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Exchange of views: Risk sharing in EMU

Day 3 Morning

Friday 13 September

Room :

Fennia II - Exchange of views

Speakers

Chair
Klaus Regling - Managing Director, ESM
Discussants
Nadia Calviño - Minister of Economy and Business, Spain
Pierre Gramegna - Minister of Finance, Luxembourg
Vilius Šapoka - Minister of Finance of the Republic of Lithuania

Objectives of the session

Global and European economic and political challenges and risks recently intensified and increasingly affect the euro area (e.g. trade wars, Brexit…). Against this background, it is important to continue and complete the work on deepening EMU. The package on deepening EMU endorsed by the Euro Summit in June 2019 represents an important step to make the euro area more robust and better prepared for possible future problems. In this context, it is essential to agree on the need for more risk sharing in EMU and on the success factors to achieve more risk sharing through private and public channels.

Speakers will be invited to express their views on the need for more risk sharing in EMU; the economic prerequisites and success factors required to achieve both private and public risk sharing; how a consensus on more risk sharing among euro area member states may look like; and, the common denominator necessary to obtain such a consensus including on the next steps.

Points of discussion

Why do we need more risk sharing in EMU?

How to achieve more private risk sharing? And, what are the economic and financial prerequisites to achieve more private risk sharing in the euro area?

How to achieve more fiscal risk sharing?