Pierre Werner Chair Programme > Events


The Programme sponsors a seminar series soliciting both public policy and academic experts on the wide range of topics of interest in the programme. Most of these seminars are conducted in cooperation with other programmes at the RSCAS or departments in the EUI, as a way to exploit synergies, but also as a way to create a stable audience at the Institute across different fields and disciplines.

The PWC seminar has established itself as a high profile event among researchers at the Institute as well as in the local community. In addition to the seminar series, the programme has also promoted a series of policy makers’ lectures, with the generous collaboration of the members of the Advisory Board, and occasional roundtables on emerging policy issues.



Latest events

Webinar: Should the ECB sell its sovereign debt to the ESM?

Organizers: Pierre Werner Chair and Tommaso Padoa-Schioppa Chair

Date: 8 June 2021, 14:00 – 15:30 (CET)

More than twenty per cent of the euro area sovereign debt is in the Eurosystem, an important part of which was acquired within the framework of its Public Sector Purchase and Pandemic Emergency Purchase Programmes (PSPP & PEPP). Against this background, questions have been raised regarding the extent of these programmes and the future of the corresponding sovereign debt holdings.In a recent paper Emilios Avgeouleas and Stefano Micossi advocate for transferring sovereign debt held by the Eurosystem to the ESM, as a way to better stabilize the existing sovereign debt and increase the supply of European safe assets. A sale by the ECB of its sovereign securities portfolio to the ESM would have profound implications for both institutions. It would turn the ESM into a permanent creditor of euro-area states and a market-maker for sovereign debt. It would free the ECB from the distributional implications of its public sector assets purchases and turn it into a more traditional central bank.This opens a number of issues – legal, procedural, fiscal and monetary effects, etc. – that will be addressed in the webinar. It also opens a larger debate on the institutional relation between the ECB, the ESM and the Next Generation EU of the European Commission – on how the (debt) fiscal and monetary policy should be conducted in the euro area in the aftermath of COVID-19. A debate that will continue in forthcoming events.


  • Ramon Marimon (Pierre Werner Chair and Professor of Economics, EUI)


  • Stefano Micossi (Director General of Assonime) and Emilios Avgouleas (Chair in International Banking Law & Finance, School of Law, University of Edinburgh; European Securities and Markets Group - Advisory Board): 'On selling sovereigns held by the ECB to the ESM: institutional and economic policy implications'


  • Nicola Giammarioli (Secretary General, European Stability Mechanism)
  • Cornelia Holthausen (Deputy Director General Economics, European Central Bank)
  • Jean Pisani-Ferry (Tommaso Padoa-Schioppa Chair, EUI)


Social Security Reforms in Europe

Online mini-conference EUI-PWC and Banco de España

Date: 8 April 2021, 16:00 – 19:00 (CET)

Format: online

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.


Rethinking the Welfare State: Lecture by Nezih Guner (CEMFI)

EUI Economics and Pierre Werner Chair Lecture

Date: 17 March 2021, 11:00 – 12:15 (CET)

Format: online

The US spends about 2.5% of its GDP on non-medical, non-retirement means-tested transfers. These transfers, which cover a wide range of programs, provide income support for low and middle-income households. Can the U.S. economy do better? Is it possible to find welfare-improving ways to support households that are supported by a majority? The presentation answers these questions in a general equilibrium heterogeneous-agents model with single and married households facing idiosyncratic labor market productivity risk. 

Co- authors: Remzi Kaygusuz (Sabanci University) and Gustavo Ventura (Arizona State University)

It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together

Presentation of the 23rd Geneva Report

EUI Pierre Werner Chair webinar


Date: 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)



Lessons from Financial Assistance to Greece

EUI Pierre Werner Chair & European Stability Mechanism webinar


Date: 2 December 2020, 16:00 - 17:30 (CET)

As soon as the Next Generation EU gets its final green light, the European Commission will become the first supranational debt issuer in a world as indebted as ever since WWII, albeit, temporary blessed with low interest rates. Meanwhile, heavily indebted Southern European countries suffering heavily from a second COVID wave are rushing to get their share of SURE debt, but seem afraid to take advantage of the ESM because the stigma of assistance to Greece prevails for many. Better for the EU to learn its own Greek lesson if it is going to be the #1 player in this game. It is the right time to zoom, listen and discuss what the independent evaluators have to say and possibly the right time to expose ‘the Greek stigma’.


