07/09/2006 - 08/09/2006 : The 2006 ECFIN research conference - Adjustment under monetary unions: Financial market issues

The 2006 ECFIN research conference Adjustment under monetary unions: Financial market issues Brussels, 7 - 8 September 2006

The aim of the conference, organised by the Directorate General for Economic and Financial Affairs, was to examine the role of financial markets in the adjustment process in the euro area.

Programme

(149 kB)

(pdf file 20 kb)

Key issues included

how the economic adjustment process changes;
the role of financial markets in promoting and financing adjustment;
whether converging and steady-state economies face different challenges;
the challenges for supervisory and structural policies;
what types of reforms or changes to institutions could improve the adjustment process in the euro area.

Please note that for non European Commission contributions, copyright rests with the author. For further information about the conference, please contact us via the conference mailbox.

Thursday 7September 2006
Session 1. Key policy questions Chair: Jürgen KRÖGER
	Introduction by the Chair
Vítor Gaspar, Banco de Portugal Gabriel Fagan, European Central Bank Discussant: Christopher Allsopp, Oxford University	"Adjusting to the euro" (827 kB) (pdf file 485 kb)
Klaus Regling, Director General, DG ECFIN	"Monetary union: the financial sector challenge" (38 kB) (pdf file 40 kb)
Session 2. Analytics of the real side Chair: Mary McCarthy
	Introduction by the Chair
Sven Langedijk and Werner Röger, DG ECFIN Discussant: John Fitz Gerald, Economic and Social Research Institute, Dublin	"Adjustment in EMU: A model-based analysis of country experiences" (497 kB) (pdf file 560 kb)
Michael Bergman, University of Copenhagen Discussant: Bent E. Sørensen, University of Houston and CEPR	"Sectoral real exchange rate adjustments in Europe" (199 kB) (pdf file 200 kb)
Session 3. Analytics of the financial side Chair: Servaas Deroose
	Introduction by the Chair
Ramón Adalid and Carsten Detken, European Central Bank Discussant: Jonas Niemeyer, Sveriges Riksbank	"Excessive liquidity and asset price boom/bust cycles" (2 MB) (pdf file 380 kb)
Laura Rinaldi, University of Leuven and Alicia Sanchís Arellano, Banco de España Discussant: Christoph Walkner, DG ECFIN	"Household debt sustainability: what explains household non-performing loans?" (392 kB) (pdf file 390 kb)
Session 4. Cross-border integration Chair: Sean Berrigan
	Introduction by the Chair
Robert A. Eisenbeis, Federal Reserve Bank of Atlanta and George G. Kaufman, Discussant: Loyola UniversityPatrick Pearson, DG MARKT	"Cross border banking: challenges for deposit insurance and financial stability in the European Union"
Elena Carletti, Center for Financial Studies and Wharton, Philipp Hartmann, European Central Bank and CEPR and Steven Ongena, CentER – Tilburg University and CEPR Discussant: Eduardo Martínez Rivero, DG COMP	"The economic impact of merger control: what is special about banking?"
Friday 8September 2006
Lessons from other monetary unions Chair: Lars Jonung
Sebnem Kalemli-Ozcan, University of Houston and NBER, Ariell Reshef, New York University, Bent E. Sørensen, University of Houston and NBER, and Oved Yosha Discussant: Oliver Dieckmann , DG ECFIN	"Why does capital flow to rich states?" (2 MB) (pdf file 1300 kb)
John Landon-Lane and Hugh Rockoff , Rutgers University and NBER Discussant: Alicia Sanchís Arellano, Banco de España	"Regional interest rates within a monetary union: lessons from the United States" (340 kB) (pdf file 330 kb)
Peter Hoeller and Claude Giorno, OECD Discussant: Paola Subacchi, Chatham House	"Housing markets and adjustment in monetary union" (480 kB) (pdf file 469 kb)
Policy panel discussion: "Priorities for the financial sector" Chair: Max Watson
Discussants: Vítor Gaspar, Peter Hoeller, Peter Praet, Alberto Giovannini

07/09/2006 - 08/09/2006 : The 2006 ECFIN research conference - Adjustment under monetary unions: Financial market issues

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