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The future of the euro zone

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

Speakers

Member, German Council of Economic Experts; Professor and Director, Walter Eucken Institut, Freiburg im Breisgau Abstract Key Note
The EU debt crisis is a great challenge for European integration, but also for economic recovery. Some even fear that another recession looms. Several proposals to solve the debt crisis have been debated recently ranging from an exit of highly indebted countries from the Eurozone to a fully fledged political union with fiscal transfers between member states. Resorting to the basic principles of the monetary union, neither is necessary to solve the current problems. EMU created a common currency taking away national autonomy in monetary policy, but leaving fiscal and labor market policies in the responsibility of each member state. Each member state thus has to enhance its competitiveness by adjusting in real terms. In the EU debt crisis financial markets now require the member countries with uncompetitive labor markets or unsound fiscal policies to adjust. These structural economic reforms and fiscal consolidation strategies should be supplemented by an insolvency mechanism for countries in order to stabilize expectations of financial markets and provide short-term liquidity if member countries are under particular stress in times of vulnerable banking sectors.
Founding Director, Flossbach von Storch Research Institute, Cologne Abstract
Die EWU wird nur über leben wenn

* jeder Mitgliedstaat für seine Finanzen selbst verantwortlich ist.
* die EZB sich auf Ihre Kernaufgabe der Sicherung der Preisstabilität konzentriert und
* ein effektiver Mechanismus zum Krisenmanagement - ein Europäischer Währungsfonds - errichtet wird.
Governor, OeNB - Oesterreichische Nationalbank, Vienna Abstract
With 331 mio inhabitants and a GDP of EUR 9,191 bn, the Euro area is the 2nd largest economy of the world. Despite the current debt problems in some Euro area member states, the euro is a remarkable success not only in regard to its main goal price stability. The average inflation rate in the Euro Area since 1999 has been 2.0 %, and the international role of the euro has been strengthening, e.g. 26.3% of global foreign exchange reserves are in euro.
Deputy Governor, Croatian National Bank, Zagreb Abstract
- original EMU design (including 60 per cent debt ceiling), if implemented, would have prevented the crisis that eurozone faces today.

- so, it's not exactly that the poor eurozone design is a rootcause of the current problems, but rather political interference into economic logic.

- that's exactly why today much more is needed to convince markets that the whole construction is sustainable, and that bad politics will not over-rule again.
Member, Advisory Committee, Financial Market Symposium, European Forum Alpbach, Vienna Chair

Prof. Dr. Lars FELD

Member, German Council of Economic Experts; Professor and Director, Walter Eucken Institut, Freiburg im Breisgau

1993 Master in Economics (Dipl.-Volksw.), University of Saarland, Saarbrücken;
1999 Dr. oec. and 2002 Habilitation, University of St. Gallen
1998 Visiting Fellow, University of Southern California and Université de Rennes 1 (France)
2002-2006 Professor of Economics, University of Marburg
  competition, tax evasion and fraud, the shadow economy, institutional constraints on public debt, the effects of direct democracy on economic policy, judicial and prosecutorial independence,
  fraud in science.
 Since 2010 Professor of Economics and Director, Walter Eucken Institute; Freiburg im Breisgau
2006-2010 Professor of Economics, University of Heidelberg. Research Interests: Public Economics, Public Choice, Fiscal Psychology, Law and Economics; more specifically and recently research on tax

Prof. Dr. Thomas MAYER

Founding Director, Flossbach von Storch Research Institute, Cologne

1978-1982 Kiel Institute for the World Economy
1982 Ph.D. in Economics, University of Kiel
1983-1990 International Monetary Fund, Washington, D.C.
1990-1991 Salomon Brothers, London
1991-2002 Goldman Sachs, Frankfurt and London
2002-2009 Chief European Economist and Co-head of the Global Economics Group, Deutsche Bank, London
2009-2012 Chief Economist, Deutsche Bank Group, Frankfurt am Main
since 2012 Founding Director, Flossbach von Storch Research Institute, Cologne

