The ECB and Its Watchers XIII

Registration and Coffee

Welcome

Volker Wieland, Center for Financial Studies

President’s Address

Jean-Claude Trichet, President, European Central Bank)

Lead Questions:
Gerhard Illing, University of Munich
James Nixon, Société Génerale

Debate 1: Is European bank systemic risk sufficiently contained or further effort needed? How effective is the new European macro-prudential architecture? What is the interaction with monetary policy?

Chair: 
Volker Wieland, Center for Financial Studies

Speakers:
Vítor Constâncio, Vice-President, European Central Bank
Martin Hellwig, MPI for Collective Goods, Bonn

Lead Questions:
Ulrich Kater, Dekabank
Sylvester Eijffinger, Tilburg University

Coffee Break

Debate 2: How to ensure fiscal stability in the Euro area: Does the reform of the institutional framework provide sufficient tools for managing crises and maintaining fiscal discipline? Are the consolidation programs of national authorities adequate?

Chair: 
Michael Binder, Center for Financial Studies

Speakers:
Klaus Regling, CEO, European Financial Stability Facility
Jordi Gali, CREI and Universitat Pompeu Fabra
Clemens Fuest, Oxford University

Lead Questions:
Daniel Gros, CEPS
Karl Whelan, University College Dublin

Lunch

Debate 3: How should monetary policy respond to asset prices? What about the role of exchange rate arrangements and international reserves? What is the danger of international imbalances? Is there a need to reform the international monetary system?

Chair:
Volker Wieland, Center for Financial Studies

Speakers:
Donald Kohn, Brookings Institution
Min Zhu, International Monetary Fund

Lead Questions:
David Marsh, OMFIF
Agnès Bénassy-Quéré, CEPII
Michael Melvin, Blackrock

Coffee Break

Debate 4: Return to normality: How to maintain price stability, sustain economic recovery and normalize liquidity supply?

Chair:
Michael Binder, Center for Financial Studies

Speakers:
Jürgen Stark, Member of the Board, European Central Bank
Julian Callow, Barclays Capital

Lead Questions:
Jason Cummins, Brevan Howard
Joachim Scheide, IfW Kiel

Closing Remarks