  • Joaquín Almunia (Independent Evaluator)
  • Ramon Marimon (Pierre Werner Chair and Professor of Economics, EUI)
  • Giancarlo Corsetti (Professor of Macroeconomics, University of Cambridge)
  • George Papaconstantinou (Professor of International Political Economy, STG, EUI)
  • Alexander Stubb (Director of the School of Transnational Governance, EUI)
  • Gertrude Tumpel-Gugerell (First High-level Independent Evaluator of the ESM)



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

Past Events

'Deadly Debt Crises: COVID-19 in Emerging Markets' - Presented by Cristina Arellano (Federal Reserve Bank of Minneapolis and University of Minnesota) - Joint PWC-ECO Macroeconomics Webinar

Friday 5 June 2020

Abstract: The COVID-19 epidemic in emerging markets risks a combined health, economic, and debt crisis. We integrate a standard epidemiology model into a sovereign default model and study how default risk impacts the ability of these countries to respond to the epidemic. Lockdown policies are useful for alleviating the health crisis but they carry large economic costs and can generate costly and prolonged debt crises. The possibility of lockdown induced debt crises in turn results in less aggressive lockdowns and a more severe health crisis. We find that the social value of debt relief can be substantial because it can prevent the debt crisis and can save lives.

Co-authors: Yan Bai and Gabriel Mihalache

 > About the speaker 

> All events in the EUI Macroeconomics Seminars Series



Online debate: Which (feasible) new Reconstruction Instrument(s) does Europe need? - An initiative of the Pierre Werner Chair at the EUI Schuman Centre, jointly organised with the Florence School of Banking and Finance and the Tommaso Padoa Schioppa Chair.

Wednesday 20 April 2020

To confront the COVID-19 crisis at the European level, the ECB has taken the lead with its Pandemic Emergency Purchase Programme (PEPP), to which other instruments have been added: EIB guarantees, the EC proposal for Support to mitigate Unemployment Risks in an Emergency (SURE) and, last week, the ESM’s new Precautionary Covid Line (PCL).

Nevertheless, there is widespread agreement – backed by the 17 April European Parliament resolution and 8 May Eurogroup statement – on the need to step-up the European response with a Recovery Fund and/or a well-structured Recovery Plan. The online seminar will focus on which are the most relevant European needs, and organisational forms, that a such plan should convey, in the light of the European Parliament initiatives and the – soon to be known – European Commission Recovery Plan.

> More information



Intangibles, Inequality and Stagnation - A lecture by Prof. Nobuhiro Kiyotaki (Princeton University), organised in the framework of the Pierre Werner Chair Programme on Monetary Union

Friday 17 April 2020

We examine how aggregate output and income distribution interact with accumulation of intangible capital over time and across individuals. We consider an overlapping generations economy in which managerial skill (intangible capital) is essential for production, and it is acquired by young workers through on-the-job training by old managers. We show that, when young trainees are not committed to staying in the same firms and repaying their debt, a small difference in initial endowment and ability of young workers leads to a large inequality in accumulation of intangibles and income. Furthermore, a negative shock to endowment or the degree of commitment generates a persistent stagnation and a rise in inequality.

> Full paper

> Presentation


D&D (Debt and Default) - Pierre Werner Chair mini-conference

EUI (Florence), 29 October 2019

In the aftermath of the euro crisis, there is a tendency to put debt issues on the back burner. However, debtlevels are very high in some European countries and elsewhere and, in fact, a possible default and/or debtrestructuring is at the forefront in Argentina, one of the world most experienced countries on D&D!

The Pierre Werner Chair mini-conference, which is part of a project co-funded by the European Stability Mechanism, discussed ongoing research on D&D. An open, informal discussion on the current situation in Argentina took place before the main conference.

