Ce séminaire coorganisé par le CAE et le Conseil des cinq sages allemands (Sachverständigenrat) a réuni une quarantaine d’économistes dont des représentants des administrations allemandes, françaises et européennes pour échanger leurs points de vue sur la gouvernance de la zone euro.

Ci-joint le programme en anglais, langue des échanges ainsi que des liens sur les documents discutés.


à Berlin-Genshagen, Thursday, May 30th, 10:30 - 17:30

Discussions about a closer fiscal integration of the euro area are gaining momentum. Fiscal rules have been strengthened and a two-tier system, with those countries under an adjustment programme being closely monitored, has de facto been established. Furthermore, the interim report “Towards a Genuine Economic and Monetary Union” by the President of the European Council has proposed additional steps of economic integration like a fiscal capacity to improve the resilience of the euro area and a specific contractual approach to foster structural reforms. At the same time, some countries have signaled their unwillingness to increase the European budget.

How can fiscal policy-making in the euro area be revamped in a meaningful and integrated way ? Does the euro area need more fiscal integration including its own budget ? If the answer is yes, how should it be structured and how would it relate to existing EU institutions ? How can moral hazard effects of a fiscal capacity or a contractual approach be addressed ? The workshop aims at bringing together economic policy makers and economic advisors to discuss these questions in an open and frank debate under Chatham house rules.

10:30 : Opening

10:45 - 12:15 : Session 1
Chair : Pierre Joly, Secretary General of CAE

-  “Midstream : reforms needed to complete the Economic and Monetary Union”,
Pierre-Olivier Gourinchas, Member of the CAE, University of Berkeley and Science Po, Paris
-  “Is a fiscal capacity really necessary to complete the EMU ?”,
Lars P. Feld, Member of the GCEE, University of Freiburg

12:15 - 13:15 : Lunch

13:15 - 14:45 : Session 2 :
Chair : Benjamin Weigert, Secretary General of GCEE

-  “Towards Deeper Integration in Europe : What Can the Banking Union Contribute ?”,
Claudia M. Buch, Member of the GCEE, University of Tübingen
-  “A three-step path to reunify the euro area”,
Laurence Boone, Associate of the CAE, Director of research for Bank of America Merrill Lynch

14:45 - 15:15 : Coffee break

15:15 - 17:15 : Session 3 : Panel Discussion
Chair : Agnès Bénassy-Quéré, Chairman of CAE and Christoph Schmidt, Chairman of GCEE