Chair holder: Ramon Marimon
The Robert Schuman Centre hosts the Pierre Werner Chair Programme on Monetary Union, named in memory of Pierre Werner, one of the architects of economic and monetary union, and generously funded by the Luxembourg Government.
Economic and monetary union will make it possible to realize an area within which goods and services, people and capital will circulate freely and without competitive distortions, without thereby giving rise to structural or regional disequilibrium
Werner Report, 1970.
Almost fifty years later, the successful development of the European Union and the EMU has vindicated – and, in most dimensions, gone beyond – the farsighted vision of Pierre Werner. But the EU experience – in particular, the euro crisis – has also shown how difficult it is to eliminate ‘structural or regional disequilibrium’ or to eliminate ‘competitive distortions’ while fostering growth, macroeconomic stability and maintaining or developing the European Welfare state(s).
Fortunately, these and related challenges nourish new research in macroeconomic theory, policy and institutional design, which provides a theoretical and empirical basis to the EMU policy debate and the further development of its architecture. To contribute to this research defines the agenda of the Pierre Werner Chair and its activities.
16-17 June 2021
5th Edition: Workshop on A Dynamic Economic and Monetary Union
At the Barcelona GSE Summer Forum
Lecture by John H. Cochrane (Stanford University)
EUI Economics and Pierre Werner Chair Lecture
13 May 2021
Professor Cochrane gave a brief overview of the Fiscal Theory of the Price Level, based on the book draft by the same name. The fiscal theory states that money is valued because the government stands ready to soak up money with taxes. It provides an alternative foundation to standard monetarism or new-Keynesian models based on interest rate targets. During this seminar Professor Cochrane develops the basic idea, show how to apply it, and how to adapt standard models to fiscal theory. The audience is then guided through the data, understanding the roots of inflation, and the zero bound episode.
Social Security Reforms in Europe
Online mini-conference EUI-PWC and Banco de España
Date: 8 April 2021, 16:00 – 19:00 (CET)
The on-line mini-conference, jointly organized by the Pierre Werner Chair of the European University Institute (RSCAS) and the Banco de España, will focus on social security reforms that can help to prevent this next crisis. In the first part, three research papers will be presented and discussed that focus on the design and financial aspects, as well as an overall alternative to the PAYG system. This (Backpack) alternative is the starting point of the second part in which a panel will discuss challenges and reforms of European PAYG systems.
>> Full programme
It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together
Presentation of the 23rd Geneva Report
Dates: 3 March 2021, 2:00 - 3:30 PM (CET)
The notion of the monetary-fiscal policy mix has made a spectacular comeback as countries have been forced to takle the devastating economic fallout from the COVID-19 pandemic. The 23rd Geneva Report on the World Economy stresses that the desirable coordination between central banks and treasuries can only work if the credibility of their commitment to desirable long-term goals – healthy growth under price stability and public debt sustainability – is preserved and backed by a resilient institutional framework, and urges policymakers to develop a strategy aimed at regaining policy space on both sides of the mix. (download the full report on VoxEu.org).
- Ramon Marimon (Pierre Werner Chair and Professor of Economics, EUI)
Speakers (and authors of the report):
- Elga Bartsch (Head of Macro Research, BlackRock Investment Institute)
- Agnès Bénassy-Quéré (Professor, Paris School of Economics - University of Paris 1 Panthéon-Sorbonne)
- Giancarlo Corsetti (Professor of Macroeconomics, University of Cambridge)
- Xavier Debrun (Advisor, Research Department, National Bank of Belgium)
- Catherine L. Mann (Global Chief Economist,CitiBank)
- Ricardo Reis (Professor of Economics, LSE)
- Guntram Wolff (Director, Bruegel)
> More information
A Growth Model of the Data Economy - EUI Economics and Pierre Werner Chair Lecture
Date: Thursday 15 October 2020
Presented by Professor Laura Veldkamp, Columbia Business School.
A Dynamic Economic and Monetary Union Workshop
Workshop sponsored by the Pierre Werner Chair of the European University Institute, the European Stability Mechanism and the University of Luxembourg
Dates: 8 – 9 October 2020
Venues: Luxembourg (European Stability Mechanism and University of Luxembourg)
The ADEMU 2020 workshop will be part of Luxembourg’s celebrations of the 50th anniversary of the Werner Report and the 10th/8th anniversary of the EFSF/ESM. The workshop, originally planned to take place within the Barcelona GSE Summer Forum 2020, is sponsored by the Pierre Werner Chair of the European University Institute, the European Stability Mechanism and the University of Luxembourg.
> Full programme and papers
> Watch the presentations
Horizon 2020 project ADEMU (A Dynamic Economic and Monetary Union), from June 2015 to May 2018. Coordinated by Professor Ramon Marimon.