12.00 - 13.30      Open debate: Argentina's Next Default? with Dr. Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis) | More information

13.30 - 18.00      PWC Mini-conference on D&D  |  More information  | Download the papers and presentations




  • Macroeconomics Research Workshop: Banks Interconnectivity and Leverage, by Prof. Vincenzo Quadrini (University of South California), organised with the Department of Economics, 1 December 2017 
  • Winners, Losers and Policy Reforms after the Euro Crisis organised with the Department of Economics and the ADEMU project, 17 November 2017
  • Macroeconomics Workshop: A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information, by Prof. Harold Cole (University of Pennsylvania), organised with the Department of Economics, 2 October 2017



Conferences & Lectures



Conferences & Lectures


Conferences & Lectures


  • Eliana La Ferrara , IGIER, Bocconi University 
    Does interaction affect racial prejudice, cooperation and performance? Evidence from randomly assigned peers in South Africa (joint with J. Burns and L. Corno), on 23 May 2014
  • Paul A. David , Stanford University 
    The Economics of Designing Global Climate Policy: a "Tech Fix" Starting Point , on 8 May 2014
  • Fabio Schiantarelli , Boston College 
    Macroeconomics Research Workshop: Financial Markets, Banks' Cost of Funding, and Firms' Decisions: Lessons from Two Crises  (with Pierluigi Balduzzi and Emanuele Brancati), on 7 March 2014
  • Annette Vissing-Jorgensen University of California, Berkeley 
    ECB Policies Involving Government Bond Purchases: Impact and Channels (with Arvind Krishnamurthy and Stefan Nagel), on 28 February 2014
  • Giorgio E. Primiceri , Northwestern University, CEPR, and NBER 
    The Effects of the Saving and Banking Glut on the US Economy , on 31 January 2014
  • Valerie Ramey , University of California, San Diego
    Are Government Spending Multipliers State Dependent? Evidence from U.S. and Canadian Historical Data(with Michael Owyang and Sarah Zubairy), on 18 October 2013
  • Andrea Pescatori , IMF, World Economic Studies 
    Presentation of a chapter of the next World Economic Outlook:Dancing Together? Spillovers, Common Shocks,  and the Role of Financial and Trade Linkages, on  14 October 2013
  • Enrique Sentana , cemfi 
    Inferences about return and stochastic discount factor mean-variance frontiers on 8 October 2013

Conferences & Training Schools


  • Jakob de Haan , Head of Research of De Nederlandsche Bank   
    Banking system characteristics and systemic banking crises , on 15 March 2013
  • Oscar Jordá , Research Advisor Federal Reserve Bank of San Francisco  
    Semiparametric Estimation of Monetary Policy Effects: Stimulus Before and Since the Great Recession (with Joshua D. Angrist and Guido M. Kuersteiner),  on 1 February 2013
  • Thomas Cooley , NYU Leonard N. Stern School of Business  
    Exiting the Euro Crisis?,  on 17 October 2012
  • Jesper L. Lindé , Board of Governors of the Federal Reserve System / Sveriges Riksbank   
    Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes,  on 3 October 2012
  • Gabriel Perez Quiros , Banco de España  
    Credit and the business cycle...Dissecting the past or inferring the future,  on 28 September 2012


  • Vitor Gaspar ,  Minister of Finance of Portugal  
    The Urgency of the Long Run: European Politics During the Crisis , on 30 November 2012

Conferences & Training Schools

Conferences & Training Schools


  • Middlemen in Limit-Order Markets ” by Boyan Jovanovic (New York University) On June 17, 2011

Conferences & Training Schools

  • "Learning from Global Economic Crisis: Lessons for and from the Social Sciences"  co-sponsored by the RSCAS, Pierre Werner Chair Programme and the Max Weber Programme. On May 11, 2011
  • "EUI-nomics – Debating the Economic Conditions in Euro Area and Beyond" organised by the RSCAS, Pierre Werner Chair Programme and European Forecasting Network. On April 15, 2011


