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Venue

Format

Vienna

Date

Thursday, May 2, 2019

In cooperation with

CONFERENCE ASPECTS

When the European Central Bank was created on June 1, 1998, and the euro was introduced on January 1, 1999, the project of a European Economic and Monetary Union (EMU) finally became reality after a long process of monetary cooperation and unification. As the euro celebrates its 20th anniversary, it is worthwhile to take stock of this major institutional reform and explore what the future holds for EMU. After a brief look into its general history, we will discuss in more detail how EMU brought about the level of monetary, financial and fiscal stability that allowed Europe to master adversarial events such as the Global Financial Crisis and its aftermath. We will also examine the role EMU plays in the larger European project. What are the steps yet to be taken to fully complete this historical project? Moreover, we will analyze how to tackle technological changes in the areas of money and finance.

Scientific Coordination
Ernest Gnan, Counsel to the Board, Head of Division, Economic Analysis Division, Oesterreichische Nationalbank and SUERF
Martin Summer, Head of the Economic Studies DivisionOesterreichische Nationalbank

 

Program

Time
Thursday, 2 May 2019
08:30
Registration
09:00
Opening remarks
Ewald Nowotny, Governor, Oesterreichische Nationalbank
Jakob de Haan, President, SUERF
09:15
Opening address
Hartwig Löger, Austrian Federal Minister of Finance
09:45
Keynote lecture

EMU – from the past into the future

Jean Claude Trichet, Chairman, Bruegel
10:15
Coffee break
10:45
Session 1: Towards a better EMU: past lessons, structural adjustments
Chair: Ewald Nowotny, Governor, Oesterreichische Nationalbank,

Making the most of EMU: challenges and opportunity for reform

Luiz de Mello, Director, Policy Studies Branch, Economics Department, OECD

20 years of EMU, 10 years in crisis mode: How may a future „new normal“ of monetary policy look like?

Peter Mooslechner, Executive Director, Oesterreichische Nationallbank
12:00
Session 2: Monetary and financial stability
Chair: Andreas Ittner, Vice Governor, Oesterreichische Nationalbank

Escaping the trap: Secular stagnation, monetary policy and financial fragility

Martin Wolf, Associate Editor and Economics Commentator, Financial Times

The Banking Union and Financial Stability in the Eurozone

Ed Sibley, Deputy Governor, Prudential Regulation, Central Bank of Ireland
13:15
Lunch
14:30
Session 3: Monetary and fiscal stability
Chair: Ernest Gnan, Head, Economic Analsysis Division, Oesterreichische Nationalbank and SUERF

Strengthened EU fiscal framework: fiscal discipline versus economic stabilization

Gottfried Haber, President, Austrian Fiscal Advisory Council

Fiscal Financial Vulnerabilities

Ludger Schuknecht, Deputy Secretary-General, OECD
15:45
Coffee break
16:15
Session 4: The International role of the euro
Martin Summer, Head, Economic Research Division, Oesterreichische Nationalbank

The global role of the euro: from start-up to scale-up

Kerstin Jorna, Deputy Director General, DDG2, Directorate General Economic and Financial Affairs, European Commission

The euro’s global role: past, present and future

Arnaud Mehl, Principal Economist, European Central Bank
17:30
End of session
19:00
Aperitif
19:30
Dinner - Fireside chat: Strengthening the foundations of EMU
Ewald Nowotny, Governor, Oesterreichische Nationalbank
Peter Praet, Member of the Executive Board and Chief Economist, European Central Bank
Time
Friday, 3 May 2019
09:00
Session 5
Chair: Kurt Pribil, Executive Director, Oesterreichische Nationalbank

Central bank digital currency and monetary policy

Ulrich Bindseil, Director General, Market Operations, European Central Bank

A Risk-Based Taxonomy of Crypto Assets

Andrei Kirilenko, Director, Centre for Global Finance and Technology, Imperial College
10:15
Coffee break
10:45
Session 6: Completing the European Economic and Monetary Union
Chair: Doris Ritzberger, Director, Economic Analysis and Research Department, Oesterreichische Nationalbank

Integration and convergence in the EMU: a complex dynamics

Bruno Cabrillac, Deputy Director General Statistics, Economics and International, Banque de France

Reconciling risk sharing with market discipline: A constructive approach to euro area reform

Isabel Schnabel, Professor of Financial Economics, University of Bonn, German Council of Economic Experts and SUERF Fellow
12:00
Buffet lunch