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Past Event

The euro-zone crisis and its impact on the global economy

This event was co-organised by Bruegel and the Korea Institute of Finance, as part of the project "Public diplomacy, policy research and outreach devoted to the European Union and EU-Korea relations". Agenda here 15 January (Tuesday) 19:00-20:30 Welcoming Dinner Venue: Seoul Royal Hotel 16 January (Wednesday) 9:30-9:50 Opening Remarks Chang-Hyun Yun, President, Korea Institute of […]

Date: Jan 16 - European Macroeconomics & Governance Tags & Topics

This event was co-organised by Bruegel and the Korea Institute of Finance, as part of the project "Public diplomacy, policy research and outreach devoted to the European Union and EU-Korea relations".

Agenda here

15 January (Tuesday)

19:00-20:30 Welcoming Dinner

Venue: Seoul Royal Hotel

16 January (Wednesday)

9:30-9:50 Opening Remarks

  • Chang-Hyun Yun, President, Korea Institute of Finance, Korea
  • Guntram B. Wolff, Deputy Director, Bruegel, Belgium
  • Tomasz Kozlowski, Ambassador & Head, Delegation of the European Union to the Republic of Korea

9:50-10:00 Keynote Speech

  • Je-Yoon Shin, First Vice Minister, Ministry of Strategy and Finance, Korea

10:0012:00 Session 1: Anatomy of the Euro-zone Crisis (Why did it happen?)

The crisis of the euro area has revealed specific problems related to public finance sustainability and resolution of sovereign debt crises, excessive imbalances and competitiveness problems, the difficulties in supporting economic growth in countries that became under market pressure, asset price divergences and private sector debt accumulation, discrepancy between banking sector integration and the weaknesses of the EU framework for regulation, supervision, and crisis resolution, and the difficulties in making prompt and effective euro-area wide policy decisions. Which were the main causes of the crisis and what would be the ideal solutions to these issues?

Chair: Jung-Sik Kim, Professor, Economics Department, Yonsei University

Speakers:

  • Joon-Ho Hahm, Professor/Director, Center for International Studies, Yonsei University, Korea – presentation here
  • Myong-Hwal Lee, Senior Research Fellow/Director, Korea Institute of Finance, Korea- presentation here
  • Benedicta Marzinotto, Research Fellow, Bruegel, Belgium -presentation here
  • Stephanie Riso, Head of Unit, Fiscal Policy and Surveillance, DG ECFIN, European Commission -presentation here

12:00-13:00 Lunch Break

13:00-15:00 Session 2: Analysis of the Responses to the Euro-zone Crisis (What has been done?)

A large number of institutional changes were triggered by the euro crisis, such as various new agreements on policy surveillance, coordination, rule-enforcement, and financial assistance. The European Central Bank also introduced decisive measures to support the banking sector, as well to ease the tensions of government bond markets. How adequate were these measures – in light of the institutional and political constraints of the euro-area? At the same time market participants, and in particular, banks also responded to the crisis. Direct exposure of banks to distressed euro-area sovereigns deteriorates bank balance sheets, thereby making it more difficult for the bank to supply sufficient credit. Major turbulence in the banking sector of a euro-area country, not to mention a possible exit of a country form the euro-area, can easily lead to financial mayhem even outside the euro area due to the high-level financial linkages. What are the banks’ strategic responses to the Euro-zone crisis and how can they finance the economy under such risks?

Chair: Guntram B. Wolff, Deputy Director, Bruegel, Belgium

Speakers:

  • Zsolt Darvas, Research Fellow, Bruegel – presentation here
  • Mansoo Jee, Research Fellow, Korea Institute of Finance, Korea – presentation here
  • Jaewoo Lee, Chief Korea Economist, Bank of America Merrill Lynch – presentation here
  • Bart Oosterveld, Managing Director, Head of Sovereign Risk Group, Moody’s Investors Service – presentation here

15:00-15:15 Coffee Break

15:15-17:15 Session 3: The Future of European and Asian Economies after the Euro-zone Crisis (What to do going forward?)

Given the size and the importance of the euro-area in trade and financial linkages, the resolution of the euro-area crisis can have major repercussions on other economies in the world, including in Asia. What are the politically realistic scenarios for the resolution of the euro-area countries? What lessons can be drawn from the Japanese lost decade and the aftermath of the 1997/98 Asian crisis for Europe? How did authorities in Asia respond to the euro-area crisis and what are the prospects for Asia considering alternative scenarios for the euro-area crisis?

Chair: Gongpil Choi, Senior Advisor, Korea Institute of Finance, Korea

Speakers:

  • Bon-Sung Gu, Senior Research Fellow/Director, Korea Institute of Finance, Korea – presentation here
  • Masahiro Kawai, Dean, Asian Development Bank Institute
  • John Junggun Oh, Professor, Economics Department, Korea University, Korea- presentation here
  • Guntram B. Wolff, Deputy Director, Bruegel, Belgium- presentation here

17:15-17:25 Closing Remarks

Guntram B. Wolff, Deputy Director, Bruegel, Belgium

18:00 Casual Dinner (on invitation only)

This event will be held as part of an 18-month project on ‘EU-Korea policy responses to the global financial and economic crisis and the scope for internationalisation of the financial services industry’ that has received a grant from European Commission budget line 19.05.01 ‘Public Diplomacy, Policy Research and Outreach Devoted to the European Union and EU-Korea Relations’. Opinions expressed are the authors’ alone.

