Economic and Monetary Union; European integration history; European single currency; Robert Triffin; Pierre Werner; The Werner Report; The Werner Committee; Eurozone; EU prudential supervision; European regulatory architecture; Larosière Report; European Financial Stability; European Stability Mechanism; European Monetary System; International Monetary System
Abstract :
[en] Economic and Monetary Union (EMU) marked a major step in the European integration history. Inspired by the Werner Report (1970) and the ideas of Robert Triffin, based on the Delors Report (1989) and following the design laid out in the Maastricht Treaty (1992), EMU implies the coordination of economic and fiscal policies, a common monetary policy, and the euro as a single currency, which is shared by 20 EU Member State (the euro area). The euro ranks second in the international monetary system, behind the US dollar. However, EMU remains incomplete. The financial crisis (2008) has reopened the debate on the asymmetrical nature of EMU and the prudential supervision in the EU, and the Larosière Report (2009) set out guidelines for improving the European regulatory architecture and prudential framework, including the creation of the European Financial Stability (EFS) (2010) and European Stability Mechanism (ESM) (2012) which mission is to safeguard financial stability in Europe by providing financial assistance to countries of the euro area. The two institutions, led since December 2022 by Pierre Gramegna, have a different governance structure but share the same staff and offices located in Luxembourg.
Research center :
Luxembourg Centre for Contemporary and Digital History (C2DH) > Contemporary European History (EHI)
Disciplines :
History General economics & history of economic thought Macroeconomics & monetary economics Political science, public administration & international relations Arts & humanities: Multidisciplinary, general & others
Author, co-author :
DANESCU, Elena ; University of Luxembourg > Luxembourg Centre for Contemporary and Digital History (C2DH) > Contemporary European History
MAES, Ivo; Professor (Robert Triffin Chair) at the Institute of European Studies of the Catholic University of Louvain > Professor at ICHEC Management School in Brussels
De LAROSIERE, Jacques; Member of the Académie des Sciences Morales et Politiques, France
GRAMEGNA, Pierre; Managing Director of the European Stability Mechanism, Luxembourg
SNOY, Bernard; Professor at UCL, President of the Robert Triffin International Foundation
Language :
English
Title :
Towards EMU 2.0: Hindsight and Prospects
Original title :
[en] Towards EMU 2.0: Hindsight and Prospects
Publication date :
04 October 2023
Event name :
Towards EMU 2.0: Hindsight and Prospects
Event organizer :
Bridge Forum Dialogue Europe Direct at the University of Luxembourg University of Luxembourg Luxembourg Centre for Contemporary and Digital History European Stability Mechanism Institut Pierre Werner Robert Triffin International
Event place :
Luxembourg, Luxembourg
Event date :
04.10.2023
Audience :
International
Focus Area :
Finance
Development Goals :
16. Peace, justice and strong institutions 10. Reduced inequalities
Europe Direct at the University of Luxembourg (2021-2025)
Funders :
EU - European Union Unilu - University of Luxembourg
Funding number :
Ares (2021-2025) 5501634
Funding text :
Europe Direct at the University of Luxembourg (ED-UNILU) is a competitive public history project co-funded by the European Union - Ares (2021-2025) 5501634, which the is geared towards a broad multicultural and multilingual audience, with the aim of informing citizens about the past, present and future of the European Union and contributing to the development of teaching and research on European integration in Luxembourg. The ED-UNILU is coordinated by the Luxembourg interdisciplinary Centre for Contemporary and Digital History (C²DH) and managed by Dr Elena Danescu, Research Scientist at the C²DH.
This Bridge Forum Dialogue Conference will be open by the speeches of Prof. Catherine Léglu, Vice-Rector for Academic affairs at the University of Luxembourg, and Dr Elena Danescu, Research Scientist at the Luxembourg Centre for Contemporary and Digital History, Coordinator of Europe Direct University of Luxembourg (a competitive public history project co-funded by the European Commission, 2021-2025).
The keynote speakers M. Jacques de Larosière, former Managing Director of the International Monetary Fund and M. Pierre Gramegna Managing Director at the European Stability Mechanism will share their insights on the major challenges and issues facing EMU and will explore new path of action for the future in the light of reforms adopted since the euro area crisis. The keynote speakers will interact with the audience during a Q&A session moderated by Prof. Bernard Snoy (President of Robert Triffin International).
On this same occasion will be presented the book ‘Robert Triffin: A Life’ co-authored by Prof. Ivo Maes (professor and Robert Triffin Chair at the UC Louvain) and Dr Ilaria Pasotti (consultant at Intesa Sanpaolo Group Historical Archives).
