PWC-Banque de France Conferences



Save the Date!

Headwinds: upcoming macroeconomic risks

Florence, 1-2 December 2022 | Hosted by the Pierre Werner Chair Programme of the European University Institute


  • Edouard Challe (European University Institute)
  • Nuno Coimbra (Banque de France)
  • Giancarlo Corsetti (Pierre Werner Chair, European University Institute)
  • Fiorella de Fiore (Bank of International Settlements)
  • Maéva Silvestrini (Banque de France)

The Banque de France (BdF) and the European University Institute (EUI) are organizing a joint meeting that will take place in Florence for two half days in December 1st -2nd, 2022. A tentative list of topics includes, but is not limited to, inflation risk and monetary policy, polarization in a monetary union, managing global debt and issues related to climate change.

Call for papers coming soon!


Past editions

The interaction of Monetary and Fiscal Policies and institutions: Central Banks and Treasuries

7 October 2021 | Hybrid event at the European University Institute, Florence and Banque de France, Paris

With developed countries’ sovereign debt levels at an historical high and interest rates still in the shadow of the effective lower-bound, the full recovery from the Covid-19 crisis requires a right mix of monetary and fiscal stimulus and stabilisation policies. Therefore, it requires effective institutional interaction between central banks and treasuries. Even in the U.S., with a long historical collaboration between the Federal Reserve Bank and the U.S. Treasury, this interaction is under scrutiny, as the dividing line, between monetary liabilities (dollars and bank reserves) and sovereign debt (Treasuries), is becoming fuzzier, and the fiscal nature and impact of monetary (QE) policies is becoming more apparent. In Europe there is no common EU Treasury. Nevertheless, the Eurosystem now holds almost 30% of the sovereign debt of the euro area Member States and, with Next Generation EU (NGEU), the European Commission can lend up to 800bn to EU Member States, mostly issuing Eurobonds, becoming a temporary Treasury-like counterpart of the ECB for the euro area. This scenario opens a debate on how monetary and fiscal policies and institutions should interact. The goal of this mini-conference was to contribute to it from the perspectives of economic theory and policy.

The event featured an academic session with paper presentations, commented by John Cochrane (Hoover Institution, Stanford University) and Thomas Sargent (New York University), and a policy debate panel featuring Agnès Bénassy-Quéré (Chef économiste de la Direction Générale du Tresor, Ministère de l’Economie, des Finances et de la Relance, and Professor, Paris School of Economics), Anna Breman (Deputy Governor, Sveriges Risksbank), Olivier Garnier (Director General for Economics and International at Banque de France) and Gert Jan Koopman (Director General BUDG, European Commission).

>> Video recording, papers and programme

Preventing global and domestic risks with fiscal and monetary policies

18-19 October 2018 | European University Institute, Florence

The conference covered a variety of themes related to preventing or tackling global and domestic risks using fiscal and/or monetary policies. Topics of the conference included:

  • Assessing the effects of unconventional monetary policy
  • Modelling macro-prudential policy and evaluating its effects
  • Stabilization policies in crises and in normal times
  • International spillovers’ risks from fiscal and monetary policies
  • The role of international organisations (IMF, ESM, etc.) in preventing crises
  • Reducing risks in the International Monetary System

Vitor Gaspar (Director of the IMF Fiscal Affairs Department), and Hélène Rey (Lord Bagri Professor of Economics at the London Business School) gave keynote lectures.

>> Programme and papers