Sixth ECB biennial conference on “Fiscal Policy and EMU Governance” - Welcome remarks and  Session 1
Channel: European Central Bank
Date: 27/12/2023

The European Central Bank organised its sixth biennial conference on Fiscal Policy and EMU Governance, which took place in Frankfurt on 18-19 December 2023.

In view of the Covid-19 crisis, the war in Ukraine and its economic consequences, and the current situation of high inflation, the role of fiscal policy for stabilisation and its effects on inflation are matters of interest for both academics and policymakers. The aim of this conference is to explore these issues, including the interaction of fiscal and monetary policy, fiscal policy implications of monetary policy normalisation, and risk-sharing arrangements and private/public balance sheet developments in monetary unions. 

Welcome remarks
Frank Smets, European Central Bank


Session 1
Fiscal policies in monetary unions and the financing of fiscal deficits
Chair: Frank Smets, European Central Bank


Fiscal federalism and monetary unions
Eugenia Gonzalez-Aguado, Toulouse School of Economics, together with Rafael Berriel, Patrick J. Kehoe, and Elena Pastorino

Discussant: Ramon Marimon, Universitat Pompeu Fabra


Can deficits finance themselves?
Christian K. Wolf, MIT, together with George-Marios Angeletos and Chen Lian

Discussant: Davide Debortoli, Universitat Pompeu Fabra