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Zukunft der Staatsschulden

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Erwin-Schrödinger-Saal
Plenary / Panel
German and English language

Vortragende

Chief Executive Officer, European Financial Stability Facility; Designated Managing Director, European Stability Mechanism, Luxembourg Abstract Key Note
The strategy to tackle the debt crisis is working better than often acknowledged.

At national level, Member States have implemented national reform agendas in order to reduce fiscal deficits, improve their competitiveness and strengthen their growth potential.
These reforms are showing convincing results. Divergences within the Eurozone are decreasing. Ireland and Portugal are success stories.

At European level, new rules and procedures have been put into place to reinforce fiscal discipline and to coordinate economic policies. A new financial supervision architecture in the EU has also been set up. The institutional gap in the Monetary Union was filled by the creation of EFSF and ESM.

Looking to the future, Europe must now take the Monetary Union to the next level. Further integration must be achieved through fiscal, banking and political union.
President, Government Debt Committee; Former Director, IHS - Institute of Advanced Studies, Vienna Abstract
Public debt is a consequence of wrong political decisions in the past. The signals of financial markets were clear: financing of further public debt only at much higher cost. The solution of the current crisis will again only be possible by adequate political decisions: this means stabilizing budgets in deficit countries and financial support from Europe and the IMF to allow for the necessary time to adjust. The strategy to help other countries is likely to be successful as data seem to suggest. Political consequences like the so called banking union is a matter to be discussed carefully.
Professor of Economics, Université Libre de Bruxelles; Senior Fellow, Bruegel, Brussels
Chief Business Correspondent, BBC, London Abstract Chair
In an era-defining shift, the financial system will be part of a new macroprudential framework that has begun to transform the existing monetary regimes in the West. As with any new paradigm, it poses considerable challenges for banks and central banks in the future, but is also potentially rewarding. Central banks will integrate their inflation targets with new financial stability aims. Banks will operate under both microprudential and macroprudential regulators. The challenge will lie in the integration and mechanics of such a shift, but the rewards could be a more globally integrated system with a framework that better reflects the operations of global financial markets.

Dipl.-Vw. Klaus REGLING

Chief Executive Officer, European Financial Stability Facility; Designated Managing Director, European Stability Mechanism, Luxembourg

1971 Bachelor's degree in Economics, University of Hamburg
1975 Master's degree in Economics, University of Regensburg
1975-1977 Young Professional Program: Research and African Department
1975-1980 International Monetary Fund, Washington
1977-1980 Economist in the Research Department: Participation in the preparation of the World Economic Outlook, International Monetary Fund, Washington
1980-1981 German Bankers' Association: Economist
1981-1985 German Ministry of Finance: Economist, European Monetary Affairs Division
1985-1991 International Monetary Fund, Washington and Jakarta
1985-1989 Economist/Senior Economist/Deputy Chief in the International Capital Markets Division: Preparation of capital markets reports; program negotiations with African and Asian countries
1989-1991 Resident Representative in Indonesia
1991-1998 German Ministry of Finance
1991-1993 Chief of the International Monetary Affairs Division: IMF, G7, world economy
1993-1994 Deputy Director-General for International Monetary and Financial Relations: Preparation of EMU, IMF, EBRD, World Bank, export credit guarantees, debt, G7
1995-1998 Director-General for European and International Financial Relations: All European and international issues of relevance for Ministry of Finance (except tax issues)
1999-2001 Managing Director, Moore Capital Strategy Group, London: Analysis of economic policies in major industrial and emerging markets
2001-2008 European Commission: Director-General for Economic and Financial Affairs (DG ECFIN)
2008-2009 Fellow at the Lee Kuan Yew School of Public Policy, Singapore and Senior Advisor, European Commission
2009-2010 Founder and chairman of KR Economics, Economic and financial consultancy, Brussels
since 2010 CEO of the European Financial Stability Facility, Luxembourg

Dr. Bernhard FELDERER

President, Government Debt Committee; Former Director, IHS - Institute of Advanced Studies, Vienna

1959-1964 Studies, Law and Economics, University of Vienna
1964-1966 Studies, Economics, Faculté de Droit et Sciences Economiques, University of Paris
1964 Doctoral degree, Vienna
1973 Habilitation, Karlsruhe, Germany
1966-1967 Research Assistant of Prof. Fritz Machlup, Princeton University, New York, USA
1967-1968 Visiting Professor, University of North Carolina, Chapel Hill, USA
1968-1974 Assistant Professor, University of Karlsruhe, Germany
1974-1990 Professor of Economics, University of Cologne, Germany
1977 6-month appointment of the Soviet Academy of Sciences, consulting and teaching, mainly in Novosibirsk and Moscow
1987-1990 Director, Economic Seminar, Faculty of Economics and Social Sciences, University of Cologne, Germany
  Professor Emeritus of Economics, University of Cologne, Germany
1991-1995 Professor of Economics, University of Bochum, Germany
1991-2012 Director, Institute for Advanced Studies, Vienna
since 2006 Chairman, Austrian Government Debt Committee
since 2006 Chairman, Austrian Government Debt Committee

PhD André SAPIR

Professor of Economics, Université Libre de Bruxelles; Senior Fellow, Bruegel, Brussels

1977-1982 Assistant Professor, University of Wisconsin, Madison, WI
since 1982 Associate then Full Professor, Universite Libre de Bruxelles, Brussels
1990-2004 Economic Adviser to the Director-General for Economic and Financial Affairs then to the President, European Commission, Brussels
since 2005 Senior Fellow, Bruegel, Brussels
since 2011 Co-chair, Advisory Scientific Committee and Member of the European Systemic Risk Board, Frankfurt

PhD Linda YUEH

Chief Business Correspondent, BBC, London

since 2003 Economics Fellow, Oxford University, Oxford
since 2006 Adjunct Professor of Economics, London Business School, London
since 2010 Economics Editor, Bloomberg TV, London