The Robert Schuman Centre hosts the Pierre Werner Chair Programme on Monetary Union, named in memory of Pierre Werner, one of the architects of economic and monetary union, and generously funded by the Luxembourg Government.

Economic and monetary union will make it possible to realize an area within which goods and services, people and capital will circulate freely and without competitive distortions, without thereby giving rise to structural or regional disequilibrium

Werner Report, 1970. Download the full report.

Almost fifty years later, the successful development of the European Union and the EMU has vindicated – and, in most dimensions, gone beyond – the farsighted vision of Pierre Werner. But the EU experience – in particular, the euro crisis – has also shown how difficult it is to eliminate ‘structural or regional disequilibrium’ or to eliminate ‘competitive distortions’ while fostering growth, macroeconomic stability and maintaining or developing the European Welfare state(s).

Fortunately, these and related challenges nourish new research in macroeconomic theory, policy and institutional design, which provides a theoretical and empirical basis to the EMU policy debate and the further development of its architecture. To contribute to this research defines the agenda of the Pierre Werner Chair and its activities.

Chair Holder

Giancarlo Corsetti (Ph.D. Yale, 1992) is Pierre Werner Chair at the European University Institute. From 2010 to 2021, he has been Professor of Macroeconomics at Cambridge University, fellow of Clare College and director of the Cambridge INET Institute. Prior to this, he taught at the European University Institute in Florence and at the Universities of Rome III, Yale and Bologna. He is a leading scholar in international economics and open macro with pioneering contributions on currency, financial and sovereign crises, monetary and fiscal policy in open economy, and the international transmission and global imbalances. His work has been published by the American Economic Review, the Journal of European Economic Association, the Journal of Monetary Economics, the Quarterly Journal of Economics, and the Review of Economic Studies. He has been a long-serving co-editor of the Journal of International Economics. He is a consultant at the European Central Bank and the Bank of England and a regular visiting professor in central banks and international institutions. He is research fellow of the Centre for Economic Policy Research, where he served as co-director of the International Macroeconomic Programme between 2004 and 2015. He is a member the European Economic Association, where he served as a member of the council, and Program Chairman of the 2007 Annual Congress in Budapest.



  • The European Union, and euro area, monetary and fiscal framework
  • Economic governance in the European Union
  • Public finance issues in the context of EMU, with particular attention to sovereign debt management.
  • The growth, development of European financial institutions (European Banking Union), with particular attention to the link between monetary, fiscal and financial stability.
  • The design of monetary stabilization policies, goals and instruments.
  • The fiscal-monetary mix.
  • The legal aspects of fiscal and monetary EU policies and institutions and their possible reforms.
  • Risk-sharing within the European Union and the role of the European Stability Mechanism as crisis prevention mechanism.
  • The links between financial, monetary, fiscal and social stability.
  • EU social protection policies
  • The economic and institutional consequences of the Euro in the world monetary system.
  • Fiscal and monetary consequences of EU challenges: ageing, climate change, green transition, digitalization, globalization, and other ‘tail-risks’.