Past 2021 Events

5th Edition: Workshop on A Dynamic Economic and Monetary Union

Workshop at the Barcelona GSE Summer Forum

Date: 16-17 June 2021

The 5th ADEMU Workshop is sponsored by the Pierre Werner Chair of the European University Institute and the European Stability Mechanism.

The ADEMU Workshop is part of the Barcelona GSE Summer Forum since 2017. The postponed 4th edition was one of the events celebrating the 50th Anniversary of the Pierre Werner Report, Luxembourg, October 8-9, 2020.

> Full programme


Lecture by John H. Cochrane (Stanford University)

EUI Economics and Pierre Werner Chair Lecture

Date: 13 May 2021

Professor Cochrane gave a brief overview of the Fiscal Theory of the Price Level, based on the book draft by the same name. The fiscal theory states that money is valued because the government stands ready to soak up money with taxes. It provides an alternative foundation to standard monetarism or new-Keynesian models based on interest rate targets. During this seminar Professor Cochrane develops the basic idea, show how to apply it, and how to adapt standard models to fiscal theory.  The audience is then guided through the data, understanding the roots of inflation, and the zero bound episode.

Social Security Reforms in Europe

Online mini-conference EUI-PWC and Banco de España

Date: 8 April 2021, 16:00 – 19:00 (CET)

The on-line mini-conference, jointly organized by the Pierre Werner Chair of the European University Institute (RSCAS) and the Banco de España, will focus on social security reforms that can help to prevent this next crisis. In the first part, three research papers will be presented and discussed that focus on the design and financial aspects, as well as an overall alternative to the PAYG system. This (Backpack) alternative is the starting point of the second part in which a panel will discuss challenges and reforms of European PAYG systems.

> Full programme and papers

Rethinking the Welfare State: Lecture by Nezih Guner (CEMFI)

EUI Economics and Pierre Werner Chair Lecture

Date: 17 March 2021, 11:00 – 12:15 (CET)

The US spends about 2.5% of its GDP on non-medical, non-retirement means-tested transfers. These transfers, which cover a wide range of programs, provide income support for low and middle-income households. Can the U.S. economy do better? Is it possible to find welfare-improving ways to support households that are supported by a majority? The presentation answers these questions in a general equilibrium heterogeneous-agents model with single and married households facing idiosyncratic labor market productivity risk.

Co- authors: Remzi Kaygusuz (Sabanci University) and Gustavo Ventura (Arizona State University)

It’s All in the Mix: How Monetary and Fiscal Policies Can Work or Fail Together
Presentation of the 23rd Geneva Report

EUI Pierre Werner Chair webinar

Date: 3 March 2021, 2:00 – 3:30 PM (CET)

The notion of the monetary-fiscal policy mix has made a spectacular comeback as countries have been forced to takle the devastating economic fallout from the COVID-19 pandemic. The 23rd Geneva Report on the World Economy stresses that the desirable coordination between central banks and treasuries can only work if the credibility of their commitment to desirable long-term goals – healthy growth under price stability and public debt sustainability – is preserved and backed by a resilient institutional framework, and urges policymakers to develop a strategy aimed at regaining policy space on both sides of the mix. (download the full report on


  • Ramon Marimon (Pierre Werner Chair and Professor of Economics, EUI)

Speakers (and authors of the report):

  • Elga Bartsch (Head of Macro Research, BlackRock Investment Institute)
  • Agnès Bénassy-Quéré (Professor, Paris School of Economics – University of Paris 1 Panthéon-Sorbonne)
  • Giancarlo Corsetti (Professor of Macroeconomics, University of Cambridge)
  • Xavier Debrun (Advisor, Research Department, National Bank of Belgium)


  • Catherine L. Mann (Global Chief Economist,CitiBank)
  • Ricardo Reis (Professor of Economics, LSE)
  • Guntram Wolff (Director, Bruegel)

> Full programme and video recording