The Price-Stability-Target in the Eurozone and the European Debt Crisis

Price-Stability-Target Conference

The Price-Stability-Target in the Eurozone and the European Debt Crisis

Wednesday, September 28, 2016
8:30 a.m. – 6:30 p.m.
ESMT Berlin
Schlossplatz 1, 10178 Berlin


The policies of the European Central Bank and their limitations have been at the core of a debate over the viability of the Eurozone that has only intensified during the area’s current economic crisis. What is the significance of “one size does not fit all”? This conference will carefully assess the monetary policy in the Eurozone, while addressing questions such as whether monetary policy can be separated from fiscal policy and touching upon issues such as what are the foundations of the goal of price stability.

Kai A. Konrad, Director, Max Planck Institute for Tax Law and Public Finance
Jörg Rocholl, President and EY Chair in Governance and Compliance, ESMT Berlin

Participation is free of charge but individual registration is required.

Vertical Tabs



8:30 a.m.WELCOME
8:45 a.m.

The Fed-ECB Policy Divergence
Athanasios Orphanides, MIT Sloan School of Management 

The Costs and Welfare Effects of ECB’s Financial Repression Policy: Consequences for German Savers
Gerhard Rösl, OTH Regensburg

Unconventional Fiscal Policy, Inflation Expectations, and Consumption Expenditure
Michael Weber, University of Chicago

10:15 a.m.COFFEE BREAK
10:45 a.m.

Necessity as the Mother of Invention: Monetary Policy after the Crisis
Jakob de Haan, De Nederlandsche Bank and University of Groningen

Asset Allocation and Monetary Policy: Evidence from the Eurozone
Harald Hau, Swiss Finance Institute and University of Geneva

Monetary Policy and Financial Stability
Stephan Kohns, Deutsche Bundesbank

12:15 p.m.LUNCH
1:45 p.m.KEYNOTE: Central Banks – from Overburdening to Decline?
Otmar Issing, Former Chief Economist, European Central Bank
3:00 p.m.

PANEL I: How Far Should Unconventional Central Banking Go?
Stefan Homburg, Professor of Public Finance, Leibniz Universität Hannover
Lucrezia Reichlin, Professor of Economics, London Business School
Charles Wyplosz, Professor of International Economics, Graduate Institute of International and Development Studies

Moderator: Dr. Philip Plickert, Business Editor, Frankfurter Allgemeine Zeitung

5:00 p.m.PANEL II: How Do Low Interest Rates Affect Financial Institutions and Stability?
Felix Hufeld, President, Federal Financial Supervisory Authority
Dieter Wemmer, Chief Financial Officer of Allianz SE

