ADEMU final conference, with State of the Union 2018 – a short report with papers and presentations

In May 2018, ADEMU held a final conference to discuss the findings of the three-year Horizon 2020 research project into the future of the euro and stabilising the eurozone. With some sessions held in conjunction with State of the Union 2018, the event was staged across three locations in Florence and attended by global economists, politicians, academics and researchers.

You can read a comprehensive and detailed review of the proceedings, by Gergő Motyovszki and Jan Teresińskihere. You can also see photographs from day one, day two and day three of the conference, with an upcoming video of highlights.

All available slides and discussion papers from the conference are displayed below.  You can see all Ademu’s working papers here.

For further information, or to arrange interviews with any of the Ademu co-ordinators or researchers, email

Wednesday, 9th May 2018
San Domenico di Fiesole, Villa La Fonte

In the aftermath of the euro crisis: lessons and dealing with the debt overhang

Giancarlo Corsetti | University of Cambridge and CEPR

Henrik Enderlein | Hertie School of Governance & Jacques Delors Institut
Juan Rojas | European Stability Mechanism
Christian Hellwig | Toulouse School of Economics

A European Stability Fund for the EMU & Agreeing to an Unemployment Insurance System for the Euro Area?

: Árpád Ábrahám | European University Institute
João Brogueira De Sousa | European University Institute

Laszlo Andor | Former European Commissioner for Employment, Social Affairs and Inclusion and Senior Fellow, Hertie School of Governance
Aitor Erce | European Stability Mechanism
Coen Teulings | University of Cambridge

Reassessing tax policies and tax coordination: The case of a tax on automation

Pedro Teles | Catolica Lisbon School of Business & Economics, Banco de Portugal and CEPR

Charles Brendon | University of Cambridge
Jordi Caballé | UAB and Barcelona GSE
Rody Manuelli | Washington University in St. Louis

Macroeconomic stabilization, fiscal consolidation and recessions with heterogeneous agents

Morten Ravn | University College London
Evi Pappa | European University Institute

Axelle Ferriere | European University Institute
Kurt Mitman | Stockholm University
Franck Portier | University College London and CEPR

Thursday, 10th May 2018
Villa La Fonte


Presentations of PhD and postdoc researchers contributions to the ADEMU project

International Risk Sharing in the European Monetary Union
Alessandro Ferrari | European University Institute
Anna Rogantini Picco* | European University Institute
Discussant: Matthias Dolls | Ifo Institut

Is Inflation Default? The Role of Information in Debt Crises
Marco Bassetto | Federal Reserve Bank of Chicago
Carlo Galli* | University College London
Discussant: Gaetano Gaballo | Banque de France and Paris School of Economics

Deposit Insurance and Bank Risk-Taking
Carolina López-Quiles Centeno* | European University Institute
Matic Petricek| European University Institute
Discussant: Mike Mariatasan |KU Leuven

Why is Europe Falling Behind? Structural Transformation and Services’ Productivity Differences between Europe and the U.S.
Cesare Buiatti | University of Illinois
Joao B. Duarte* | University of Cambridge
Luis Felipe Sáenz | University of Illinois
Discussant: Thomas Hintermaier | University of Bonn

Income Insurance in Fiscal Federations: Evidence from the USA
Johannes Fleck | EUI
Chima Simpson-Bell | EUI
Discussant: Paolo Pasimeni | European Commission

The Long-term Debt Accelerator
Joachim Jungherr* | Institut d’Anàlisi Econòmica (CSIC), MOVE, and Barcelona GSE
Immo Schott | Université de Montréal and CIREQ
Discussant: Tryphon Kollintzas | Athens University of Economics and Business


Banking Union and the ECB

Hugo Rodriguez | IAE-CSIC and Barcelona GSE

Jean-Paul Danthine | Paris School of Economics
Emiliano Tornese | Deputy Head, Resolution and Crisis Management, European Commission
Roland Straub | European Central Bank

Macroprudential policies in financial markets

Radim Bohacek | CERGE-EI
Richard Portes | London Business School and CEPR

Charles Bean | London School of Economics and CEPR
Juan Francisco Jimeno | Bank of Spain and CEPR
Francesco Molteni | European University Institute

Legal limits to EMU reform: assessing the options

Giorgio Monti | European University Institute

Tuomas Saarenheimo | Finish Ministry of Finance
René Smits | University of Amsterdam

A New Fiscal and Monetary Framework for the EMU? The EU Presidents’ roadmap in 2018

Xavier Vidal-Folch | EL PAIS

Ramon Marimon

Panel participants:
Joaquín Almunia | Former Vice President and European Commissioner for Economic and Monetary Affairs
Roel Beetsma | University of Amsterdam and European Fiscal Board Marco Buti | EC, Director-General DG Economic and Financial Affairs Paivi Leino-Sandberg | University of Helsinki
Frank Smets | European Central Bank

ADEMU at the State of the Union 2018

Thursday, 10th May 2018
San Domenico di Fiesole, Badia Fiesolana

Reassessing the Fiscal Monetary Framework of EMU in 2018

Claire Kilpatrick,
Professor of International European and Social Law, EUI

Thomas Beukers, Jean Monnet Fellow, EUI
Thomas Cooley, Paganelli-Bull Professor of Business and International Trade, NYU Stern and Professor of Economics, NYU Giancarlo Corsetti, Professor of Macroeconomics, University of Cambridge
Ramon Marimon, Professor of Economics and Pierre Werner Chair, EUI

Friday, 11th May 2018
Palazzo Vecchio

Introduction by Ramon Marimon, Professor, Economics Department and Pierre Werner Chair, EUI

Address by Mario Draghi, President, European Central Bank

It’s Time to Get the House in Order! How to Strengthen the Current EMU?

Martin Sandbu, Economics Commentator, Financial Times

Marco Buti, Director-General DG Economic and Financial Affairs (ECFIN)
Lars Peter Feld, Director of the Walter Eucken Institut, Professor of Economic Policy at the University of Freiburg
Jean Pisani-Ferry, Professor of Economics at Hertie School of Government and Tommaso Padoa Schioppa Chair at EUI Lucrezia Reichlin, Professor of Economics, London Business School
Rolf Strauch, Chief Economist, European Stability Mechanism
Poul Thomsen, Director of the European Department, IMF