The European Union’s recovery plan has been adopted in response to the coronavirus crisis. It is a game changer in terms of European economic policy integration: NextGenerationEU is larger than any other stimulus package passed by the EU in previous crises. Together with the EU’s long-term budget a total of EUR 1.8 trillion will be spent to boost and modernize Europe’s economy with major priorities set in the areas of digitalization and climate change. The recovery package will also be financed by commonly issued debt. Finding the right balance between expansionary fiscal policy and budgetary discipline will be a key challenge in the upcoming years.
While the European recovery fund sets new precedents, it is only a temporary instrument. What lessons can the EU take away? Is Europe’s fiscal framework prepared for other future crises? This question will be at the heart of our EconPol Europe Annual Conference 2021 which – for the fifth time – will bring together our expert network members from across Europe with politicians, policymakers, and researchers. Due to the uncertainty surrounding the development of the Covid-19 pandemic, the conference will be held completely online.
Day one of the conference will open with a keynote address by Olivier Blanchard (Peterson Institute for International Economics) on Fiscal Policy Under Low Rates. The keynote will be followed by a high-level panel debate on Fiscal Policy for the Post-Covid Era – US vs. EU. Our panel of experts will shed light on the different policy responses to the Covid-19 crisis. While the EU’s fiscal policy response is unprecedented, the US has been implementing a much larger fiscal stimulus package. Should the EU have stepped up its fiscal response? Or does the US’s expansive relief package bear higher risks, such as hyperinflation? Another key question concerns whether the money allocated to EU member states will be spent efficiently to finance growth-enhancing reforms. Panelists confirmed are Clemens Fuest (President ifo Institute), Debora Revoltella (European Investment Bank), Claudia Sahm (Jain Family Institute), and Maarten Verwey (European Commission).
Following the panel debate Daniel Gros will give a keynote speech on The Dangers of Public Debt in an Uncertain World.
You can view a livestream of these program items at https://www.econpol.eu/2021#live
Day one will conclude with a plenary session on Governance and Macroeconomic Policy in the European Monetary Union with contributions from Alexandre Ounnas, Beau Soederhuizen, and Klaus Weyerstrass.
The discussions will be moderated by Maithreyi Seetharaman (Facultas Media). Clemens Fuest will open and close the conference.
Day two of our conference will have an academic focus. We will host several conference sessions where researchers from the EconPol Europe network will present their latest research and discuss it with experts from national and European institutions and the private sector. Topics include Attitudes Towards Public Policies, International Taxation, Public Policies for a Green Transition, and other current research from the EconPol network. Further details on these panels can be seen in our program below.
Watch this space for the latest news on our conference.
(All times in Central European Summer Time)
13 October 2021, hosted by Maithreyi Seetharaman
|12:45||Welcome from Maithreyi Seetharaman|
|12:50||Welcome address, Clemens Fuest (President ifo Institute, EconPol Speaker)|
Opening keynote speech: Fiscal Policy Under Low Rates (Olivier Blanchard, Peterson Institute for International Economics)
|13:50||Q&A with Olivier Blanchard|
Panel Discussion: Fiscal Policy for the Post-Covid Era - US vs. EU (including Q&A)
Clemens Fuest (President ifo Institute & EconPol Speaker)
Debora Revoltella (Director of the Economics Department, EIB)
Claudia Sahm (Senior Fellow, Jain Family Institute)
Maarten Verwey (Director-General DG ECFIN at the European Commission)
|16:00||Keynote: The Dangers of High Public Debt in an Uncertain World (Daniel Gros, CEPS & EconPol Europe)|
|16:20||Q&A with Daniel Gros|
Plenary Session: Governance and Macroeconomic Policy in the European Monetary Union
Alexandre Ounnas (CEPS & EconPol Europe): “Labor Market Responses to the Covid-19 Crisis in the United States and Europe” (with Daniel Gros)
Beau Soederhuizen (CPB & EconPol Europe): “Optimal Capital Ratios for Banks in the Euro Area” (with Bert Kramer, Gerrit Hugo Van Heuvelen and Rob Luginbuhl)
Klaus Weyerstrass (IHS & EconPol Europe): “Fiscal Policies in the Corona Crisis – a Macroeconomic Assessment”
|17:30||Closing summary from Maithreyi Seetharaman|
|17:35||Closing remarks from Clemens Fuest|
14 October 2021, Academic Sessions
|09:00||Welcome from Clemens Fuest|
Panel 1 - Attitudes Towards Public Policies
Chair: Sebastian Blesse (ZEW & EconPol Europe)
Sebastian Blesse (ZEW & EconPol Europe): “Does Misinformation Undermine Policy Competition? Evidence from German Citizens and Politicians” (with Philipp Lergetporer, Justus Nover and Katharina Werner)
Dirk Foremny (Universidad de Barcelona): “Living at the Peak: Health and Public Finance during the Covid-19 Pandemic” (with Pilar Sorribas-Navarro, Judit Vall Castelló)
Lisa Windsteiger (Max Planck Institute): “Attitudes Towards Private and Public Debt” (with Cevat Aksoy, Mathias Dolls and Andreas Peichl)
Panel 2 – International Taxation: Pillar 1 - Introduction of the Destination Principle
Chair: Martin Simmler (Oxford University Centre for Business Taxation & EconPol Europe)
Marko Koethenburger (ETH Zurich & EconPol Europe): “Taxation of digital platforms”
Florian Neumeier (ifo Institute & EconPol Europe): “Impact of Pillar 1 on Tax Revenues in Germany” (with Clemens Fuest, Felix Hugger and Daniel Stoehlker)
Richard Collier (Oxford University & EconPol Europe): “Comparing proposals to tax some profit in the market country” (with Michael Devereux and John Vella)
Following their presentations the researchers will engage in a panel discussion with Giorgia Maffini (PwC) and Bert Zuijdendorp (Head of Company Taxation Initiatives Unit at European Commission)
Panel 3 – International Taxation: Pillar 2 - The End of the Race to the Bottom?
Chair: Giorgia Maffini (PwC)
Michael Devereux (Oxford University & EconPol Europe): “Investing in Tax Avoidance After Pillar 2”
Martin Simmler (Oxford University & EconPol Europe): “Tax Competition and the Location of Real Activity”
Tibor Hanappi (OECD): “OECD’s Economic Impact Assessment of Pillar 2”
Following their presentations the researchers will engage in a panel discussion with Danny McCoy (CEO IBEC)
Panel 4 – Public Policy for a Green Transition
Chair: Antonia Díaz (Universidad Carlos III de Madrid & EconPol Europe)
Marita Laukkanen (VATT & EconPol Europe): "Energy Taxes and Manufacturing Firm Performance" (with Kimmo Ollikka)
Ted Loch-Temzelides (Rice University): “Scrapping, Renewable Technology Adoption, and Growth” (with Bernardino Adao and Borghan Narajabad)
Antonia Díaz (Universidad Carlos III de Madrid & EconPol Europe): “CO2 Emissions and Energy Technologies in Western Europe” (with J. Barrera-Santana, Gustavo A. Marrero and Luis A. Puch)
|17:00||Closing remarks from Clemens Fuest|
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