The ECB and Its Watchers VI


Volker Wieland (University of Frankfurt and CFS, Frankfurt)


July 2, 2004

08:00 a.m. - 08:40 a.m. <b>Registration and Coffee</b>
08:40 a.m. - 08:45 a.m. <b>Welcome</b><br><br><LINK>Volker Wieland</link> ( University of Frankfurt and CFS, Frankfurt)
08:45 a.m. - 09:00 a.m. <b>Opening Remarks</b><br><br> <LINK>Otmar Issing</link> (Member of the Executive Board of the European Central Bank, Frankfurt)
09:00 a.m. - 10:45 a.m. <b>Panel I: ECB Watchers</b><br><br><i>Chair:</i> Volker Wieland<br><br><i>ECB Watcher Groups/Panel Members:</i><br>CEPR-MECB: <link>Harald Uhlig</link> (Humboldt University, Berlin)<br>CEPS: Daniel Gros (Centre for European Policy Studies, Brussels)<br><link>Roberto Perotti</link> (IGIER - Universita' Bocconi, Milan)<br>EMU-Monitor: <link>Manfred J.M. Neumann</link> ( University of Bonn)<br>OBCE: <link>Angel Ubide</link> (Tudor Investment, Washington)<br>Jose Alzola (Citigroup, London)<br><br>Reply: Otmar Issing<br><br>Presentations can be downloaded below.
10:45 a.m. - 11:15 a.m. <b>Coffee Break</b>
11:15 a.m. - 01:00 a.m. <b>Panel II: European Financial Integration</b><br><br><i>Chair:</i> Vitor Gaspar (European Central Bank, Frankfurt)<br><br><i>Opening Statement:</i><br><link>Gertrude Tumpel-Gugerell</link> (Member of the Executive Board of the European Central Bank, Frankfurt)<br><br><i>Panel Members:</i><br>David Wright (European Commission, Brussels)<br>Rudolf Ferscha (Eurex, Frankfurt)<br><link>John Lipsky</link> (JP Morgan Chase, New York)<br>Claudio Borio (Bank for International Settlements, Basle)<br><br><i>Possible questions to be addressed:</i><br>1. What have we learned about European Financial Integration after five years of EMU?<br>2. What will be the main drivers (obstacles) of further integration going forward?<br>3. What are the challenges (and opportunities) that arise as new countries join the European monetary system?<br><br>Presentations can be downloaded below.
01:00 a.m. - 02:00 a.m. <b>Buffet Lunch</b>
02:00 a.m. - 03:30 a.m. <b>Panel III: International Imbalances - The U.S. Current Account and the Euro Area</b><br><br><i>Chair:</i> Huw Pill (European Central Bank, Frankfurt)<br><br><i>Panel Members:</i><br><link>Edwin M. Truman</link> (Institute for International Economics, Washington)<br><link>Michael Wickens</link> (University of York, York)<br>Carlo Monticelli (Ministro dell'Economia e delle Finanze, Rome)<br>Jörg Krämer (INVESCO)<br><br><i>Possible questions to be addressed:</i><br>1. Is the U.S. current account deficit sustainable? How will the adjustment take place? What are the implications for the euro area?<br>2. What are the implications of fiscal policy and fiscal deficits in the U.S. and the Euro area in this context?<br>3. Is there a role for policy coordination?<br><br>Presentations can be downloaded below.
03:30 a.m. - 04:00 a.m. <b>Coffee Break</b>
04:00 a.m. - 05:30 a.m. <b>Panel IV: International Imbalances - The Role of the Exchange Rate and Monetary Policy</b><br><br><i>Chair:</i> Ignazio Angeloni (European Central Bank, Frankfurt)<br><br><i>Panel Members:</i><br><link>Takatoshi Ito</link> (University of Tokyo)<br><link>Charles Wyplosz</Link> (Graduate Institute of International Studies, Geneva)<br>Joachim Fels (Morgan Stanley, London)<br><link>Thorsten Polleit</link> (Barclays Capital Plc., Frankfurt)<br><br><i>Possible questions to be addressed:</i><br>1. What is the role of exchange rates in the correction of the current imbalances? And how should monetary policy respond?<br>2. What can we learn from the Japanese approach to exchange rate policy?<br>3. What are the implications for emerging market economies, in particular for their exchange rate policies?<br><br>Presentations can be downloaded below.
05:30 a.m. - 05:45 a.m. <b>Concluding Remarks</b><br><br>Otmar Issing