Dear Colleague, We cordially invite you to the next wiiw seminar 'Policy Perspectives for European Integration' on Friday, 4 March 2016, 2 pm wiiw, Vienna 6, Rahlgasse 3, lecture hall (entrance from the ground floor) United in Diversity? Rebalancing, structural convergence and the deepening of EMU Karl Pichelmann Senior Adviser in the Directorate General for Economic and Financial Affairs at the European Commission Abstract In response to the euro-area crisis, a large number of policy initiatives have been undertaken leading, on the one hand, to structural adjustment in the periphery, and, on the other hand, to a much higher degree of area-wide integration and governance in the fiscal and financial domain. In many cases these initiatives have been born out of crisis situations and are not the result of a carefully elaborated master plan. But while the worst of the crisis appears to be behind us, the crucial question remains whether this is enough to make EMU work - perhaps not in an optimal design but at least fulfilling the minimum requirements for functioning in a sustainable manner. The long-term solution is to complete the European monetary union and make it less vulnerable to shocks. The foundations of this road have been laid by the Five Presidents´ Report, and it implies setting up new risk-sharing mechanisms among the participating economies. But that will probably not happen in a situation where large imbalances between member countries already exist and deep structural divergences are considered as a state of nature. Against this background, the lecture will examine the progress and essential features of sustainable rebalancing, discuss the required degrees of structural convergence, and draw some conclusions for the deepening of EMU. (Papers and Powerpoint presentations, as far as available, are posted on our homepage http://wiiw.ac.at/events.html after the respective seminars.) Best regards Univ.Prof.Dr. Michael Landesmann                                                  Dr. Sándor Richter 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/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 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