IMF Conference

9:00–9:15

Keynote Address - Webcast

Jens Weidmann, Deutsche Bundesbank

9:15–10:30

Session 1: Wages and inflation in Germany - Webcast

• Why is core inflation in Germany not picking up despite favourable economic conditions?
• Why is wage growth still so moderate despite the tight labour market?
• Are there any impediments to the way in which wages respond to unemployment?
• What is the role of untapped employment potential in the form of the higher labour market participation of older persons and women? What is the role of immigration?

Chair: Poul Thomsen, IMF

Panelists:

• Peter Bofinger, Council of Economic Advisers
• Michael Hütherric, Cologne Institute for Economic Research
• Stephan Kohns, Deutsche Bundesbank
• Lucrezia Reichlin, London Business School

10:30–11:00

Coffee break

11:00–12:15

Session 2: Fiscal policy: a medium-term view - Webcast

• What should Germany’s fiscal orientation be in the medium term? Are safety margins advisable as part of the fiscal rules? Should the fiscal rules be adjusted?
• Are they an impediment to investment in needed public infrastructure or to other policies aimed at increasing long-term growth?
• Which structural fiscal reforms are advisable?
• Should German fiscal policy take into account economic activity in the euro area or focus solely on domestic objectives?

Chair: Rolf Strauch, ESM

Panelists:

• Servas Deroose, European Commission
• Lars Feld, Council of Economic Advisers
• Daniel Gros, Centre for European Policy Studies, Brussels
• Ludger Schuknecht, Federal Ministry of Finance

12:15–13:45

Lunch

13:45–15:00

Session 3: Germany’s current account surplus: a problem to be fixed? - Webcast

• Why is Germany’s current account surplus so large? Is it a sign of economic strength (e.g. competitiveness) or weakness (e.g. lack of good investment opportunities at home)? Is it a reflection of an unwarranted imbalance between domestic savings and investment?
• Does the German surplus pose a threat to the international monetary system?

  Or to the euro area?

• What is the role of public policy?

Chair: Claudia Buch, Deutsche Bundesbank

Panelists:

• Clemens Fuest, ifo Institute, Munich
• Maurice Obstfeld, IMF
• Jens Südekum, Heinrich Heine University, Düsseldorf
  
• Guntram Wolff, Bruegel, Brussels

15:00–15:30

Coffee break

15:30–16:30

Concluding panel: A post-crisis agenda for the euro area and Germany: which way forward? - Webcast

• What should be the focus of economic policies in Germany to ensure strong and sustainable economic growth going forward?
• What should be the focus of economic policies in the euro area as the legacies of the crisis dissipate?
• Which structural reforms should be prioritised to ensure sustainable growth in the euro area?
• What are the main challenges that lie ahead?

Chair: Christine Lagarde, IMF

Panelists:

• Benoît Cœuré, ECB
• Marcel Fratzscher, German Institute for Economic Research, Berlin
• Mario Monti, Bocconi University, Milan
• Christoph Schmidt, Council of Economic Advisers