De-Risking the Future of Europe. Reforming the EU Macrofinancial Architecture

FEPS, in partnership with the University of the West of England – Bristol, the Rockslide University and the Financial Markets Group at the London School of Economics, gathered experts at the London School of Economics to identify avenues to REFORMING MACRO-FINANCIAL ARCHITECTURE in Europe, with the keynote addressed by Vitór Constâncio, Former Vice President of the ECB.

In the aftermath of the sovereign debt crisis, the architecture of economic and financial governance in the European Union changed at an unprecedented pace. Member States have put in place crucial pillars of the Banking Union and the Capital Markets Union.

But progress on both projects has slowed down. As the new European Commission takes office, the work towards reforming the Economic and Monetary Union will likely revive. Agreed plans to attain banking and financial integration have not yet been completed; plus additional institutional and policy arrangements could become handy to contain systemic risk, shall a new crisis hit European markets.

The conference has been be the occasion for policy-makers and academic experts to reflect and exchange on the pros and cons of different models to design further financial integration within the Euro area and the whole of Europe.

Structural Issues in European Finance – VIDEO – presentations by:

Iñaki Aldasoro, Economist, Bank for International Settlements

– European banking in global dollar markets

Tobias Arbogast, Researcher, Max Planck Institute for the Study of Societies

– Who holds European sovereign debt: a distributional analysis

Jean Grosdidier, PhD Candidate, Sciences Po Law School

– Safe banking to safe assets

Daniela Gabor, Professor of Economics and Macro Finance, University of the West of England – Bristol

– Institutional supercycles and green macrofinance in the Euroarea

Gaps in the Euro-area Macro-Financial Architecture | VIDEO | presentations by:

Nicolas Véron, Senior Fellow, Bruegel & Peterson Institute for International Economics (PIIE)

– Completing the Banking Union

Stephany Griffith-Jones, Financial Markets Director, Initiative for Policy Dialogue, Columbia University

– EFSI, InvestEU and the EIB: Increased leverage, but could risk distribution and policy steer be improved?

Matthias Thiemann, Assistant Professor, Sciences Po

– European financial market integration and the need for European financial supervision

Aitor Erce, Former Principal Economist, European Stability Mechanism

– The ESM and Sovereign debt restructuring

A Roadmap to reform the EMU

Vítor Manuel Ribeiro Constâncio, former Vice President, ECB &

President of the School Board, ISEG Lisbon School of Economics & Management

Chair: Charles Goodhart, Honorary Professor, LSE

Discussants:
Izabella Kaminska, Editor of the Financial Times’ Alphaville

Nicolas Véron, Senior Fellow, Bruegel & PIIE

The political economy of monetary solidarity: where next for the euro? | SLIDES | VIDEO

Waltraud Schelkle, Professor in Political Economy, European Institute, LSE