Dr. Ewald NOWOTNY

Governor, OeNB - Oesterreichische Nationalbank, Vienna

 Studies in law and political science at the University of Vienna and economics at the IHS - Institute for Advanced Studies, Vienna
1967 Doctorate in Law, University of Vienna
1968-1973 Assistant to Kurt W. Rothschild, Institute for General Economics and Public Economics, Johannes Kepler University Linz
1972-1973 ACSL Fellow, Department of Economics, Harvard University, Cambridge
1973 Tenure-track professorship in General Economics and Public Economics, Johannes Kepler University Linz
1973 Call to TH Darmstadt, Chair in Public Economics
1974-1981 Full Professor and Head of the Institute of Finance, Johannes Kepler University Linz
1981-2008 Full Professor, Vienna University of Economics and Business (successor to Stephan Koren), partly on leave, Vienna
2003-2005 Vice Rector, Financial Affairs, Vienna University of Economics and Business, Vienna
 
 Business activities:
2008 Honorary doctorate in Social and Economic Sciences, Alpen-Adria-Universität Klagenfurt
1971-1979 Member and later President, Governing Board of PSK - Österreichische Postsparkasse, Expert on cartel matters, Cartel Court of the Superior Land Court, Vienna
1999-2003 Vice-President and Member of the Management Committee, European Investment Bank, Luxembourg
2006-2007 Chief Executive Officer, BAWAG P.S.K. Bank für Arbeit und Wirtschaft Österreichische Postsparkasse Aktiengesellschaft
 
 Political activities
since 2008 Governor, Oesterreichische Nationalbank
1978-1999 Member of the Austrian Parliament
1980-1987 Deputy Chairman of the Scientific Committee
1985-1999 Chairman of the Finance Committee

PhD Boris VUJCIC

Deputy Governor, Croatian National Bank, Zagreb

1988 B.A., Economics, University of Zagreb
1989 Certificate, CIHEAM, University of Montpellier, France
since 1989 Assistant Professor, Faculty of Economics, University of Zagreb
1991 M.A., Faculty of Economics, University of Zagreb
1992 Visiting fellow, Institute of Development Studies, University of Sussex, Brighton
1993 Visiting lecturer, University of Freiberg, Germany
1994 Visiting scholar, University of Kentucky, USA
1994-1995 Predoctoral Fulbright Scholar, Dept. of Economics, Michigan State University
1994-1995 (and 2000) External Collaborator, International Labor Organization (ILO)
1995-1996 Certificate, In-service training at the European Commission, DG II - Economic and Financial Affairs, Monetary Matters Department, Brussels
1996 Consultant to the European Commission, DG II - Economic and Financial Affair
1996 PhD., Faculty of Economics, University of Zagreb
1997-2000 Director, Research Department, Croatian National Bank
since 2000 Deputy Governor (second term since 2006)
since 2003 Professor, Faculty of Economics, University of Zagreb
since 2004 Visiting Professor, Faculty of Mathematics, University of Zagreb
since 2005 Deputy Chief Negotiator with European Union in Croatia's accession talks
since 2006 Member, Managing Board, Global Development Network
since 2006 Deputy Governor, Croatian National Bank (first term since 2000)

Dr. Rainer MÜNZ

Member, Advisory Committee, Financial Market Symposium, European Forum Alpbach, Vienna

1978 Ph.D., University of Vienna
1979-1989 Research Fellow, Austrian Academy of Sciences
1980-1998 Lecturer, Alpen-Adria-University Klagenfurt and University of Vienna
1986-1987 Visiting Professor, University of Bamberg
1986, 1989 and 1997-1998 Visiting Professor, University of California at Berkeley
1988-1989 Visiting Professor, University of Frankfurt am Main
1989-1997 Lecturer, Technical University, Vienna
1990-1992 Director, Institute of Demography, Austrian Academy of Science
1992 Visiting Professor, University of Zurich
1992-2003 Head, Department of Demography, Humboldt University, Berlin
1995, 1997 Visiting Professor, Alpen-Adria-University Klagenfurt
2000-2001 Visiting Professor, University of Vienna
2001-2002 Senior Research Fellow, Department of Mathematics of Finance, Technical University, Vienna
since 2003 Senior Fellow, HWWI - Hamburg Institute of International Economics
since 2005 Senior Researcher, Erste Group Bank AG
2008-2010 Member, Reflection Group Horizon 2020-2030, European Union
since 2009 Senior Fellow, Migration Policy Center, Washington, D.C.
since 2010 Visiting Professor, University of St. Gallen
since 2010 Member of the Advisory Committee, Alpbach Financial Market Symposium, Vienna