Moderator: Daniel Schäfer, Finance Editor, Handelsblatt
6:15 p.m.APERITIF




Jakob de Haan
Jakob de Haan is Professor of Political Economy, University of Groningen, the Netherlands and Head of Research of De Nederlandsche Bank. He got his Ph.D. ath the University of Groningen. He has been President of the European Public Choice Society and editor of the European Journal of Political Economy. De Haan has been visiting professor at the Free University Berlin, Kiel Institute, and the University of Munich.
Harald Hau
Harald Hau received his Ph.D. in Economics from Princeton University in 1996. He is Professor of Economics and Finance, University of Geneva, Geneva (since 2011), Senior Chair at the Swiss Finance Institute, Geneva (since 2011) and Director (ad interim) of the Geneva Finance Research Institute (GFRI), Geneva (since 2015).
Stefan Homburg
Stefan Homburg obtained a doctorate degree at the University of Cologne in 1987 before his habilitation at the Technical University of Dortmund in 1991. After he was a Professor of Economic Theory at the University of Bonn (1990-1992) and a Professor of Public Finance at the Otto-von-Guericke University Magdeburg (1992-1997), he became a Professor of Public Finance at the University of Hanover (since 1997). From 1996 to 2003 Homburg was a Member of the Council of Scientific Advisors to the German Ministry of Finance. Since 1996 he is an Expert at the hearings of Tax Committee, Budget Committee and Committee on Legal Affairs of German Bundestag.
Felix Hufeld - © / BaFin
Felix Hufeld studied law in Mainz and Freiburg and earned a Master in Public Administration at Harvard University. He was Strategy Consultant and Manager/Principal at Boston Consulting Group (1992-1999), Head of Group Corporate Development at Dresdner Bank, Frankfurt (1999-2001) and Chief Executive Officer, Marsh GmbH, Frankfurt (2001-2010). In 2013 he joined the Federal Financial Supervisory Authority (BaFin) as their Chief Executive Director of Insurance Supervision before he became President of BaFin in March 2015.
Otmar Issing
Otmar Issing received his doctorate from the University of Würzburg in 1961. He was Member of the Board of the Deutsche Bundesbank, Frankfurt (1990-1998), Member of the Executive Board of the European Central Bank, Frankfurt (1998-2006), and Professor of Economics, University of Würzburg, (1973-1990) before he became the President of the Center for Financial Studies, Goethe University, Frankfurt (since 2006). He headed the Advisory Council on a New Financial Order (2008-2012).
Stephan Kohns
Stephan Kohns received a doctorate from the University of Bonn in 2002. He was Staff Economist (Labor market issues), German Council of Economic Experts (2002-2005), Secretary General, German Council of Economic Experts, Wiesbaden (2005-2008), and Head of Staff Unit “Interdivisional Tasks and Speeches” at the Economics Department, Deutsche Bundesbank, Frankfurt (2009-2013). Since 2013 Kohns is Deputy Director General Economics, Deutsche Bundesbank, Frankfurt.
Kai A. Konrad
Kai A. Konrad received his Ph.D. from the University of Munich in 1990. He was a Professor of Public Economics at the Freie Universität Berlin until 2009. He is director at the Max Planck Institute for Tax Law and Public Finance, Munich (since 2011) and was the Chairman of the Council of Scientific Advisors to the German Ministry of Finance from 2011 to 2014.
Athanasios Orphanides
Athanasios Orphanides obtained a PhD in economics from MIT Sloan School of Management. From May 2007 to May 2012, Orphanides served a five-year term as governor of the Central Bank of Cyprus and was a member of the Governing Council of the European Central Bank. He is a Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management. He is also a Research Fellow of the Centre for Economic Policy Research, a Senior Fellow of the Center for Financial Studies, a Research Fellow of the Institute for Monetary and Financial Stability and a member of the Shadow Open Market Committee.
Philip Plickert
Dr. Philip Plickert, born in 1979, has studied economics and economic history at the University of Munich and graduated from the London School of Economics. In 2007 he earned a Ph.D. from the University of Tübingen. In the same year he started working as an economics editor of Frankfurter Allgemeine Zeitung (FAZ) where he covers macroeconomics, monetary policy, economic science and other topics. Besides, he has been a lecturer at Goethe-University Frankfurt and currently teaches economics courses at University of Siegen.
Lucrezia Reichlin
Lucrezia Reichlin obtained a PhD in economics from New York University. She is Professor of Economics at the London Business School, non-executive director of UniCredit Banking Group, AGEAS Insurance Group and Eurobank Ergasias. She is Chair of the Scientific Council at the Brussels based think-tank Bruegel as well as a member of the Commission Economique de la Nation (advisory board to the French finance and economics ministers). Between March 2005 and September 2008 she served as Director General of Research at the European Central Bank. She is Chairman and co-founder of Now-Casting Economics ltd. Reichlin has published numerous papers on econometrics and macroeconomics in top scientific journals, including the American Economic Review, Review of Economic Studies, Review of Economics and Statistics, Journal of Econometrics, Journal of Monetary Economics and Journal of the American Statistical Association.
Jörg Rocholl
Jörg Rocholl received a Ph.D. in Finance and Economics Columbia Business School (2004). He is President of ESMT Berlin (since 2011) and Professor and EY Chair in Governance and Compliance (since 2010). He is a member of the economic advisory board of the German Federal Ministry of Finance (since 2011).
Gerhard Rösl
Gerhard Rösl received a doctorate from the Helmut-Schmidt-University of the Federal Armed Forces in Hamburg 2002. He was a Research Fellow at the Research Center of the Deutsche Bundesbank and an Economist with the Economics Department, Monetary Policy Division, of the Deutsche Bundesbank, Frankfurt (2002-2006), and is Professor of Economics at OTH Regensburg (since 2006). He is also Speaker of Aktionskreis Stabiles Geld.
Daniel Schäfer (40) is Finance Editor and Frankfurt Bureau Chief at the German daily Handelsblatt since January 2015. Prior to this position he worked in London and Frankfurt for the Financial Times as Investment Banking Correspondent, Private Equity and Industrial Correspondent. He started his career as Financial and Corporate Reporter for the Frankfurter Allgemeine Zeitung. In 2006 he published his award-winning book “Die Wahrheit über die Heuschrecken”. Daniel studied at the University of Hohenheim and the University of Kent at Canterbury.
Michael Weber
Michael Weber received a Ph.D. in Finance from Haas School of Business, UC Berkeley in 2014. He is an Assistant Professor of Finance, Booth School of Business, University of Chicago, Chicago (since 2014) and Faculty Research Fellow of the National Bureau of Economic Research.
Dieter Wemmer
Dieter Wemmer has been Chief Financial Officer (CFO) of Allianz SE since January 2013. He joined Allianz SE in 2012 as a member of the Board of Management, responsible for the insurance business in France, Benelux, Italy, Greece and Turkey and for the Center of Competence “Global Property & Casualty.” He was CFO of Zurich Insurance Group (Zurich) from 2007 to 2011. From 2010 to 2011 he was made Zurich’s Regional Chairman of Europe. Prior to this, Dieter Wemmer was CEO of the Europe General Insurance business and member of Zurich’s Group Executive Committee from 2004 to 2007. He began his career in the insurance industry within the Zurich Group in 1986 in Cologne after graduating from the University of Cologne with a master’s degree and acquiring his doctorate in mathematics in 1985.
Charles Wyplosz
Charles Wyplosz received a Ph.D. in Economics from Harvard University in 1978. He was Professor of Economics at INSEAD, Fontainebleau (1973-1996) and the Ecole de Hautes Etudes en Sciences Sociales in Paris (1988-1996), before joining the Graduate Institute, Geneva, where he also serves as Director of the International Center for Monetary and Banking Studies. He was a founding Managing Editor of Economic Policy (1984-2001) and is a frequent advisor to governments and international institutions such as the European Commission or the IMF.




Please register here.