5^th Frankfurt Conference on Financial Market Policy – EMU: How Much Federalism?

Europe’s economic and monetary union was found wanting in the wake of the Great Financial Crisis. This became indisputably evident in the management of the diverse crises. Meanwhile, a number of lessons have been drawn. A new set of fiscal rules has been established. Bank supervision has been Europeanized. The same holds true for restructuring and resolution of troubled institutions. Still, there is substantial doubt about the re-designed institutional infrastructure. Some call for stricter rules. Others hold that the common currency can only work satisfyingly when more backstops are in place. The SAFE Policy Center will devote its 5^th Frankfurt Conference on Financial Market Policy to pondering the question of how much union in terms of mutualization a robust monetary union needs.

PROGRAM (download)

Keynote Address
Peter Praet (Member of the Executive Board, European Central Bank)

Panel 1: Common monetary policy without risk-sharing?
Ulrich Bindseil (European Central Bank), Falko Fecht (Frankfurt School of Finance & Management), Christian Kopf (Union Investment), Anne Le Lorier (Banque de France)
Chair: Günter Beck (SAFE and University of Siegen)

Panel 2: Banking Union – what type of backstop?
Ignazio Angeloni (European Central Bank), John Berrigan (European Commission), Jan Pieter Krahnen (SAFE and Goethe University), María Nieto (Banco de España)
Chair: Jürgen Schaaf (European Central Bank)

Panel 3: Euroland – how much mutualization?
Nicolas Carnot (European Commission), Waltraud Schelkle (London School of Economics), Ludger Schuknecht (German Federal Ministry of Finance), Natacha Valla (European Investment Bank)
Chair: Hans-Helmut Kotz (SAFE and Harvard University)

Concluding Keynote
Ewald Nowotny (Governor, Oesterreichische Nationalbank)