Review and discussion of the Five Presidents Report

Venue: EUI, Economics Department


This meeting was dedicated to a joint review and discussion of the Five Presidents Report (released in June 2015). Johannes Fleck gave a presentation in which he summarized the report’s main statements regarding the current economic condition of the EMU and its proposals concerning the reform and creation of additional common institutions. Moreover, he provided background information on the proposals and the econometric methods used to arrive at empirical results (e.g. smoothing of income shocks via public insurance mechanisms in the EMU) mentioned in the report. The ensuing discussion raised a number of questions such as whether economic convergence is a prerequisite for a joint fiscal insurance mechanism, whether the share of permanent transfers in existing currency unions is substantial and whether income insurance through private markets is a substitute for public insurance schemes.