The ECB and Its Watchers VI

Registration and Coffee

Welcome

Volker Wieland, Center for Financial Studies

Opening Address

Otmar Issing, Member of the Executive Board of the European Central Bank, Frankfurt
 

Panel I: ECB Watchers

Chair:
Volker Wieland, Center for Financial Studies

ECB Watcher Groups / Panel Members:
CEPR-MECB: Harald Uhlig, Humboldt University, Berlin
CEPS: Daniel Gros, Centre for European Policy Studies, Brussels / Roberto Perotti, IGIER – Universita’ Bocconi, Milan
EMU-Monitor: Manfred J.M. Neumann, University of Bonn
OBCE: Angel Ubide, Tudor Investment, Washington / Jose Alzola, Citigroup, London

Reply: Otmar Issing, Member of the Executive Board of the European Central Bank, Frankfurt

Coffee Break

Panel II: European Financial Integration

Chair: 
Vitor Gaspar, European Central Bank, Frankfurt

Opening Statement:
Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, Frankfurt

Other Panel Members:
David Wright, European Commission, Brussels
Rudolf Ferscha, Eurex, Frankfurt
John Lipsky, JP Morgan Chase, New York
Claudio Borio, Bank for International Settlements, Basel

Possible questions to be addressed: 
1. What have we learned about European Financial Integration after five years of EMU?
2. What will be the main drivers (obstacles) of further integration going forward?
3. What are the challenges (and opportunities) that arise as new countries join the European monetary system?

Lunch Break

Panel III: International Imbalances: The U.S. Current Account and the Euro Area

Chair:
Huw Pill, European Central Bank, Frankfurt

Panel Members:
Michael Wickens, Universiy of York, York
Edwin M. Truman, Institute for International Economics, Washington
Carlo Monticelli, Ministero dell’Economia e delle Finanze, Rome
Jörg Krämer, INVESCO, Frankfurt

Possible questions to be addressed: 
1. Is the U.S. current account deficit sustainable? How will the adjustment take place? What are the implications for the euro area?
2. What are the implications of fiscal policy and fiscal deficits in the U.S. and the Euro area in this context?
3. Is there a role for policy coordination?

Coffee Break

Panel IV: International Imbalances: The Role of the Exchange Rate and Monetary Policy

Chair: 
Ignazio Angeloni, European Central Bank, Frankfurt

Panel Members:
Takatoshi Ito, University of Tokyo, Tokyo
Charles Wyplosz, Graduate Institute of International Studies, Geneva
Joachim Fels, Morgan Stanley, London
Thorsten Polleit, Barclays Capital, Frankfurt

Possible questions to be addressed: 
1. What is the role of exchange rates in the correction of the current imbalances? And how should monetary policy respond?
2. What can we learn from the Japanese approach to exchange rate policy?
3. What are the implications for emerging market economies, in particular for their exchange rate policies?

Closing Remarks

Otmar Issing, Member of the Executive Board of the European Central Bank, Frankfurt