governance Location: Beijing
Read article Download PDF More on this topic

External Publication

cover

Seven years after the crisis: intersecting perspectives

This joint publication brings together the papers produced as part of the first collaboration between Bruegel and the OCP Policy Center. Within the theme of “Seven Years after the Crisis: Intersecting Perspectives” our two organisations launched a “Platform for Advanced & Emerging Economies Policy Dialogue” in Rabat on 1 April 2016.

By: Rim Berahab, Nuria Boot, Uri Dadush, Karim El Aynaoui, Karim El Mokri, Simone Tagliapietra, Karen E. Wilson, Guntram B. Wolff and Georg Zachmann Topic: Global Economics & Governance Date: August 19, 2016
Read article More on this topic More by this author

Opinion

IMG_1985

The G20 in a post-Brexit world

As Britain enters a period of political and economic instability, following a referendum vote that many now interpret as anti-globalisation, it is worth reflecting on what the consequences of Brexit will be for the world’s ‘economic steering committee’: the G20.

By: Alessio Terzi Topic: Global Economics & Governance Date: August 18, 2016
Read article More on this topic More by this author

Podcast

Podcast

What can the eurozone learn from US monetary history?

Many in the EU look to the USA as a model for monetary union in the Eurozone. But how easy was it to create such a union, and what can Europe learn from the USA’s experience?

By: Bruegel Topic: Global Economics & Governance Date: August 12, 2016
Read article More on this topic More by this author

Blog Post

Nataraj_Geethanjali_Profile-Picture1

Will TTIP survive Brexit?

There are concerns that the UK’s decision to leave the EU may jeopardise future TTIP negotiations. Some fear Brexit could make the EU a less attractive trade partner for the US. However, it seems that the new US administration as well as upcoming elections in Germany and France could end up posing bigger threats to the trade agreement than Brexit.

By: Geethanjali Nataraj Topic: Global Economics & Governance Date: July 27, 2016
Read article More by this author

Opinion

Alicia García-Herrero

‘Old China’ bad, ‘New China’ good: Growing divergence in Chinese corporate health

Divergence in debt levels and corporate health in China is growing, with many state-owned companies still stuck in the past and new industries such as tourism and healthcare overtaking the old ones. While fiscal and monetary stimulus may temporarily cover up the problems of companies in the old industries, a restructuring of these sectors seems inevitable.

By: Alicia García-Herrero Topic: Global Economics & Governance Date: July 26, 2016
Read article

Blog Post

Alicia García-Herrero
DSC_0160

Assessing China’s post-Brexit globalisation strategy

As the world comes to terms with the result of the UK's Brexit referendum, what will it mean for China? The authors suggest that the short-term impact will be smaller for China than for other regions. But there are important considerations further ahead.

By: Alicia García-Herrero and Jianwei Xu Topic: Global Economics & Governance Date: July 19, 2016
Read article More on this topic More by this author

Blog Post

Jérémie Cohen-Setton

Racial prejudice in police use of force

What’s at stake: This week was dominated by a new study by Roland Fryer exploring racial differences in police use of force. His counterintuitive result that blacks and Hispanics experience discrimination for all types of interaction involving force except for officer involved shootings provoked debate after the study was published on Monday.

By: Jérémie Cohen-Setton Topic: Global Economics & Governance Date: July 18, 2016
Load more posts