The Euro at 20

Dublin, Ireland

June 25-26, 2018

The Central Bank of Ireland (CBI), the International Monetary Fund (IMF) and the IMF Economic Review are organizing a joint conference on "The Euro at 20". Since its launch in January 1999, the euro project has received much praise as well as criticism. As the currency is about to turn twenty, the conference will take stock of the euro’s performance. The conference will be hosted by Central Bank of Ireland and will take place in Dublin, Ireland on June 25-26, 2018.

 Access photos and bios of participants.

Monday, June 25, 2018

8:00-8:45 am


8:45-9:10 am

Welcome Remarks: Christine Lagarde, Managing Director, International Monetary Fund

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9:10-10:40 am

Session 1: Monetary Policy

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Chair:  Gillian Phelan (Central Bank of Ireland)

Communications Breakdown: The Transmission of Different Types of ECB Policy Announcements

Andrew Kane (Federal Reserve Board), John Rogers (Federal Reserve Board), and Bo Sun (Federal Reserve Board)

Discussant: Katrin Assenmacher (European Central Bank)

Eurozone Architecture and Target 2: Risk-sharing and the Common-pool Problem 

Aaron Tornell (University of California, Los Angeles)

Discussant: Robert McCauley (Bank for International Settlements)

10:40-10:50 am

*** Coffee Break ***

10:50-12:20 pm

Session 2: Banking and Regulation

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Chair: Ed Sibley (Central Bank of Ireland)

The Procyclicality of Banking: Evidence from the Euro Area

Harry Huizinga (Tilburg University) and Luc Laeven (European Central Bank

Discussant: Dimitri Vayanos (London School of Economics)

International Capital Flows at the Security Level – Evidence from the ECB’s Asset Purchase Programme

Katharina Bergant (European Central Bank and Trinity College Dublin), Michael Fidora (European Central Bank), and Martin Schmitz (European Central Bank)

Discussant: Elias Papaioannou (London Business School)

12:20-1:45 pm

*** Lunch ***

Luncheon Remarks by Barry Eichengreen (University of California, Berkeley)

1:45-3:45 pm

Session 3: Fiscal Policy

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Chair: Patrick Honohan (Trinity College and Peterson Institute for International Economics)

Fiscal Stimulus in a Monetary Union: Evidence from Eurozone Regions 

Maria Coelho (International Monetary Fund)

Discussant: Tommaso Monacelli (Bocconi University)

Fiscal Policy and the Shifting Goalposts 

Antonio Fatás (INSEAD)

Discussant: Gian Maria Milesi-Ferretti (International Monetary Fund)

Fiscal Policy, Inflation and Trade Linkages

Luisa Lambertini (École Polytechnique Fédérale de Lausanne) and Christian Pröbsting (École Polytechnique Fédérale de Lausanne)

Discussant: Gita Gopinath (Harvard University)

3:45-4:00 pm

*** Coffee Break ***

4:00-5:30 pm

Policy Panel: Euro Area Reform and Architecture Moderator: Sharon Donnery (Central Bank of Ireland)

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  1. Agnès Bénassy-Quéré (Paris School of Economics)
  2. Clemens Fuest (ifo Institute)
  3. Francesco Giavazzi (Bocconi University)
  4. Poul Thomsen (International Monetary Fund)
  5. Karl Whelan (University College Dublin)

***Conference Reception and Dinner ***

(by invitation only)

Dinner Remarks by Maury Obstfeld


Tuesday, June 26, 2018

8:30-9:00 am


9:00-9:45 am

Chair: Adrienne Cheasty (International Monetary Fund)

Keynote: Philip Lane (Governor, Central Bank of Ireland)

9:45-10:00 am

*** Coffee Break ***

10:00-12:00 pm

Session 4: Risk Sharing

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Chair: Derville Rowland (Central Bank of Ireland)

Are Banking and Capital Markets Union Complements? Evidence from Channels of Risk Sharing in the Eurozone

Mathias Hoffmann (University of Zurich), Egor Maslov (University of Zurich), Bent E. Sorensen (University of Houston), and Iryna Stewen (Gutenberg School of Management and Economics)

Discussant: Marcel Fratzscher (DIW Berlin)

Does a Currency Union Need a Capital Market Union?

Joseba Martinez (New York University), Thomas Philippon (New York University) and Markus Sihvonen (Aalto University)

Discussant: Giovanni Dell'Ariccia (International Monetary Fund)

Cross-Border Bank Funding Supply and Bank Lending: Evidence from Slovenia 

Uroš Herman (GSEFM, Goethe University Frankfurt) and Matija Lozej (Central Bank of Ireland)

Discussant: Enrica Detragiache (International Monetary Fund)

12:00-1:30 pm

*** Lunch ***

Luncheon Remarks by Olivier Blanchard (Peterson Institute for International Economics)

1:30-3:00 pm

Policy Panel: Experiences with Economic and Financial Integration

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Moderator: Maury Obstfeld (International Monetary Fund)

  1. Vitor Constâncio (European Central Bank)
  2. Richard Portes (London Business School)
  3. Andrés Velasco (Columbia University School of International and Public Affairs)
  4. Beatrice Weder di Mauro (University of Mainz & INSEAD Singapore)
3:00-3:15 am

*** Coffee Break ***

3:15-4:45 pm

Session 5: Labor Markets

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Chair: Mark Cassidy (Central Bank of Ireland)

Immigrants, Labor Market Dynamics and Adjustment to Shocks in the Euro Area 

Gaetano Basso (Bank of Italy), Francesco D’Amuri (Bank of Italy) and Giovanni Peri (University of California, Davis)

Discussant: Alan Barrett (Economic and Social Research Institute)

Hanging from a cross of euros? Macroeconomic Adjustment in and out of the Eurozone

Livio Stracca (European Central Bank)

Discussant: Pierre-Olivier Gourinchas (University of California, Berkeley)

Conference Organizing Committee: Sebnem Kalemli-Ozcan (University of Maryland and guest editor, IMF Economic Review), Philippe Martin (Sciences Po and guest editor, IMF Economic Review), Emine Boz (IMF and co-editor, IMF Economic Review), Mark Cassidy (Central Bank of Ireland), Philip Lane (Central Bank of Ireland), Linda Tesar (University of Michigan and editor, IMF Economic Review).

Conference Coordinator: Tracey Lookadoo