#convergeeu REINVENTING CONVERGENCE Towards Resilient Economic Structures 19/10/ 2017 Hall 5 Berlaymont Building, Rue de la Loi 200, Brussels PROGRAMME
This conference is jointly organised by the Directorate-General for Economic and Financial Affairs (DG ECFIN), the Directorate-General, Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) and the European Political Strategy Centre (EPSC). It is part of the process initiated by the European Commission on 1 March 2017 with the White Paper on the Future of Europe. It aims to take forward the proposals for boosting convergence and resilience within Europe presented in the Reflection Paper on the Deepening of the Economic and Monetary Union in May 2017.
PROGRAMME 09h00-09h15 09h15-09h30 09h30-09h40 09h40-10h00 Welcome Coffee Opening Remarks Ann Mettler, Head, European Political Strategy Centre (EPSC), European Commission Marco Buti, Director-General, Economic and Financial Affairs (DG ECFIN), European Commission Lowri Evans, Director-General, Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), European Commission Reforms, Productivity and Wages - What Drives Convergence? Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union (DG FISMA), European Commission From Why to How: Operationalising Resilience and Convergence in Public Policy Enrico Giovannini, University of Rome Tor Vergata, former Italian Minister of Labour and Social Policies 3
10h00-11h15 11h15-11h30 11h30-11h50 Convergence: What Needs to be Fixed? The EU s overarching economic and social objective is to achieve a sustainable upwards convergence of living standards, within a currency union, including for the pre-ins (i.e. Member States who have not yet joined the euro). This session will delve into past and present dynamics of convergence and divergence both in the EU (where the trend appears to have been one of convergence between east and west) and in the euro area (where there appears to have been divergence between north and south during the crisis). It will explore the main drivers of convergence and highlight potential challenges and opportunities for convergence against the current backdrop of major economic, demographic and technological transformations. Finally, it will focus on real growth and convergence in a currency union setting, where nominal developments can have significant and persistent effects on the real economy. Moderation and scene-setter: Ann Mettler, Head, European Political Strategy Centre (EPSC), European Commission Panellists: Paul de Grauwe, John Paulson Chair in European Political Economy, European Institute, London School of Economics (LSE) Maria Jepsen, Director of Research, European Trade Union Institute Daniel Gros, Director, Centre for European Policy Studies (CEPS) James Watson, Director of Economics, BusinessEurope Klaus Masuch, Principal Adviser, European Central Bank Coffee Break Reinvigorating Convergence in the Iberian Peninsula: The case of Reinvigorating Convergence in the European Union António Costa, Prime Minister of Portugal 4
11h50-13h00 13h00-13h30 Achieving Resilience in the EMU Resilient economic structures are crucial for economies to avoid or withstand shocks and recover quickly to full potential. Lack of resilience in one or several economies of the euro area can lead to cyclical divergences and have persistent effects across the euro area. This session will assess how, in a currency union setting, economic structures can affect the three key elements of resilience (vulnerability, absorption and recovery). It will also identify priority areas for policy action. Some of these areas could become part of convergence standards that would enable access to a possible new stabilisation capacity. Moderation and scene-setter: Marco Buti, Director-General, Economic and Financial Affairs (DG ECFIN), European Commission Panellists: Jeffrey Franks, Director, International Monetary Fund (IMF) Europe Office, and Senior Resident Representative to the European Union Marcel Fratzscher, President, German Institute for Economic Research (DIW) Maria Demertzis, Deputy Director, Bruegel Convergence Stories: What Works on the Ground Moderation: Ann Mettler, Head, European Political Strategy Centre (EPSC), European Commission Member States showcase successful implementation of reform initiatives. Daniel Dăianu, Board National Bank of Romania and former Minister of Finance Artur Radziwiłł, Director, Country Economics and Policy, European Bank for Reconstruction and Development (EBRD) Simon Schäfer, Chief Executive Officer, Startup Portugal 13h30-14h30 Lunch Break Hall 3 5
14h30-14h50 14h50-16h00 Perception and Reality - Italian Reforms Pier Carlo Padoan, Minister of Economy and Finance, Italy Making Convergence Work in the Euro Area and Beyond This session will focus on how policies to achieve real convergence and resilience can be implemented in a successful way; ensuring social cohesion and garnering democratic support in both the euro area and in EU Member States that have not adopted the euro. As President Juncker said his State of the Union speech, The euro is the single currency of the European Union as a whole and it must underpin a process of convergence both within the euro area and between the euro area and the pre-ins countries. This session will thus examine the packaging and/or sequencing of desired policy actions, as well as the euro area s current and future toolbox for a renewed convergence process at all levels. Moderation and scene-setter: Lowri Evans, Director-General, Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), European Commission Panellists: Pier Carlo Padoan, Minister of Economy and Finance, Italy Marek Mora, Board Member, Czech National Bank Ricardo Mourinho Félix, Deputy Minister of Finance and Secretary of State for Finance, Ministry of Finance of Portugal 6
16h00-16h20 16h20 Concluding Remarks: Making Economic and Social Convergence Our Political Priority Pierre Moscovici, Commissioner for Economic and Financial Affairs, European Commission Final Toast: To Convergence and Resilience 7
8