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Policy Contribution

PC 12 2017COVER2

The global decline in the labour income share: is capital the answer to Germany’s current account surplus?

Analysing the major divergences between the three largest euro-area countries in terms of unit labour costs and current accounts, to the broader debate on labour income shares. Data suggests that capital and labour have been complements.

By: Bennet Berger and Guntram B. Wolff Topic: European Macroeconomics & Governance Date: April 26, 2017
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Upcoming Event

May
11
12:30

Financial Times - Bruegel Forum: The future of Europe after the French election

The second event in the Financial Times - Bruegel Forum series will look at how the results of the French elections will affect Europe.

Speakers: Guntram B. Wolff and Tony Barber Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Working Paper

Cover WP 2017_06

Regional and global financial safety nets: the recent European experience and its implications for regional cooperation in Asia

Comparing and evaluating financial assistance programmes of four euro-area countries (Greece, Ireland, Portugal, and Cyprus) and three non-euro-area countries (Hungary, Latvia, and Romania) of the European Union in the aftermath of the 2007/08 global financial and economic crisis. Asian countries can draw several lessons from European experiences.

By: Zsolt Darvas Topic: European Macroeconomics & Governance, Finance & Financial Regulation, Global Economics & Governance Date: April 20, 2017
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Podcast

Podcast

Labour mobility in Europe

With anti-immigration sentiment on the rise, we look into the issue of labour mobility in Europe. How does migration affect labour markets and how does perception of migration differ from reality? What are the economic challenges for migrants and how do these challenges reflect on social integration? We try to answer these questions with our guests in this episode of The Sound of Economics.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: April 20, 2017
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Past Event

Past Event

Understanding the French elections

This is a restricted workshop on the forthcoming French elections to understand the challenges and possible scenarios.

Speakers: Grégory Claeys, Thomas Guénolé-Ryzhakov, Bruno Jeanbart and Guillaume Tusseau Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 19, 2017
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Upcoming Event

May
30
11:00

Geo-blocking in the digital single market

Geo-blocking is a discriminatory practice that is wide-spread in EU. It prevents online customers from accessing and purchasing products or services from a website based in another member state

Speakers: Felipe Florez Duncan, Marine Elgrichi, J. Scott Marcus, Fabian Paagman, Bertin Martens, Georgios Petropoulos, Agustin Reyna, Werner Stengg and Roza von Thun Topic: European Macroeconomics & Governance, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels
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Upcoming Event

May
31
12:30

Inclusive growth: global and European lessons for Spain

Can manufacturing still be a driver for inclusive growth around the world? What European and national policies can foster inclusive growth in Europe? What is the situation in Spain and what can Spain learn from the global and European experiences?

Speakers: Cristina Cabrera, Zsolt Darvas, Maria Demertzis, Alejandra Kindelán, Robert Lawrence and Federico Steinberg Topic: European Macroeconomics & Governance, Global Economics & Governance Location: Calle Los Madrazo 36-38 Madrid
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Upcoming Event

Jun
1-2
08:30

Fiscal frameworks in europe: background and perspectives

On 1-2 June Bruegel together with Danmarks Nationalbank and the Copenhagen Business School will organise a conference about fiscal frameworks in Europe. The conference will re-evaluate fiscal frameworks in Europe in light of experience gathered since the formation of the Economic and Monetary Union (EMU). The implications for the design of fiscal policy stemming from […]

Topic: European Macroeconomics & Governance Location: Danmarks Nationalbank
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Past Event

Past Event

Can EMU survive a multi speed Europe?

On 6 April Bruegel, as in previous years, hosted the presentation of the Euro Yearbook, a collection of experts’ insights on the construction of the European Monetary Union through 2016.

Speakers: Pablo Zalba Bidegain, Maria Demertzis, Fernando Fernandez, Javier Méndez Llera, Karl Pichelmann and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 6, 2017
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Past Event

Past Event

Micro- and macro-based methods in assessing the impact of investment

This workshop will discuss methods for accurately evaluating the performance of public and private investment initiatives.

Speakers: Francesco Di Comite, Grégory Claeys, Zsolt Darvas, Helmut Kraemer- Eis, Áron Gereben, Robert P. Lieli, Simon Mizrahi, Amine Ouazad, Debora Revoltella, John K. Swales, Simone Signore, Natacha Valla, Marcin Wolski and Guntram B. Wolff Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 5, 2017
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Blog Post

B Coeuré - photo

Central bank communication in a low interest rate environment

Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at an event organised by Bruegel, Brussels, 31 March 2017

By: Benoît Coeuré Topic: European Macroeconomics & Governance Date: March 31, 2017
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Past Event

Past Event

Central bank communication in a low interest rate environment

At this event, we are pleased to welcome Mr. Benoît Coeuré, Member of the Executive Board of the European Central Bank at Bruegel.

Speakers: Benoît Coeuré and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 31, 2017
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