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How to improve Economic and Monetary Union given its increasing economic and financial fragmentation?

Day 2 Afternoon

Thursday 24 February

Room :

NORMANDIE (-1 floor)


Introductory remark
Paschal Donohoe
The Minister & President of the Eurogroup - Department of Finance, Ireland
David Wright
President - EUROFI
Public Authorities
Mário Centeno
Governor and Member of the Governing Council of the ECB - Banco de Portugal
Paschal Donohoe
The Minister & President of the Eurogroup - Department of Finance, Ireland
Irene Tinagli
Chair & MEP - Committee on Economic and Monetary Affairs, European Parliament
Industry Representative
Vitorio Grilli
Chairman of the Corporate and Investment Bank EMEA - J.P. Morgan
Other stakeholder & expert
Jacques de Larosière
Former President - EUROFI

Objective of the session

The Covid crisis has exacerbated existing fiscal, economic, productivity, and current account imbalances across EU Member States (see Eurofi Macroeconomic scoreboard). This makes finding consistent EU policy making much more problematic. Furthermore, the limited financial flows between eurozone countries lock in per capita income dispersion in the euro area.

This session will assess the monetary, economic and fiscal priorities required to achieve economic cohesion within the euro area and to improve cross-border private risk sharing. The speakers are also invited to express their views on the key measures now needed to encourage an integrated banking and capital market in Europe.

Points of discussion

  1. How can economic cohesion and private risk sharing be achieved and maintained in the Euro Area with ever-increasing economic dispersion among Member States and the low degree of federalism? What can the expected benefits be of effective normalisation of monetary policy in the euro area?
  2. How to restore capital mobility in the euro area in the context of increasingly negative real interest rates with widening fiscal and debt level variance across euro area members? What are priorities for progressing cross-border private risk sharing and encouraging an active and integrated banking and capital market in Europe?