Pierre Werner Chair Programme • Projects • European University Institute

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.

Topics

Economic governance in the European Union

Enlargement of the European Union and the adaptations implied both for the arrangements for economic and monetary union and for the future member states

The economic and political requirements and consequences of a revised Stability and Growth Pact

Public finance issues in the context of EMU

The growth and development of European financial institutions

The regulation and operations of financial markets in the European Union

The design of monetary stabilization policies, goals and instruments - with a comparative analysis of the experience of the European Central Bank, the US Federal Reserve system

The economic and institutional consequences of the Euro in the world monetary system.

Next event

ECB Monetary [email protected] and Banking Union Reforms

Mini-Conference

Date: 18 March 2020
Time: 12:30-18:00
Venue: EUI, Department of Economics – Villa La Fonte

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look back on the ECB’s record in these two decades that have radically changed the conduct of monetary policy, broadening the scope of its original mandate of price stability, becoming an anchor for the financial stability of the euro area. But for the latter, the completion of the Banking Union is also important and, therefore, it is also a good moment to reflect on its shorter history and its way forward.

In the first part, Massimo Rostagno (Director General at the Directorate General for Monetary Policy at the ECB) will evaluate the way the ECB has defined, interpreted and applied its monetary policy mandate – its strategy – from its inception, the years of the financial and euro crises, to these last years of recovery and new challenges.

In the second part, Luís Garicano (Professor at IE Business School and Member of the European Parliament) will provide an assessment of the current situation of the Banking Union and put forward two proposals to take it to its completion.

Both presentations will be followed by comments and discussion led by experts including José Luís Peydro (Imperial College London, Universitat Pompeu Fabra, CREI and Barcelona GSE), Elena Carletti (Bocconi University and Florence School of Banking and Finance), Ramon Marimon (Pierre Werner Chair, EUI), Jean Pisani-Ferry (Tommaso Padoa Schioppa Chair, EUI) and PhD researchers and post-doctoral fellows of the Department of Economics and the Max Weber Programme of the European University Institute.

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