09.10 - 10.40

Plenary Session

Chair: Paolo Onofri, PROMETEIA

Exit strategies, Robert Ford, OECD

Financial protection and global and
regional product regulation: Evaluating off balance sheet exposures in crisis determination models
, Ray Barrell, Philip Davis, Dilruba Karim and Iana Liadze, NIESR and Brunel University

Four futures for finance, Michiel Bijlsma, Michiel van Leuvensteijn and Wouter Elsenburg, CPB



11.00 - 12.30

Session 1
Fiscal exit strategies (1)

Chair: Mark Roscam Abbing, CPB


Fiscal positions in the EU economies and prospects for consolidation, Ray Barrell, Tatiana Fic and Dawn Holland, NIESR

Fiscal policy for recovery: The case of Ireland, Adele Bergin, Thomas Conefrey, John FitzGerald and Ide Kearney, ESRI

Fiscal stimulus and exit strategies in the EU: a DSGE model based analysis, Werner Roeger and Jan in't Veld, EC DG ECFIN



Discussant: Walter Lutz and Willem Spruijt, Dutch Ministry of Economic Affairs


11:00 - 12:30

Session 2
Regulation issues

Chair: Michiel van Leuvensteijn, CPB


Calibrating macroprudential policy, Ray Barrell, Philip Davis, Dilly Karim and Iana Liadze, NIESR

The reform of ‘too big too fail’ bank - A new regulatory model for the institutional separation of ‘casino’ from ‘utility banking’, Emilios Avgouleas, University of Manchester

Do the new financial regulations for the European Union offer good responses to the current crisis and the forthcoming challenges? Dominique Perrut, GRANEM, Angers University


Discussant: Jos Ebregt, CPB


13.30- 15.40

Session 3
Fiscal exit strategies (2)

Chair: Johan Verbruggen, CPB


Turning the page? EU fiscal consolidation in the wake of the crisis, Paul van den Noord, EC DG ECFIN

A new framework for fiscal policy consolidation in Europe, Peter Bofinger, University of Wuerzburg, CEPR and German Council of Economic Experts, Stefan Ried, German Council of Economic Experts

Lessons learned in the current crisis and strategies for the exit phase and thereafter, Karl Aiginger, WIFO

European debt crisis and fiscal exit strategies, Catherine Mathieu and Henri Sterdyniak, OFCE


Discussant: Maaike Adema and Daniël Waagmeester, Dutch Ministry of Finance


13.30 - 15.40

Session 4
Monetary policies and financial regulation after the crisis

Chair: Ray Barrell, NIESR


The minimum liquidity deficit and the maturity structure of central bank’s open market operations: Lessons from the financial crisis, Jens Eisenschmidt and Cornelia Holthausen, ECB

The zero lower bound, ECB interest rate policy and the financial crisis, Stefan Gerlach, Institute for Monetary and Financial Stability, Goethe University of Frankfurt, CEPR, CFS and John Lewis, Dutch Central Bank

Monetary policy and excessive bank risk taking, Itai Agur and Maria Demertzis, Dutch Central Bank

Emergence of a new regulation: Informational disclosure modalities in the hedge fund opacity world, Sandra Rigot and Yamina Tadjeddine, EconomiX, University of Paris Ouest-Nanterre, La Défense

Is there a case for maturity mismatch and capital ratios as complementary measures to identify risky banks and trigger for supervisory intervention?, Sonia Ondo-Ndong, University of Paris Ouest-Nanterre, La Défense


Discussant: Massimo Giuliodori, University of Amsterdam, and Adam Elbourne, CPB


13.30 - 15.40

Session 5
Debt sustainability and fiscal performance

Chair: Markku Kotilainen, ETLA


Sustainability of government debt in the EU, Arjan Lejour, Jasper Lukkezen and Paul Veenendaal, CPB

The euro-dividend: Public debt and interest rates in the Monetary Union, Luigi Marattin, University of Bologna, and Simone Salotti, University of Florence

Fiscal performance and income inequality: Are unequal societies more deficit-prone? Some cross-country evidence, Martin Larch, EC BEPA


Discussant: Christian Dreger, DIW


16.40 - 18.10


Chair: Wim Suyker, CPB


Roel Beetsma, University of Amsterdam

Marek Dabrowski, CASE

John Fitz Gerald, ESRI

Henri Sterdyniak, OFCE