After the ADEMU kick-off conference at the University of Cambridge, the researchers involved in the project were asked the following questions in order to provide a further insight into why they are involved in the project and why they think it is an important project. Here are some of their responses.
In your opinion, why is the ADEMU project important?
“The 2008 crisis is without doubt the deepest and most protracted economic contractions Europe has suffered since the Great depression of 1929. Understanding the roots of this crisis and designing policies capable of preventing and/or managing this type of disturbances should be at the top of the research agenda. I think ADEMU will play a key role in this endeavour.” – Martín Uribe, Columbia University, ADEMU Associate Researcher
“It is important to establish a dialogue between policy makers, the general public, and academic economists. Unfortunately, this is not easy. A project like ADEMU can help.” – Joachim Jungherr, Barcelona GSE, ADEMU Researcher WP3
“The ADEMU project brings together European economic policy debates and work at the research frontier to advance these debates.” – Thomas Hintermaier, University of Bonn, ADEMU Executive & Steering Committee
“The new architecture of the EU monetary and fiscal institutions and regulatory bodies represent a new regime of macroeconomic policies that are not yet sufficiently based on macroeconomic theory and evidence. ADEMU project will analyze and critically review these issues and offer constructive feedback and policy recommendations.” – Radim Bohacek, CERGE, ADEMU Executive & Steering Committee, WP3
What do you think are the key aspects of the project?
“On the one hand, the interdisciplinary of the project combining research from Economics, Law and Political Science. On the other hand, the interaction between academic work and policy implementation.” – Hugo Rodriguez, Barcelona GSE, ADEMU Executive Committee, WP3, WP5
“Finding a workable way to organize a fiscal policy at the European level. Contributions from economic theory that help for that.” – Coen Teulings, University of Cambridge, ADEMU WP1
“I think that building theoretical and empirical models that shed light on the dynamics of a monetary union is going to be one core output of the ADEMU network. Another important output that I expect will come out of the project is the employment of the aforementioned frameworks to conduct normative analysis. In this regard, issues such as the necessity and optimal form of fiscal and banking unions will most likely be central aspects that the project will help clarify. Thirdly, but not least, is the need to communicate in a productive way the academic output of ADEMU to policymakers, professional economists, and the press. Ultimately, the goal should be a better functioning of EMU. And to this end, bridging the gap between theory and practice is key.” – Martín Uribe, Columbia University, ADEMU Associate Researcher
What were the most interesting outcomes of the Kick-Off conference?
“Wide range of topics relevant for the project and their importance for Euro macroeconomy and policy relevance.” – Radim Bohacek, CERGE, ADEMU Executive & Steering Committee, WP3
“The collection of views from different angles: For instance, from a legal point of view and from an economic point of view.” – Thomas Hintermaier, University of Bonn, ADEMU Executive & Steering Committee
What do you think was the benefit of the Kick-Off conference?
“The possibility of meeting with all local and work package coordinators which ensures the balanced development of the project together with the possibility of having a general overview of all the work done in the different work packages.” – Hugo Rodriguez, Barcelona GSE,ADEMU Executive Committee, WP3, WP5
“High public exposure and very active participation and interest of students involved in ADEMU project.” – Radim Bohacek, CERGE, ADEMU Executive & Steering Committee, WP3
“In terms of ADEMU external relations, it has succeeded in providing a spot-on overview of the project, and in terms of ADEMU internal relations, it has provided for ample opportunities to meet people involved, which will be a benefit for collaboration in the project.” – Thomas Hintermaier, University of Bonn, ADEMU Executive & Steering Committee