Conference of Prof Tirole "EMU architecture and the future of risk sharing in Europe"

The Bridge Forum Dialogue a.s.b.l., conference of 21 September 2017 – Speaker: Professor Jean Tirole, Chairman of the Toulouse School of Economics and Nobel Prize in Economic Sciences, at the invitation of the Central Bank of Luxembourg:

‘EMU architecture and the future of risk sharing in Europe’

Under the chairmanship of Mr. Gaston Reinesch, Governor of the Central Bank of Luxembourg (BCL) and President of The Bridge Forum Dialogue a.s.b.l., Professor Tirole gave a speech on ‘EMU architecture and the future of risk sharing in Europe’.

A distinguished audience of approximately 400 participants gathered for this event, including representatives from the European institutions and bodies, members of the Luxembourg government, members of the corps diplomatique, numerous public authorities and actors of the international, academic, economic and social sphere. The event was hosted at the European Convention Center Luxembourg, at the Kirchberg-Plateau.

Following an introduction by Governor Reinesch, Professor Tirole described the limits of the Maastricht approach, a rather minimalist view of Europe. He argued in favor of an ideal Europe in the form of a federation, making a parallel with the experience gained in the United States. Such a vision would entail a more integrated Europe, with more shared risk: shared debt (Eurobonds or their variants), a common budget, a common deposit insurance scheme and unemployment insurance. These mechanisms would act as stabilizers capable of absorbing shocks.

To move further and revitalize the idea of a federal Europe, Professor Tirole observed that a certain degree of transfer of national sovereignty was a prerequisite. Professor Tirole took the view that “We Europeans need to accept the loss of sovereignty that goes together with living under the same roof”. He added that the Banking Union could be seen as a positive step in this direction.

This stimulating conference ended with concluding remarks by Governor Reinesch. It was followed by a questions and answers session.

More information will be made available on the website of the Bridge Forum Dialogue: www.forum-dialogue.lu.  

Photo: from left to right : Mr. Gaston Reinesch, Governor of the Central Bank of Luxembourg (BCL) and President of The Bridge Forum Dialogue a.s.b.l.; Professor Jean Tirole, Chairman of the Toulouse School of Economics and Nobel Prize in Economic Sciences

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