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European Economic and Monetary Union: The first and the next 20 years

46th OeNB Economics Conference in cooperation with SUERF

European Economic and Monetary Union: The first and the next 20 years

May 2nd and 3rd, 2019
Vienna Marriott Hotel
Parkring 12a, 1010 Vienna


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 Division, Oesterreichische Nationalbank

Thursday, 2 May 2019
08:30 Registration
09:00 Opening remarks

Ewald Nowotny, Governor, Oesterreichische Nationalbank
E. Nowotny - opening remarksE. Nowotny - opening remarks

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

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
P. Mooslechner - presentationP. Mooslechner - presentation

Making the most of EMU: challenges and opportunity for reform
Luiz de Mello, Director, Policy Studies Branch, Economics Department, OECD
L. de Mello - presentationL. de Mello - presentation

12:00 Session 2: Monetary and financial stability

Chair: Andreas Ittner, Vice Governor, Oesterreichische Nationalbank

The Banking Union and Financial Stability in the Eurozone
Ed Sibley, Deputy Governor, Prudential Regulation, Central Bank of Ireland

Escaping the trap: Secular stagnation, monetary policy and financial fragility
Martin Wolf, Associate Editor and Economics Commentator, Financial Times
M. Wolf - presentationM. Wolf - presentation

13:15 Lunch
14:30 Session 3: Monetary and fiscal stability

Chair: Ernest Gnan, Head, Economic Analsysis Division, Oesterreichische Nationalbank and SUERF

Fiscal Financial Vulnerabilities
Ludger Schuknecht, Deputy Secretary-General, OECD
 L. Schuknecht - presentation L. Schuknecht - presentation

Strengthened EU fiscal framework: fiscal discipline versus economic stabilization
Gottfried Haber, President, Austrian Fiscal Advisory Council
G. Haber - presentationG. Haber - presentation

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
K. Jorna - presentationK. Jorna - presentation

The euro’s global role: past, present and future
Arnaud Mehl, Principal Economist, European Central Bank
A. Mehl - presentationA. Mehl - presentation

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

Friday, 3 May 2019
09:00 Session 5

Chair: Kurt Pribil, Executive Director, Oesterreichische Nationalbank

A Risk-Based Taxonomy of Crypto Assets
Andrei Kirilenko, Director, Centre for Global Finance and Technology, Imperial College
A. Kirilenko - presentationA. Kirilenko - presentation

Central bank digital currency and monetary policy
Ulrich Bindseil, Director General, Market Operations, European Central Bank
U. Bindseil - presentationU. Bindseil - presentation

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
B. Cabrillac - presentationB. Cabrillac - presentation

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
I. Schnabel - presentationI. Schnabel - presentation

12:00 Buffet lunch

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