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This online seminar will argue that market discipline and risk sharing should be viewed as complementary pillars of the euro area financial architecture, rather than as substitutes. Achieving this complementarity, however, is not easy. It calls for stabilisation and insurance mechanisms that are both effective and cannot give rise to permanent transfers. And it requires a reformed institutional framework. 

Against this background, the seminar will present and discuss the recent Euro Area reform proposal formulated in a CEPR Policy Insight by a group of independent French and German economists with differing views and political sensitivities but a shared conviction that the current deadlock must be overcome.

Agnès Bénassy-Quéré, Markus K Brunnermeier, Henrik Enderlein, Emmanuel Farhi, Marcel Fratzscher, Clemens Fuest, Pierre-Olivier Gourinchas, Philippe Martin, Jean Pisani-Ferry, Hélène Rey, Isabel Schnabel, Nicolas Véron, Beatrice Weder di Mauro, Jeromin Zettelmeyer, 17 January 2018

The euro area continues to suffer from critical weaknesses that are the result of a poorly designed fiscal and financial architecture, but its members are divided on how to address the problems. This column proposes six reforms which, if delivered as a package, would improve the euro area’s financial stability, political cohesion, and potential for delivering prosperity to its citizens, all while addressing the priorities and concerns of participating countries.

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The Asian Development Bank Institute (ADBI), in cooperation with S. Rajaratnam School of International Studies, invites submissions of original, unpublished papers on any aspect of global and regional financial architecture and global shocks relating to, although not limited to, the following:

Analysis of regional vulnerabilities in Asia to global monetary and real shocks
Capital flow management in response to global shocks
Developments in national financial regulation and supervision
Global and regional financial regulation and supervision
Regional and national support for financial stability, development, and integration
Financial safety nets, crisis prevention, and crisis management

Events

CEPR Policy Research