Dear Colleague, We cordially invite you to the next wiiw seminar 'Policy Perspectives for European Integration' on Wednesday, 23 September 2015, 5 pm wiiw, Vienna 6, Rahlgasse 3, Library (2nd floor) Eurozone governance - squaring the trilemma Christian Odendahl chief economist at the Centre for European Reform (CER) Abstract The euro crisis has revealed major shortcomings in the architecture of the eurozone. At the same time, citizens in Europe want to be governed by national democracies. Can the euro work with national democracies? This paper argues that in order to make the euro viable, economically and politically, policy-makers need to start from the assumption that all policies should be in the hands of national democracies, and only integrate those areas in which a common response is crucial for the survival of the eurozone. Such an approach would focus on banks and capital markets; the lender-of-last-resort function of the ECB to both banks and sovereigns; monetary policy and overall demand; and finding national, central-bank-like mechanisms to enforce strongly counter-cyclical regulatory and fiscal policies. A European approach to structural reforms, however, would play a minor role at best. (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