Submission deadline: 31 July 2019

Call for Papers

Fourth ECB biennial conference on fiscal policy and EMU governance

19-20 December 2019, Frankfurt am Main

The European Central Bank is organising its fourth biennial conference on fiscal policy and EMU governance, which will take place in Frankfurt am Main on 19-20 December 2019.

In view of the financial crisis that has affected Europe in recent years, the role of fiscal policy for business cycle stabilisation and convergence – and also for risk sharing in a monetary union – is a matter of interest for both academics and policymakers. The aim of this conference is to explore these issues, together with the interaction of fiscal and monetary policy, the interplay of these policies with structural reforms, and the fiscal policy implications of monetary policy normalisation. Conference presentations will be followed by policy discussions focusing on completing Europe’s Economic and Monetary Union (EMU).


Theoretical and empirical macroeconomic papers on the following topics are particularly welcome:

  • the role of fiscal policy as a stabilising tool, with a particular focus on fiscal policy stabilisation in monetary unions
  • the role of fiscal policy in fostering convergence and competitiveness in monetary unions
  • private and public risk-sharing mechanisms within monetary unions
  • the interlinkages between fiscal policy, monetary policy and the financial sector/financial union (e.g. banking union and capital markets union)
  • the link between structural policies and monetary/fiscal policies
  • the fiscal policy implications of monetary policy normalisation
  • long-term public finance issues, e.g. optimal taxation of capital in an economically integrated area, fiscal policy and income inequality

However, the scope of the conference is wider than the topics listed above, and submissions on other related topics are also encouraged. The conference material will be published on the ECB’s website.

Invited speakers include Alan Auerbach (University of California, Berkeley) and Olivier Blanchard (Peterson Institute for International Economics and MIT).


Please submit papers in PDF format to by 31 July 2019. Authors will be notified if their papers have been accepted by 31 August 2019.


Travel and accommodation expenses of presenting authors and discussants will be covered by the ECB. Participants from central banks and other official institutions will be expected to cover their own expenses.

Conference organisers

Christophe Kamps, Jacopo Cimadomo, Demosthenes Ioannou, Bartosz Mackowiak, David Sondermann, Leopold von Thadden – all European Central Bank.