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Event: Redesigning EU Fiscal Rules After COVID-19

30 November 2021, 02:00 pm - 04:45 pm


11th Annual Intereconomics / CEPS Conference (online)

14:00 Welcome and introduction

Christian Breuer, ZBW Editor-in-Chief, Intereconomics

Cinzia Alcidi, Director, CEPS

14:05-14:30 Keynote speech

Economic recovery in the age of COVID-19

Carlos Cuerpo, Secretary General of Spanish Treasury

14:30-15:30 Session I

The economics of fiscal rules and debt sustainability

Government debt levels have increased dramatically since the outbreak of the pandemic. EU fiscal rules have been temporarily suspended, and the persisting low interest rate environment seems to remain favourable to loose fiscal policy. As inflation starts to rise, the ultra-accommodative monetary policy may reach its limits. How sustainable will government debt be once ECB support is withdrawn? Who will foot the bill?

Klaus Regling, Managing Director, European Stability Mechanism, Luxembourg

Roel Beetsma, Professor of Macroeconomics and Vice-Dean of the Faculty of Economics and Business, University of Amsterdam

Philippa Sigl-Glöckner, Director, Dezernat Zukunft, Munich

Daniel Gros, Member of the Board and Distinguished Fellow, CEPS (moderator)

15:30-15:40 Break

15:40-16:40 Session II

What type of fiscal rules does the EU need post COVID-19?

As confidence that the pandemic is under control increases and more normal times ensue, the suspension of the EU fiscal rules will come to an end. Which type of fiscal rules does the euro area need? Should a "golden rule" be added to the current framework? Would a more radical change be desirable? What kind of new fiscal framework can benefit from a large political support? To what extent are national political dynamics (e.g. electoral outcome in Germany, upcoming elections in France or the position of the new Hanseatic league) going to shape the debate?

Catherine Mathieu, Economist, L’Observatoire français des conjonctures économiques (OFCE), Paris

Sebastian Barnes, Deputy, Network of EU Independent Fiscal Institutions, Dublin

Cinzia Alcidi, Director, Centre for European Studies (CEPS), Brussels

Christian Breuer, ZBW Editor-in-Chief, Intereconomics (moderator)

Closing remarks