Seminar on fiscal policy making in the euro area

During the euro area crisis, policymakers have been forced to reassess many lines of economic policy. A special focus has been on coordination of fiscal policy in the euro area: to what extent it should be deepened, and how the augmentation should be implemented? Does evolution of the Eurozone inevitably lead towards more federalist structures? A lively debate on the appropriate fiscal policy stance is also going on: what kind of fiscal policy would be optimal, when the economy is growing slowly despite ultra-low interest rates, but rapidly increasing public debt constraints options for reflating?

These were among the topics to be discussed in a seminar on fiscal policy making in the euro area that The Research Institute of the Finnish Economy ETLA organised

on 16 October 2012 at 9.00 – 15.30

at Event Arena Bank, Union Square auditorium, Unioninkatu 20, Helsinki.

Top European economists laid the ground for discussion. Presentations and prepared comments can be downloaded from the links below.


09:00 Opening remarks – Vesa Vihriälä, ETLA

Session I: Fiscal policy in Europe – what is the appropriate stance?

09.10 Presentation Gernot Müller, University of Bonn
09:50 CommentSeppo Honkapohja, Bank of Finland
10:10 Discussion

10.40 Coffee break

Session II: The new fiscal rules – what will change in practice?

11:10 PresentationLucio Pench, EU Commission
11:50 CommentLars Jonung, Swedish Fiscal Council
12:10 Discussion

12:40 Lunch break

Session III: What sort of economic union is needed for the euro to survive?

13:50 PresentationJean Pisani-Ferry, Bruegel
14:30 CommentSixten Korkman, Aalto University
14:50 Panel Discussion on the future of the euro area
          Jean Pisani-Ferry
          Sixten Korkman
          Lars Jonungcomment
          Vesa Vihriälä, moderator

15:30 Close of the seminar