On 6 June 2011 the Global Governance Programme at the EUI hosted a High-Level Policy Seminar (HLPS) on the topic “The Macroeconomic and the Financial Landscape in the Aftermath of the 2007 Crisis: New Challenges and Perspectives”. The event consisted of a closed-door roundtable between the vice President of the European Central Bank, Vitor Costancio and a number of academics and policymakers. The discussion centered around three themes: Sovereign debt problems, monetary and fiscal policies, and financial stability and macro prudential policies. In the first theme, the participants discussed various options to deal with the economic situation in Greece. These included the creation of a transfer union among Euro member states and the implications of a possible default for the functioning of the European Central Bank and the stability of the European banking system. In the second theme, it was discussed how to sustain and conduct a single monetary policy in heterogeneously growing countries, how to reach debt sustainability in a low growth environment and the desirability of common fiscal policies. The last part of the event focused on the new architecture for financial regulation and financial stability in Europe. The discussion at the HLPS was very lively. Many different views were discussed and many suggestions and recommendations were put forth. This policy paper consists of seven papers ranging from economics to history and law written by some of the academics participating to the debate. The memoranda were reviewed and expanded after the event to reflect the discussion and to include other topics of interest related to the debate. The papers reflect the aim of the HLPS to contribute to an open debate between academics and policymakers on some key challenges that the economies worldwide are facing. The paper by Thomas Cooley (New York University) discusses the challenges for the European Central Bank in the current situation both in terms of long term fiscal adjustments and of potential fragility of the European Banking system. The pair of papers by Giancarlo Corsetti (Cambridge University and EUI) and Massimiliano Marcellino (EUI) focuses on debt sustainability and the implications of the debt crisis for growth. The paper by Harold James (Princeton University) focuses more specifically on the challenges to monetary and fiscal policies in Europe. The joint paper by Joanna Gray and Patrick O'Callaghan (both Newcastle University) discusses the legitimacy and efficacy of the EU and Member State response to the sovereign debt problems in the Eurozone from a legal perspective. The joint paper by Franklin Allen (University of Pennsylvania) and Elena Carletti (EUI) turn the attention to the issue of systemic risk and the need for macroprudential regulation. Finally, Luigi Guiso (EUI) tackles the issue of trust and risk aversion in the aftermath of the financial crisis. Our hope is that this joint policy paper will contribute to shaping the debate further and help policymakers to tackle the challenges emerged in the aftermath of the financial crisis.
The Macroeconomic and Financial Landscape in the Aftermath of the 2007 Crisis: New Challenges and Perspectives / E., Carletti; G., Corsetti; Simonelli, Saverio. - ELETTRONICO. - (2011), pp. 1-1. (Intervento presentato al convegno The Macroeconomic and the Financial Landscape in the Aftermath of the 2007 Crisis: New Challenges and Perspectives tenutosi a Fiesole nel 6 /6/2011).
The Macroeconomic and Financial Landscape in the Aftermath of the 2007 Crisis: New Challenges and Perspectives
SIMONELLI, SAVERIO
2011
Abstract
On 6 June 2011 the Global Governance Programme at the EUI hosted a High-Level Policy Seminar (HLPS) on the topic “The Macroeconomic and the Financial Landscape in the Aftermath of the 2007 Crisis: New Challenges and Perspectives”. The event consisted of a closed-door roundtable between the vice President of the European Central Bank, Vitor Costancio and a number of academics and policymakers. The discussion centered around three themes: Sovereign debt problems, monetary and fiscal policies, and financial stability and macro prudential policies. In the first theme, the participants discussed various options to deal with the economic situation in Greece. These included the creation of a transfer union among Euro member states and the implications of a possible default for the functioning of the European Central Bank and the stability of the European banking system. In the second theme, it was discussed how to sustain and conduct a single monetary policy in heterogeneously growing countries, how to reach debt sustainability in a low growth environment and the desirability of common fiscal policies. The last part of the event focused on the new architecture for financial regulation and financial stability in Europe. The discussion at the HLPS was very lively. Many different views were discussed and many suggestions and recommendations were put forth. This policy paper consists of seven papers ranging from economics to history and law written by some of the academics participating to the debate. The memoranda were reviewed and expanded after the event to reflect the discussion and to include other topics of interest related to the debate. The papers reflect the aim of the HLPS to contribute to an open debate between academics and policymakers on some key challenges that the economies worldwide are facing. The paper by Thomas Cooley (New York University) discusses the challenges for the European Central Bank in the current situation both in terms of long term fiscal adjustments and of potential fragility of the European Banking system. The pair of papers by Giancarlo Corsetti (Cambridge University and EUI) and Massimiliano Marcellino (EUI) focuses on debt sustainability and the implications of the debt crisis for growth. The paper by Harold James (Princeton University) focuses more specifically on the challenges to monetary and fiscal policies in Europe. The joint paper by Joanna Gray and Patrick O'Callaghan (both Newcastle University) discusses the legitimacy and efficacy of the EU and Member State response to the sovereign debt problems in the Eurozone from a legal perspective. The joint paper by Franklin Allen (University of Pennsylvania) and Elena Carletti (EUI) turn the attention to the issue of systemic risk and the need for macroprudential regulation. Finally, Luigi Guiso (EUI) tackles the issue of trust and risk aversion in the aftermath of the financial crisis. Our hope is that this joint policy paper will contribute to shaping the debate further and help policymakers to tackle the challenges emerged in the aftermath of the financial crisis.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
