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Sixth ECB biennial conference on “Fiscal Policy and EMU Governance”

Monday, 18 and Tuesday, 19 December 2023
Frankfurt am Main

At the sixth biennial ECB conference on “Fiscal Policy and EMU Governance” we welcomed a keynote lecture by Olivier Blanchard, a high-level policy panel on EMU policy challenges and reforms, and cutting-edge academic papers that discussed among other things monetary-fiscal interactions, public finance rules and sustainability and the impact of fiscal policy on the economy at a time when the revision of the EU’s Stability and Growth Pact was approved.


High-quality images of the conference are available on Flickr.


Times are Central European Time (UTC+1)

Monday, 18 December

Registration and coffee


Welcome remarks

Frank Smets, European Central Bank


Session 1
Fiscal policies in monetary unions and the financing of fiscal deficits

Chair: Frank Smets, European Central Bank


Fiscal federalism and monetary unions

Eugenia Gonzalez-Aguado, Toulouse School of Economics, together with Rafael Berriel, Patrick J. Kehoe, and Elena Pastorino

Discussant: Ramon Marimon, Universitat Pompeu Fabra


Can deficits finance themselves?

Christian K. Wolf, MIT, together with George-Marios Angeletos and Chen Lian

Discussant: Davide Debortoli, Universitat Pompeu Fabra


Coffee break


Session 2
The design of fiscal rules and fiscal consolidations

Chair: Christophe Kamps, European Central Bank


Measuring Fiscal Discipline: A Revealed Preference Approach

Geert Mesters, Universitat Pompeu Fabra, together with Regis Barnichon

Discussant: Facundo Piguillem, Einaudi Institute for Economics and Finance


Is “expansionary fiscal austerity” for real?

Roberto Perotti, Bocconi University, together with Luca Sala

Discussant: Gernot Mueller, Universität Tübingen




Keynote lecture
Fiscal versus monetary policy as stabilization tools

Olivier Blanchard, Peterson Institute for International Economics

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank


Coffee break


Policy panel
“New policy challenges and reform needs for the EMU”

Chair: Philip R. Lane, Member of the Executive Board, European Central Bank



End of day one


Dinner - by invitation only


Dinner speech 

Vítor Gaspar, Director of the Fiscal Affairs Department, International Monetary Fund

Tuesday, 19 December

Registration and coffee


Session 3
Macroeconomic effects of fiscal policy

Chair: Christiane Nickel, European Central Bank


Fiscal policy in a networked economy

John Sturm Becko, Princeton University, together with Joel P. Flynn and Christina Patterson

Discussant: Andrea Ferrero, University of Oxford


Spending effects of fiscal transfers in a pandemic

Nils Wehrhöfer, Deutsche Bundesbank, together with Olga Goldfayn-Frank and Vivien Lewis

Discussant: Annika Bacher, BI Norwegian Business School


Coffee break


Session 4
Monetary fiscal interactions in a monetary union

Chair: Oscar Arce, European Central Bank


Asset Purchases in a Monetary Union with Default and Liquidity Risks

Huixin Bi, Federal Reserve Bank of Kansas City, together with Andrew Foerster and Nora Traum

Discussant: Anna Rogantini-Picco, European Central Bank


Fiscal influences on inflation in OECD countries, 2020-2022

Francesco Bianchi, Johns Hopkins University, together with Robert J. Barro

Discussant: Luis Garicano, London School of Economics


Lunch and end of conference

Each paper presenter has 25 minutes, each discussant 15 minutes, and there are 10 minutes for general discussion.

This programme may be subject to change without notice.

Audiovisual notice: A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet / intranet.

General information

Conference venue

European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main

Conference language



Participants are requested to arrange their own transfers, unless indicated otherwise.

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

all European Central Bank