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Fifth ECB biennial conference on Fiscal policy and EMU governance

Thursday, 2 and Friday, 3 December 2021
Online event

The fifth biennial ECB conference on Fiscal policy and EMU governance brings together participants including from academia, the central banking community, European and international organisations. This year’s conference will address the fiscal policy response and monetary and fiscal policy interactions as the EU and the global economy emerge from the COVID-19 pandemic. It will also explore issues related to the reform of EMU governance.


Times are Central European Time (UTC+1)
* indicates the presenter

Thursday, 2 December 2021

Policy panel: “Fiscal stabilisation and sustainability in EMU: Post-pandemic challenges and the role of NGEU”

Chair: Fabio Panetta, European Central Bank


  • Paolo Gentiloni, European Commission
  • Klaus Regling, European Stability Mechanism
  • Olli Rehn, Suomen Pankki – Finlands Bank
  • Hélène Rey, London Business School

Session I: Public risk sharing and monetary/fiscal interactions in the EU

Chair: Klaus Masuch, European Central Bank


“What are the likely macroeconomic effects of the EU Recovery plan?”

  • Fabio Canova, BI Norwegian Business School
  • Evi Pappa*, Universidad Carlos III de Madrid

Discussant: Roel Beetsma, University of Amsterdam and European Fiscal Board


“Monetary/Fiscal Interactions with Forty Budget Constraints”

  • Marco Bassetto*, Federal Reserve Bank of Minneapolis
  • Gherardo Caracciolo, University College London

Discussant: Laura Castillo-Martinez, Duke University

End of day one
Friday, 3 December 2021

Keynote lecture

Chair: Philip Lane, European Central Bank

Ricardo Reis, London School of Economics


Session II: Macroeconomic effects of fiscal policy in advanced economies

Chair: Isabel Vansteenkiste, European Central Bank



  • Lydia Cox, Harvard University
  • Gernot J. Müller*, University of Tübingen
  • Ernesto Pasten, Central Bank of Chile
  • Raphael Schoenle, Brandeis University
  • Michael Weber, Booth School of Business

Discussant: Henning Weber, Deutsche Bundesbank


“Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’”

  • Pierre-Olivier Gourinchas, University of California, Berkeley
  • Ṣebnem Kalemli-Özcan*, University of Maryland
  • Veronika Penciakova, Federal Reserve Bank of Atlanta
  • Nick Sander, Bank of Canada

Discussant: Fabiano Schivardi, LUISS University

End of the conference

This programme may be subject to change without notice.

Audiovisual notice: Images and video recordings may be published online.

General information

Conference venue

WebEx events

Conference language


Organising committee
  • Jacopo Cimadomo
  • Demosthenes Ioannou
  • Bartosz Mackowiak
  • Leopold von Thadden
  • Nico Zorell

All European Central Bank


Please contact should you have any questions.