The workshop aimed to facilitate an exchange of views on two key topics: 1-the various concepts of the equilibrium real interest rate, with the aim of better understanding how this crucial but unobservable variable is evolving; 2- the appropriate fiscal-monetary policy mix, in light of the renewed focus and increased academic interest in this important topic in recent years. The event concluded with a policy panel discussion featuring leading experts.
- fiscal policy
- Thursday 6 February 2025, 08:45 - 17:45 (CET)
- Brussels, Belgium
Practical information
- When
- Thursday 6 February 2025, 08:45 - 17:45 (CET)
- Where
- Charlemagne buildingRue de la Loi 170, 1000 Brussels, Belgium
- Languages
- English
Report
The papers and presentations from the workshop are provided below.
Session 1. Where is the long-term equilibrium interest rate heading? Implications for monetary and fiscal policy.
Discussant: Noëmie Lisack (European Central Bank)
Session 2. Monetary and fiscal interactions in a high debt environment
Keynote: Agnès Bénassy-Quéré (Second Deputy Governor of the Banque de France)
Dennis Bonam (European Central Bank), “The effects of monetary policy across fiscal regimes”
Robert Beyer (International Monetary Fund), “Shared problem, shared solution: benefits from fiscal-monetary interactions in the euro area”
Discussant: Werner Roeger, (DIW Berlin and VIVES KU Leuven)
Policy Panel
Oscar Arce (Director General Economics, European Central Bank)
Elga Bartsch (Director General for Economic Policy at the German Federal Ministry)
Lucrezia Reichlin (Professor, London Business School; Bruegel)
Email: ECFIN-POLICY-MIX-WORKSHOP-2025ec [dot] europa [dot] eu (ECFIN-POLICY-MIX-WORKSHOP-2025[at]ec[dot]europa[dot]eu) Tel: +32 2 2991392