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Reforming EU Fiscal Governance

13 and 14 December 2012 , Frankfurt am Main

8.30 a.m. Registration and coffee
8.30 a.m. 9 a.m. – 9.15 a.m. Welcome and introductory remarks
Peter Praet (Member of the ECB Executive Board)
9.15 a.m. – 10.35 a.m. Session 1:
Chair: Adi Brender (Central Bank of Israel)
  The Design of National Fiscal Frameworks and their Budgetary Impact
Carolin Nerlich (European Central Bank), Wolf Heinrich Reuter (Vienna University of Economics and Business) paper presentation

Sovereign Bond Market Reactions to Fiscal Rules and No-Bailout Clauses — The Swiss Experience paper , presentation
Lars P. Feld (Walter Eucken Institut and University of Freiburg), Alexander Kalb (BayernLB), Marc-Daniel Moessinger (ZEW Mannheim), Steffen Osterloh (German Council of Economic Experts)

Discussant: Mark Hallerberg (Hertie School of Governance, Berlin) presentation

General discussion

10.35 a.m. – 10.50 a.m. Coffee break
10:50 a.m. - 12:30 p.m. Session 2:
Fiscal Governance in the EU — Status Quo and Ways Ahead

Chair: Lucio Pench (European Commission, DG ECFIN)

Europe’s New Fiscal Rules paper , presentation
Sebastian Barnes, David Davidsson, Łukasz Rawdanowicz (Organisation for Economic Co-operation and Development)

The New EU Fiscal Governance Framework: a Quantum Leap or Only Small Steps Ahead?
Gerrit Koester, Philipp Mohl, Ad van Riet (European Central Bank) presentation

Thinking about Europe as a Federation — Consequences for Fiscal Institutions, Processes and Rules presentation
Christian Kastrop, Johannes Scheube, Ludger Schuknecht (Federal Ministry of Finance, Germany)

Discussant: Helge Berger (International Monetary Fund) presentation

General discussion

12.30 p.m. – 1.30 p.m. Buffet lunch: Foyer, 36th floor
1.30 p.m. – 2.30 p.m.

Keynote speech: “Experiences with Fiscal Federations” presentation
Carlo Cottarelli (International Monetary Fund, Fiscal Affairs Department)

General discussion

2.30 p.m. – 2.45 p.m. Coffee break
2.45 p.m. – 4.20 p.m. Session 3:
Fiscal Union — Theoretical and Empirical Issues

Chair: Frank Smets (European Central Bank)

Fiscal Unions
Emmanuel Farhi (Harvard University), Iván Werning (MIT)

The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?
Davide Furceri, Aleksandra Zdzienicka (International Monetary Fund)

Toward a Fiscal Union for the Euro Area: Why and How?
Céline Allard (International Monetary Fund)

Discussant: Livio Stracca (European Central Bank) paper

General discussion

4.20 p.m. – 4.40 p.m. Coffee break
4.40 p.m. – 5.10 p.m. Invited Lecture: “Output Spillovers from Fiscal Policy” paper , presentation
Alan J. Auerbach (University of California, Berkeley)
5.10 p.m. – 6.10 p.m. Panel discussion: EU Fiscal Governance — A Private Sector Perspective
Chair: Christiane Nickel (European Central Bank)
Panellists: Marco Annunziata (General Electric), Laurence Boone (Bank of America), Huw Pill (Goldman Sachs), Thomas Mayer (Deutsche Bank)
8 p.m. Conference dinner
  Dinner speech
Dinner Speech: Peter Praet (Member of the ECB Executive Board)
9 a.m. Coffee
9.30 a.m. – 10.30 a.m.

Keynote speech: “Challenges for EU Fiscal Governance” presentation
Jean Pisani-Ferry (Bruegel)

General discussion

10.30 a.m. – 10.45 a.m. Coffee break
10.45 a.m. – 12 p.m. Session 4:
Designing Fiscal Consolidation in a Monetary Union

Chair: Andrea Schaechter (International Monetary Fund)

The Design of Fiscal Adjustments paper , presentation
Alberto Alesina (Harvard University and IGIER), Silvia Ardagna (Goldman Sachs)

Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes paper , presentation
Christopher J. Erceg (Federal Reserve Board), Jesper Lindé (Federal Reserve Board)

Discussant: Roel Beetsma (Amsterdam University) presentation

12 p.m. – 1.15 p.m. General discussion
1.15 p.m. – 2 p.m. Lunch: Dining Area (2nd floor, Eurotower)
2 p.m. – 3.30 p.m.

Keynote speech: “Drawing Lessons for Europe from the US Experience with Fiscal Federalism” presentation
C. Randall Henning (Peterson Institute and American University)

Panel discussion: Fiscal Integration -The Path Forward
Chair: Martine Guerguil (International Monetary Fund)
Lucio Pench (European Commission), Benoît Cœuré (Member of the ECB Executive Board), Carlo Cottarelli (IMF), Jean Pisani-Ferry (Bruegel), Clemens Fuest (Oxford University), Randall Henning (Peterson Institute and American University)

3.30 p.m. – 3.40 p.m. Closing remarks
Carlo Cottarelli (International Monetary Fund)
Conference dates Thursday, 13 and Friday, 14 December 2012
Conference venue

European Central Bank
Eurotower, CVII

Kaiserstraße 29
60311 Frankfurt am Main
Tel.: +49 (0) 69 1344 0
Fax: +49 (0) 69 1344 6000
Conference language English
Programme Please note that this programme may be subject to change without notice.
Dinner venue KUBU Restaurant
Am Opernplatz 2
60313 Frankfurt am Main
Conference organisers H. Berger (International Monetary Fund), J. Cimadomo (European Central Bank),
M. Freier (European Central Bank), C. Kamps (European Central Bank),
C. Nickel (European Central Bank), A. Schaechter (International Monetary Fund)
Contact persons

Jutta Auth
ECB Directorate Communications
Publishing, Events and Protocol Division

Elizabeth Morton
European Central Bank, Directorate General Economics
Fiscal Policies Division