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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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Blog Post

Zsolt Darvas

Single market access from outside the EU: three key prerequisites

In relative terms, Norway’s current net financial contribution to the EU is similar to the UK’s. Switzerland and Liechtenstein pay surprisingly little, while Iceland is a net beneficiary. Relative to their population, Switzerland, Norway, Iceland and Liechtenstein received about twice as large an inflow of EU immigrants as the UK. These countries also have to adopt the vast majority of EU regulation to gain access to the single market.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: July 19, 2016
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Opinion

Guntram B. Wolff

The difficulties of defining EU-UK economic relations

Negotiations on the UK's exit from the EU have not yet begun, but the UK leadership needs to find a balance between single market access and free movement. There are also tensions between the demands of voters and what EU partners can plausibly agree. Guntram Wolff doubts the likelihood of a Norway- or Switzerland-style deals, and urges caution on all sides.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: July 19, 2016
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Blog Post

Marek Dabrowski

Iran: from isolation to economic cooperation

With some sanctions temporarily lifted, now is the chance for Iran to reintegrate into the global economy and political system. But comprehensive economic and political reforms are needed.

By: Marek Dabrowski Topic: European Macroeconomics & Governance Date: July 15, 2016
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Blog Post

Zsolt Darvas

Brexit vote boosts case for inclusive growth

In the United Kingdom’s Brexit referendum, income inequality and poverty boosted ‘leave’ votes, in addition to geographical differences and larger shares of uneducated and older people in UK regions, according to my regression analysis. The actual presence of immigrants did not have a significant effect on the results. Disadvantaged people voted in smaller proportions. Turnout was also low among the young and residents of Scotland, Northern Ireland and London, who were more likely to vote ‘remain’.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: July 13, 2016
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Past Event

Past Event

Does the euro area need a sovereign insolvency mechanism?

The sovereign debt crisis shook the Euro to its foundations. It soon became clear that there was no mechanism to allow a tidy insolvency of a state wishing to remain inside the euro area. To face future crises, does the EU need a sovereign insolvency mechanism?

Speakers: Jochen Andritzky, Lars Feld, Zsolt Darvas and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 12, 2016
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Blog Post

Jérémie Cohen-Setton

The great risk shift and populism

What’s at stake: For many commentators, Brexit was the signal of a broad populist backlash and illustrated the need to articulate policies that address the grievances of those citizens who have been left behind by recent economic changes.

By: Jérémie Cohen-Setton Topic: European Macroeconomics & Governance Date: July 11, 2016
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Policy Contribution

Cover

An Italian job: the need for collective wage bargaining reform

Italy’s current system of centralised wage bargaining needs to be reformed. The system was designed without regard for the underlying industrial structure and geographical heterogeneity of the Italian economy. This has fostered perverse incentives and imbalances within Italy.

By: Alessio Terzi Topic: European Macroeconomics & Governance Date: July 6, 2016
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Opinion

Guntram B. Wolff

市场与公投承诺不可兼得

未来几个月市场的动荡还将持续,直到英国与欧盟关系的条款最终敲定。英国与欧盟保持密切关联的政治可能性越高,市场反应将会越积极。相反,如果英国采取孤立主义,以及欧洲大陆的惩罚性情绪越高,那么英国和欧盟的股市下跌将会越严重。

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: July 6, 2016
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Opinion

Schoenmaker pic

登录 注册 丢了“欧盟护照”伦敦金融城伤不起

 作为全球金融中心,伦敦一部分的吸引力来自于其窗口作用——在伦敦扎根可以直接打入泛欧洲经济区(EEA)的内部市场。这么说来,金融企业有一个英国经营牌照就如同有一本“欧盟护照”,境外机构可以在整个欧洲经济区提供金融服务,畅通无阻。

By: Dirk Schoenmaker Topic: European Macroeconomics & Governance Date: July 5, 2016
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Blog Post

Dalia Marin

Inequality in Germany – how it differs from the US

The pay gap between workers and CEOs in Germany is driven by a lack of managers. Income inequality could fall if there were more managers available for companies to hire. Firms should start hiring more CEOs who are women or from abroad.

By: Dalia Marin Topic: European Macroeconomics & Governance Date: July 5, 2016
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Blog Post

Alvaro Leandro
jaume

Spanish unemployment and the effects of the 2012 labour market reform

What’s at stake: Spain is currently the EU country with the second highest level of unemployment, after Greece. The high and persistent level of unemployment and the appropriate labour market reforms are a major topic of discussion in Spain. We review arguments made in the blogosphere and by international organisations on the reasons for Spain’s stubbornly high unemployment, and various assessments of the labour market reforms of 2012.

By: Alvaro Leandro and Jaume Martí Romero Topic: European Macroeconomics & Governance Date: July 4, 2016
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Blog Post

Zsolt Darvas

No Lehman moment on currency markets after Brexit vote

While the pound sterling has lost a lot of its value right after the Brexit vote, from a historical perspective neither the fall of the exchange rate, nor its current level, is unprecedented. The situation is not as severe as it was in the aftermath the collapse of Lehman Brothers.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: June 30, 2016
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