Panel 1: Risk-sharing in EMU: how can we achieve more risksharing through financial markets?
Channel: National Bank of Belgium
Date: 19/11/2018

The first panel aims to draw lessons from the past on issues relating to private sector risksharing in the specific context of European Monetary Union. The financial system should generally provide for such risk-sharing mechanisms, but the crisis has shown that excessive risk-taking in the private sector eventually resulted in financial fragmentation and had to be dealt with by the public sector. What can be done to promote a more resilient financial system that shares risks across the euro area? How effective will banking union and capital markets union be? What is still missing and how important is a public backstop in this context?

Chair: 
Guntram Wolff (Director, Bruegel)
Speakers: 
Emmanuel Farhi (Professor, Harvard University), 
Mahmood Pradhan (Deputy Director,
European Department IMF), 
Beatrice Weder di Mauro (President, CEPR)
Discussants: 
Laurence Boone (Chief Economist, OECD), 
Paul De Grauwe (Professor LSE)