Online workshop: A Dynamic Economic and Monetary Union

Online workshop, 8 – 9 October 2020

The ADEMU 2020 workshop will be part of Luxembourg’s celebrations of the 50th anniversary of the Werner Report and the 10th / 8th anniversary of the EFSF / ESM. The workshop, originally planned to take place within the Barcelona GSE Summer Forum 2020, is sponsored by the Pierre Werner Chair of the European University Institute, the European Stability Mechanism and the University of Luxembourg. 

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Workshop Programme

Ahead of the event

On the day before the event, the Pierre Werner Chair is organising two panels at the conference of the University of Luxembourg The Werner Report, 50 Years On – EMU in Uncertain Times: Learning from the Past to Navigate the Future>> More information

Thursday, 8 October


Session 1: Debt and Internal Devaluations

Chair: Daragh Clancy (ESM)

13:00 – 14:00

The missing internal devaluation: Regional adjustment in the US Great Recession (with G. Corsetti and R. Trezzi)

Speaker: Luca Dedola (European Central Bank)

Discussant: Keith Kuster (University of Bonn)

Self-Fulfilling Debt Crises, Fiscal Policy and Investment

Speaker: Carlo Galli (University College London)

Discussant: Giancarlo Corsetti (University of Cambridge)


Session 2: Unions with Default

Chair: Mark Aguiar (Princeton University)

15:00 – 15:15



Session 3: Fiscal and Monetary Policies

Chair: Hugo Rodríguez (IAE-CSIC and Barcelona GSE)

15:15 – 16:15

Shotgun Weddings between Monetary and Fiscal Policies (with T. Sargent)

Speaker: Marco Basseto (Federal Reserve Bank of Minneapolis)

Discussant: Frank Smets (European Central Bank)

Optimal Fiscal Consolidation under Frictional Financial Markets

Speaker: Dejanir Silva (University of Illinois, Urbana-Champaign)

Discussant: Rana Sajedi (Bank of England)


Keynote speech

16:15 – 17:15

Credit Horizons (with N. Kiyotaki and S. Zhang)

Keynote speaker: John Moore (University of Edinburgh and LSE)

Chair: Rolf Strauch (ESM)


Concluding remarks celebrating the 10th anniversary of EFSF/ESM

Speaker: Klaus Regling (ESM)



Friday, 9 October


Session 4: Monetary and Financial Unions

Chair: Pedro Teles (Católica University Lisbon and Bank of Portugal)

14:00 – 15:00

Monetary Union and Financial Integration

Speaker: Luca Fornaro (CREI)

Discussant: Luis Rojas (MOVE-UAB and Barcelona GSE)

Does a Currency Union Need a Capital Market Union? Risk Sharing via Banks and Markets

Speaker: Markus Sihvonen (Bank of Finland)

Discussant: Matthias Kaldorf (CMR University of Köln)


Session 5: Automation and Labour Mobility

Chair: Giancarlo Corsetti (University of Cambridge)

15:00 – 16:00

Should Robots Be Taxed? (with J. Guerreiro and S. Rebelo)

Speaker: Pedro Teles (Banco de Portugal and Universidade Católica-Lisbon SBE)

Discussant: Arpad Abraham (University of Bristol and EUI)

Quantifying the Benefits of Labour Mobility in a Currency Union (with C. House, C.Pröbsting)

Speaker.Linda L. Tesar (University of Michigan)

Discussant: Andreja Lenarcic (ESM)

16:00 – 16:15



Keynote speech

16:15 – 17:15

Health versus Wealth: On the Distributional Effects of Controlling a Pandemic (with A. Glover, J. Heathcote and D. Krueger)

Keynote speaker: Víctor Ríos-Rull (University of Pennsylvania)

Chair: Stéphane Pallage (University of Luxembourg)


Concluding remarks

Ramon Marimon and Stéphane Pallage (Rector, University of Luxembourg)



Scientific Committee

  • Mark Aguiar (Princeton University)
  • Daragh Clancy (European Stability Mechanism)
  • Ramon Marimon (European University Institute and UPF – Barcelona GSE)
  • Hugo Rodríguez (IAE-CSIC and Barcelona GSE)
  • Frank Smets (European Central Bank)
  • Pedro Teles (Católica University Lisbon and Bank of Portugal)