Konference på London School of Economics, arrangeret af Jakob Vestergaard, Charles Goodhart, Daniela Gabor m fl. For at tilmelde sig: se konferencens website hos LSE. 


The architecture of economic and financial governance in the European Union is changing at an unprecedented pace. Member States have put in place crucial pillars of the Banking Union and the Capital Markets Union (CMU). The single market in capital, it is hoped, will offset the growth-effects of the on-going deleveraging of the European banking sector, allowing firms, in particular small and medium enterprises, to raise market-funding.

But progress on both projects has slowed down. Brexit questions aside, the stumbling block has been the question of the bank-sovereign nexus. Some Member States demand limits on banks’ sovereign exposures and/or for non-zero risk weights on sovereign debt as condition for the European common deposit insurance scheme. Other countries are resisting the push. The worry is that such changes would limit the set of counter-cyclical fiscal tools that Member States can deploy during recessions and sharper volatility in sovereign debt markets.

For some European institutions, the most urgent reform priority is to address the absence of a single sovereign that can issue safe debt, a role now played by Germany. The European Commission, drawing on plans outlined by the European Systemic Risk Board, has put forward proposals for Sovereign Bond-Backed Securities, to be approved by the European Parliament by February 2019. The SBBS stated intention is to engineer a shift in the ‘tectonic’ plates of Euroarea sovereign bond markets, reducing the asymmetries between Member States without risk-sharing.

The conference will be the occasion for policy-makers and academic experts to reflect and exchange on the pros and cons of different models to design further financial integration within the Euro area and the whole of Europe.

9h00 Welcome and Registration

9h40: Political Economy of Monetary Solidarity: Where Next for the Euro? Keynote by Professor Waltraud Schelke, LSE.

10.15: Session on Gaps in the Euroarea Macro-Financial Architecture
Chair: Jakob Vestergaard, Roskilde University & LSE

Light Lunch

13h30: Session on Single Safe Asset: Market vs Public Solutions
Chair: Daniela Gabor, University of the West of England – Bristol

15h00 Keynote Address by  Vítor Manuel Ribeiro Constâncio
Discussants: Nicolas Verón and Izabella Kaminska (Financial Times)

16h30 Wrap up and Concluding remarks

For at se det fulde program, se konferencens website hos LSE.