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The Euro at ten: lessons and challenges

5th ECB Central Banking Conference

Frankfurt am Main, 13 - 14 November 2008

Please note that attendance is by invitation only.

The Fifth ECB Central Banking Conference brings together experts from central banks, academics, representatives of European and international institutions, as well as of the financial press, to reflect on the lessons and challenges of ten years of single currency. It features six sessions of discussions, among which a concluding high-level policy panel.

The first two sessions on the first day focus on “What has the EMU brought to consumers and the corporate sector”. The opening session of the second day discusses the “Challenges for monetary policy and financial stability from globalisation”. The fourth session debates on “The euro and enlargement: the challenges ahead”. The last session before the policy panel provides academic views on “optimal currency areas”.

The Conference ends with a discussion on “International interdependencies and monetary policy” - webcast live (see link on the right-hand side) - with the Chairman of the Federal Reserve Board of Governors, Ben Bernanke, the Governor of the Bank of Israel, Stanley Fischer, the Deputy Governor of The People’s Bank of China, Su Ning, the Governor of the Banco de México, Guillermo Ortiz and the President of the ECB, Jean-Claude Trichet.

Programme

Afternoon of Thursday, 13 November 2008 – InterContinental Hotel

Opening address:
14:00
Lucas Papademos
Vice-President, European Central Bank,  en
  Photos
Session 1:
14:10
Economic and Monetary Union (EMU) after ten years: what has the EMU brought to consumers and the corporate sector? Prices and quantities
Chair: Gertrude Tumpel-Gugerell (Executive Board Member, European Central Bank)
Main Speaker: Charles Wyplosz (Professor, Graduate Institute of International Studies, Geneva)
Francesco Paolo Mongelli (Senior Adviser, Directorate Monetary Policy, European Central Bank), download

Discussants: Francesco Caselli (Professor, London School of Economics), download
Vítor Manuel Ribeiro Constâncio (Governor, Banco de Portugal), download
  Photos
15:30 Coffee Break
Session 2:
16:00 - 17:30
Economic and Monetary Union (EMU) after ten years: what has the EMU brought to consumers and the corporate sector? The evolution and the role of financial markets download
Chair: José Manuel González-Páramo (Executive Board Member, European Central Bank)
Speakers: Philip Lane (Professor, Trinity College Dublin) download
Sebnem Kalemli-Ozcan (Associate Professor, University of Houston)
Simone Manganelli (Principal Economist, Financial Research Division, European Central Bank)
Elias Papaioannou (Assistant Professor, Dartmouth College)
José Luis Peydró-Alcalde (Economist, Financial Research Division, European Central Bank),
presentation download, paper download

Discussants: Marco Pagano (Professor, University of Naples) download
Axel A. Weber (President, Deutsche Bundesbank) download
  Photos
19:00 Shuttle service to dinner venue from the main entrance of the InterContinental

19:30 Reception and dinner
Römer (City Hall)

Dinner address:
Jean-Claude Trichet (President, European Central Bank),  en
  Photos

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Morning of Friday, 14 November 2008 – InterContinental Hotel:

Session 3:
09:00
Challenges for monetary policy and financial stability from globalisation download
Chair: Lorenzo Bini Smaghi (Executive Board Member, European Central Bank)
Main Speaker: Raghuram G. Rajan (Professor, University of Chicago Graduate School of Business) download

Discussants: Stephen G. Cecchetti (Head of the Monetary and Economic Department, Bank for International Settlements)
Seppo Honkapohja (Member of the Board, Suomen Pankki) download
  Photos
10:20 Coffee Break
Session 4:
10:40
Panel: the euro and the enlargement: challenges ahead
Introduction: Francesco Giavazzi (Professor, Università Bocconi)

Panellists: Erik Berglöf (Chief Economist, European Bank for Reconstruction and Development) download
Vítor Gaspar (Head of Bureau of European Policy Advisers, European Commission)
Athanasios Orphanides (Governor, Central Bank of Cyprus)
András Simor (Governor, Magyar Nemzeti Bank) download
  Photos
Session 5:
12:00
Panel: optimal currency areas – an academic view
Introduction: Wolfgang Schill (Director General Economics, European Central Bank)

Panellists: Martin Feldstein (Professor, Harvard University) download
Andrew Rose (Professor, University of California, Berkeley) download
André Sapir (Professor, Université Libre de Bruxelles) download
Jaume Ventura (Senior Researcher, CREI, Universitat Pompeu Fabra) download
  Photos
13:15 Lunch

Afternoon of Friday, 14 November 2008 – InterContinental Hotel

Session 6:
14:30
Panel: International interdependencies and monetary policy – a policy maker’s view
Introduction: Lucrezia Reichlin (Professor, London Business School)

Panellists: Ben Bernanke (Chairman of the Board of Governors of the Federal Reserve System), download
Stanley Fischer (Governor, Bank of Israel)
Su Ning (Deputy Governor, The People's Bank of China)
Guillermo Ortiz (Governor, Banco de México)
Jean-Claude Trichet (President, European Central Bank),  en
  Photos
Closing address
15:45
Jürgen Stark
Executive Board Member, European Central Bank,  en

16:00 End of conference

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