A service of the

Event Review: A Fiscal Stabilisation Function for the Eurozone

20 April 2017, 09:00 am - 05:00 pm


Conference Room

1, Place du Congrès

1000 Brussels


Conference Programme A Fiscal Stabilisation Function for the Eurozone

Conference Programme (PDF)

Annual CEPS-Intereconomics Conference: A Fiscal Stabilisation Function for the Eurozone

The Five Presidents’ Report of 2015 has called for a macroeconomic stabiliser at the EMU level that would be capable of dealing with asymmetric shocks. A European unemployment benefits scheme (EUBS) is one potential stabilisation mechanism, although other proposals for devising risk-sharing tools that could be deployed across the Economic and Monetary Union have surfaced over the years. This high-level conference will explore and compare the advantages and disadvantages of the various schemes entertained. Which one is best suited for the member countries of EMU? Which one holds out the greatest promise of reducing the risk of deep recession? Do such schemes inevitably lead to moral hazard or are there practical safeguards that can be built into their provisions to minimise this risk from materialising? Are any of these proposal politically feasible in the near term? Join us and share your views on these important questions.

Studies and conclusions will be published end of May in the coming issue of Intereconomics.

Welcome and Introduction

Brigitte Preissl, Intereconomics

Daniel Gros, CEPS

Session 1

A European Unemployment Benefits Scheme for the Eurozone

Moderator: Daniel Gros, CEPS

Karolien Lenaerts, CEPS: Feasibility and added value of a European unemployment benefits scheme - presentation (pdf)

Sebastian Dullien, HTW Berlin: Ten lessons from a decade of debating EUBS: Robust findings, popular myths and remaining dilemmas - presentation (pdf)

Discussant: Suzanne Simonetta, Expert on Unemployment Insurance in the US

Session 2

EMU Governance and the Eurozone's Fiscal Stance

Moderator: Derek Kruse, Intereconomics

Nicolas Carnot, European Commission: EMU fiscal governance and cyclical stabilisation: Searching for a lasting arrangement - presentation (pdf)

Christophe Kamps, European Central Bank: Reflections on the euro area fiscal stance - presentation (pdf)

Discussant: Paul De Grauwe, LSE and CEPS

Session 3

Fiscal Rules, Fiscal Policy and Risk-Sharing: Friends or Foes?

Moderator: Niku Määttänen, ETLA

Iain Begg, LSE: The functioning of fiscal rules and the scope for risk-sharing - presentation (pdf)

Cinzia Alcidi, CEPS: Fiscal stabilisation in the euro area: the role of national fiscal policy - presentation (pdf)

Discussant: Anne-Laure Delatte, CEPII

Roundtable Debate

A Fiscal Stabilisation Function for the Eurozone: Why and Towards What End?

Moderator: Martin Sandbu, Financial Times

Joaquin Almunia, CEPS Board

Clemens Fuest, CES-Ifo

Suzanne Simonetta, Expert on Unemployment Insurance in the US

Frank Vandenbroucke, University of Amsterdam