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Fourth ECB biennial conference on fiscal policy and EMU governance

Thursday, 19 and Friday, 20 December 2019

Press Room, Main Building, European Central Bank, Frankfurt am Main

The fourth biennial ECB conference on “fiscal policy and EMU governance” brings together participants from academia, the central banking community, international organisations and financial market practitioners. This year’s conference will cover various aspects of fiscal policy and monetary and fiscal policy interactions in a monetary union. In addition, it will explore issues related to EMU governance and the reform of EMU architecture.


Thursday, 19 December 2019
Registration and coffee

Opening remarks

Frank Smets, European Central Bank


Session 1: Fiscal policy, prices and labour mobility in currency unions

Chair: Frank Smets, European Central Bank


Fiscal policy, inflation and trade linkages

Luisa Lambertini, École Polytechnique Fédérale de Lausanne

Discussant: Benjamin Born, Frankfurt School of Finance and Management


Quantifying the benefits of labour mobility in a currency union

Linda Tesar, University of Michigan

Discussant: Martin Seneca, Bank of England

Coffee break

Keynote speech: Revisiting the EU fiscal framework in an era of low interest rates

Olivier Blanchard, Peterson Institute for International Economics

Buffet lunch

Session 2: Long-term public finances and fiscal sustainability

Chair: Luc Laeven, European Central Bank


Public pension reforms and fiscal foresight: narrative evidence and aggregate implications

Huixin Bi, Federal Reserve Bank of Kansas City

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


Debt sustainability in a low interest rate world

Neil R. Mehrotra, Federal Reserve Bank of New York

Discussant: Jean-Baptiste Michau, École Polytechnique

Coffee break

Keynote speech: Priorities on deepening EMU for the coming five years

Paolo Gentiloni, Commissioner for the Economy, European Commission


Policy panel: Deepening of EMU – how to improve macroeconomic stabilisation using fiscal policy at the euro area level

Chair: Philip Lane, European Central Bank


End of Day 1

Conference dinner

Dinner speech by Vítor Gaspar, International Monetary Fund

Friday, 20 December 2019

Keynote speech: The future of fiscal policy

Alan Auerbach, University of California, Berkeley

Coffee break

Session 3: Sovereign risk, monetary policy and macroprudential regulation

Chair: Livio Stracca, European Central Bank


Fiscal limit and fiscal space in a heterogeneous monetary union: normal times vs the zero lower bound

Pablo Burriel, Banco de España

Discussant: Niccolò Battistini, European Central Bank


Breaking the sovereign-bank nexus

Jorge Abad, CEMFI

Discussant: Massimiliano Pisani, Banca d’Italia

Buffet lunch
End of conference

This programme may be subject to change without notice.

Audiovisual notice: Please note that media will be attending and photography and filming activities will take place during the event.

General information

Conference venue

European Central Bank
Main building
Press Room
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000

Conference language



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


Christophe Kamps
Directorate General Economics
+49 69 1344 6114

Jacopo Cimadomo
Directorate General Economics
+49 69 1344 5392

Demosthenes Ioannou
Directorate General International and European Relations
+49 69 1344 6343

Bartosz Mackowiak
Directorate General Research
+49 69 1344 5364

David Sondermann
Directorate General Economics
+49 69 1344 6708

Leopold von Thadden
Directorate General Monetary Policy
+49 69 1344 6706


Annekatrin Bergmann
Directorate General Economics
+49 69 1344 7818

Conference email address: