[http://wiiw.ac.at] Dear Colleague, We cordially invite you to the WIIW SEMINAR 'POLICY PERSPECTIVES FOR EUROPEAN INTEGRATION' on TUESDAY, 21 FEBRUARY 2017, 5:00 PM wiiw, Rahlgasse 3, 1060 Vienna, LECTURE HALL (entrance from the ground floor) INSTITUTIONAL REFORMS TO ACHIEVE BALANCED GROWTH & CONVERGENCE IN THE EURO AREA ANDREW WATT Head of the Macroeconomic Policy Institute (IMK) Department of the Hans-Böckler Foundation, Düsseldorf Abstract Current account imbalances were at the heart of the crisis that engulfed the monetary union in the wake of the global financial crisis. Unlike in a federal state, current account imbalances matter in an "unfinished" monetary union. A stable monetary union requires a framework to limit imbalances and promote sustainable growth, avoiding the problem of "rotating slumps". Since the crisis some steps have been taken to address the issue, notably the Macroeconomic Imbalance Procedure (MIP). The MIP is, however, asymmetric, focusing on adjustment in deficit countries. A more symmetric resolution and avoidance of imbalances would also need to address the fiscal rules, which focus narrowly on deficit limitation, which is inimical to sustained and balanced growth. In the absence of a major breakthrough towards federalized economic policymaking, a path forward is needed that as far as possible builds on existing institutions. A proposal is made to reactivate the Broad Economic Policy Guidelines, broaden the remit of the advisory Productivity Boards to encompass the entire policy mix, and strengthen the Macroeconomic Dialogue, notably by establishing MEDs at national and Eurozone level. (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_ -- Michaela Bönisch Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw) The Vienna Institute for International Economic Studies Rahlgasse 3, A-1060 Wien T: +43 1 533 66 10 - 40 F: +43 1 533 66 10 - 50 boenisch@wiiw.ac.at 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