On Tuesday 28 January 2020, DG ECFIN organised its annual workshop on fiscal policy, dedicated this year to "Fiscal rules in Europe: Design and Enforcement". The workshop was a one-day event with high-profile speakers and discussants from academia and international institutions.
- financing policy | Economic and Monetary Union | economic policy | euro
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- Brussels, Belgium
- Live streaming available
Programme
- 28 Jan 2020,
08:15 AM - 08:45 AM CETRegistration and welcome coffee
- 08:45 AM - 09:00 AM CET
Introduction: Paolo Gentiloni (European Commission)
- 09:00 AM - 10:00 AM CET
KEYNOTE SPEECH:FUTURE OF FISCAL RULES IN THE EURO AREA – Vítor Gaspar (IMF)
- 10:00 AM - 10:15 AM CET
Coffee break
- 10:15 AM - 12:15 PM CET
SESSION I – FISCAL RULES: HOW TO DESIGN THEM? – Chair: Lucio Pench (European Commission)
- 10:15 AM - 10:55 AM CET
Effects of Austerity: Expenditure- and Tax-based Approaches – Francesco Giavazzi (Bocconi University), Alberto Alesina (Harvard University), Carlo Favero (Bocconi University)
Discussant: Adi Brender (Bank of Israel) - 10:55 AM - 11:35 AM CET
The Stability and Growth Pact’s Debt Benchmark Rule Revisited – Sebastian Hauptmeier (ECB), Christophe Kamps (ECB)
Discussant: Martin Larch (European Fiscal Board) - 11:35 AM - 12:15 PM CET
European Fiscal Rules Require a Major Overhaul – Philippe Martin (Sciences Po Paris), Xavier Ragot (Sciences Po Paris), Zsolt Darvas (Bruegel)
Discussant: Ludger Schuknecht (OECD) - 12:15 PM - 01:45 PM CET
Lunch break
- 01:45 PM - 02:25 PM CET
SESSION II – FISCAL RULES: HOW TO ENFORCE THEM? – Chair: Elena Flores (European Commission)
- 01:45 PM - 02:15 PM CET
Fiscal Rules and Discretion : Insights from Theory - Pierre Yared (Columbia University), Marina Halac (Yale University)
Discussant: Eckhard Janeba (University of Mannheim) - 02:25 PM - 03:05 PM CET
Under Threat: Rules-Based Fiscal Policy and How to Preserve It – Xavier Debrun (National Bank of Belgium), Lars Jonung (Lund University)
Discussant: Marketta Henriksson (Ministry of Finance, Finland) - 03:05 PM - 03:35 PM CET
Impulse - Fiscal Rules and Financial Markets: Complements or Substitutes? - Silvia Ardagna (Goldman Sachs)
- 03:35 PM - 04:00 PM CET
Coffee break
- 04:00 PM - 05:30 PM CET
HIGH-LEVEL POLICY PANEL: THE FUTURE EVOLUTION OF THE EU FISCAL FRAMEWORK
Moderator: Maarten Verwey (European Commission)
Panellists: Vítor Gaspar (IMF), Philip Lane (ECB), Ludger Schuknecht (OECD), Niels Thygesen (European Fiscal Board) - 05:30 PM - 05:45 PM CET
CONCLUSION
Practical information
- When
- -
- Where
- Charlemagne building, Room: JENKINS, Rue de la Loi 170Charlemagne building, Room: JENKINS, Rue de la Loi 170, 1000 Brussels, Belgium
Report
The workshop was structured in two parts. The first session concentrated on the design of fiscal rules. The second session focused on how to apply and enforce fiscal rules. The sessions were followed by a high-level policy panel.