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
  • Daniel Gros

Session 1: A European Unemployment Benefits Scheme for the Eurozone

  • Feasibility and added value of a European unemployment benefits scheme
    Karolien Lenaerts
    CEPS Vortragsfolien
  • Ten lessons from a decade of debating EUBS: Robust findings, popular myths and remaining dilemmas
    Sebastian Dullien
    HTW Berlin Vortragsfolien
  • Discussant
    Suzanne Simonetta
    Expert on Unemployment Insurance in the US
  • Moderator
    Daniel Gros

Session 2: EMU Governance and the Eurozone's Fiscal Stance

  • EMU fiscal governance and cyclical stabilisation: Searching for a lasting arrangement
    Nicolas Carnot
    European Commission Vortragsfolien
  • Reflections on the euro area fiscal stance
    Christophe Kamps
    European Central Bank Vortragsfolien
  • Discussant
    Paul De Grauwe
    LSE and CEPS
  • Moderator
    Derek Kruse

Session 3: Fiscal Rules, Fiscal Policy and Risk-Sharing: Friends or Foes?

  • The functioning of fiscal rules and the scope for risk-sharing
    Iain Begg
    LSE Vortragsfolien
  • Fiscal stabilisation in the euro area: the role of national fiscal policy
    Cinzia Alcidi
    CEPS Vortragsfolien
  • Discussant
    Anne-Laure Delatte
  • Moderator
    Niku Määttänen

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

  • Joaquin Almunia
    CEPS Board
  • Clemens Fuest
  • Suzanne Simonetta
    Expert on Unemployment Insurance in the US
  • Frank Vandenbroucke
    University of Amsterdam
  • Moderator
    Martin Sandbu
    Financial Times