  • “Labor Input Decomposition and Aggregate Fluctuation”  by  Jay Hong  (University of Rochester) On April 29, 2010
  • “Income and Capital Taxation in a Life Cycle Model with Extensive Labour Supply”  by Guy Laroque(University College London) On April 8, 2010
  • “Liquidity and Monetary Policy Instruments” by  Douglas Gale  (New York University) On March 16, 2010
  • “Consumption Risk Sharing under Asymmetric Information and Persistent Shocks” by  Paul Klein (University of Western Ontario) On February 15, 2010
  • “Fiscal Policy in Open Economy: a Bayesian DSGE Model of the Euro Area” by  Massimilliano Pisani and  Lorenzo Forni  (Banca d’Italia) On December 11, 2009
  • “The Effects of Foreign Shocks when Interest Rates are at Zero” by  Martin Bodenstein  On November 19, 2009
  • “Fiscal and Monetary Policy Interactions in the Eurozone: What Does Real Time Data Tell Us?” by  John Lewis  (De Nederlandsche Bank) On September 30, 2009

Conferences & Training Schools

  • "Financial Intermediation Research Society (FIRS) Conference" , co-sponsored by the RSCAS, Pierre Werner Chair and the Department of Economics. On June 7–9, 2010
  • "The Economic Perspective of the Euro Area" , organised by the RSCAS, Pierre Werner Chair Programme and European Forecasting Network. On April 16, 2010
  • "The 2007-2009 Financial and Socio-Economic Crisis: Causes, Consequences and Policy Responses" , co-sponsored by the RSCAS, Pierre Werner Chair Programme and the Max Weber Programme. On April 15, 2010


  • “A New Class of Tests of Contagion with Applications” by  Renée Fry  (The Australian National University)  
    On June 23, 2009  
  • “The Economics of Club Bidding in Private Equity” by  Robert Marquez  (W.P. Carey School of Business, Arizona State University) On May 21, 2009
  • “Leaving Home with a Partner” by  Samuel Bentolila  (CEMFI) On May 14, 2009
  • “The Euro: Past Successes and New Challenges” by  Marco Buti  (European Commission) On May 8, 2009
  • “Evolutionary Selection of Individual Expectations and Aggregate Outcomes” by  Cars Hommes  (University of Amsterdam) On April 28, 2009
  • “Rules versus Discretion in Loan Rate Setting” by Steven Ongena  (Tilburg University) On April 17, 2009
  • “Asset prices, Debt Constraints and Inefficiency” by  Gaetano Bloise  (Universita’ di Roma III) On April 2, 2009
  • “A Search and Learning Model of Export Dynamics” by  Jonathan Eaton  (New York University) On March 26, 2009
  • “Rollover Risk and Market Freezes” by  Douglas Gale  (New York University) On March 25, 2009
  • “Has the Euro Changed the Business Cycle?” by  Gernot Mueller  (Goether University, Frankfurt) On March 13, 2009
  • “Gender Roles and Medical Progress” by  Stefania Albanesi  (Columbia University) On March 6, 2009
  • “Modeling Inflation Expectations” by  Marco del Negro  (Federal Reserve Bank of New York) On February 11, 2009
  • “Macroeconomic Effects of Structural Reforms in the Euro Area” by  Massimiliano Pisani  (Banca d’Italia) On February 6, 2009

Conferences & Training Schools

  • "The New Political Economy of Trade" , organised by Dr Patrick Low (WTO), Dr Michele Ruta (WTO) and Prof. Giancarlo Corsetti . On June 5-6, 2009
  • "The Economic Perspective of the Euro-Area" , organised by the RSCAS, Pierre Werner Chair Programme and European Forecasting Network. On April 3, 2009
  • "Fourth Annual Workshop on Global Interdependence" ,  organised by Prof. Giancarlo Corsetti and Prof.Helene Rey (London Business School and CEPR). On March 6–7, 2009
  • "Financial Markets, International Capital Flows and Exchange Rates" , organised by Prof. Giancarlo Corsetti , Prof. Martin Eichenbaum (Northwestern University) and Prof. Sergio Rebelo (Northwestern University). On December 15–16, 2008
  • "New Regulatory Strategies for European Integration" , organised by Prof. Fabrizio in the framework of the RSCAS Seminar Series on Public and Private Regulation, the Florence School of Regulation and the Pierre Werner Chair Programme on Monetary Union. On October 17–18, 2008


Margherita Fabbri

Email: [email protected]
Tel. [+39] 055 4685 981

Page last updated on 14 June 2021