[http://wiiw.ac.at] Dear Colleague, We cordially invite you to the WIIW SEMINAR 'POLICY PERSPECTIVES FOR EUROPEAN INTEGRATION' on MONDAY, 19 JUNE 2017, 5 PM wiiw, Rahlgasse 3, 1060 Vienna, LECTURE HALL (entrance from the ground floor) EMU ARCHITECTURE AND GOVERNANCE OF FINANCE HELENE SCHUBERTH Head of Foreign Research Division, National Bank of Austria (OeNB) Abstract Governance reform is imperative for containing the centrifugal forces in the euro area.  Completing the banking union is decisive for containing the centrifugal forces in the euro area and much has been accomplished so far. A banking union, in its current design, is a remedy to weaken the sovereign-bank nexus, but does little to alleviate the destabilising features stemming from the ‘shadow-fiscal nexus’: Since government bonds are the most important collateral in market-based finance in Europe, the fortune of sovereigns hinges, via the repo market, on the pro-cyclical shadow-banking activities of large banks, potentially leading to flight-to-safety and self-fulfilling crises. The most effective cure would be pooling sovereignty via euro bonds, or, given the reluctance for risk-sharing, introducing European Safe Bonds (ESBies) that work without mutualisation of debt. WE KINDLY ASK YOU TO REGISTER [https://wiiw.ac.at/er-351.html] FOR THE EVENT. PARTICIPATION IS FREE OF CHARGE. (Papers and presentation slides, as far as available, are posted on our homepage http://wiiw.ac.at/events.html [http://wiiw.ac.at/events.html] after the respective seminars.) Best regards, Univ. Prof. Dr. Michael Landesmann                                                  Dr. Sándor Richter _Former Scientific Director wiiw _                                                                   _Organizer_ -- Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw) The Vienna Institute for International Economic Studies Rahlgasse 3, A-1060 Wien http://www.wiiw.ac.at/ [http://www.wiiw.ac.at/] ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ If you do not want to receive further mailings please send an e-mail to boenisch@wiiw.ac.at Falls Sie keine weiteren Zusendungen des wiiw wünschen senden Sie bitte ein E-Mail an boenisch@wiiw.ac.at