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Five Years of the Euro: Successes
and New Challenges
May 14–16, 2004
Organizers:
Mark Wynne, Federal Reserve Bank of Dallas
Russell Cooper, University of Texas at Austin
With Support of:
Delegation of the European Commission |
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In 1999, 11 European Union countries
adopted the euro as their common currency. Two years
later, the 11 were joined by Greece. The euro’s
launch was a major historical event. Economic and monetary
union (EMU) is now more than five years old, and the
euro has gained widespread international acceptance.
The EMU’s early success
confounded many of the skeptics. But important challenges
lie ahead. Tensions over fiscal policies have led to
a suspension of important parts of an agreement designed
to provide EMU’s fiscal framework. In May 2004,
the European Union will expand to include 10 Eastern
European countries. In due course these countries will
be expected to enter EMU.
Join economists and European central
bankers as they assess the international role of the
euro, discuss its impact on global financial markets,
recount lessons learned and identify future challenges.
“Five Years of the Euro:
Successes and Challenges” is
a two-part conference. The public event on Friday, May
14, will highlight key themes since the euro’s
inception. The Saturday and Sunday sessions will feature
technical and mathematical research discussions primarily
intended to facilitate an academic exchange of ideas
among professional economists and academics. A major
focus of these sessions will be the interaction between
fiscal and monetary policies in a monetary union.
Location
- Federal Reserve Bank of Dallas
2200 N. Pearl St.
Dallas,TX 75201
Conference
Agenda
Research Forum
Agenda
Saturday, May 15
Sunday, May 16
Speakers
Luís Campos e Cunha
Professor
Universidade Nova de Lisboa
Lisbon, Portugal
Campos e Cunha is professor
of economics at Universidade Nova de Lisboa and since
2002 has been dean of the School of Economics. Campos
e Cunha served as vice governor of Banco de Portugal
from 1996 to 2002, performing duties at the European
Central Bank such as serving as an alternate governor
in the Governing Council and as a member of the International
Relations Committee. Among his other distinctions, Campos
e Cunha was a Fulbright Scholar, Columbia University
President’s Fellow and recipient of an Alfred
Sloan Doctoral Dissertation Fellowship. His work has
been published in Economic Letters, Journal of International
Economics and Economia, among other academic
journals.
Hervé Carré
Minister for Financial Affairs
Delegation of the European Commission
Washington, D.C.
Carré joined the European
Commission in 1973 and has served as minister for financial
affairs at the Delegation in Washington, D.C., since
2002. He was director for economy of the Euro zone and
of the European Union at the European Commission in
Brussels from 1999 to 2002. Prior to that, he served
as director for monetary matters. In 1992–93,
he was adviser to Portugal’s Minister of Finance.
Carré holds a degree and postgraduate diploma
in economics with an emphasis on econometrics.
Giancarlo Corsetti
Professor
European University Institute
Florence, Italy
Corsetti joined the European
University Institute in September 2003, on leave from
the University of Rome III. His area of interest is
international economics. On EMU-related issues, Corsetti
has contributed studies on the fiscal aspects of the
Maastricht Treaty, the Stability of Growth Pact, the
1992–93 European currency crisis and euro exchange
rate determinants. He is a member of the European Economic
Advisory Group at CESifo, which since 2001 has published
the yearly Report on the European Economy.
Corsetti is also editor of the Euro Homepage, a web
site that tracks euro-related studies and news. Corsetti
has been published in Economics and Politics, European
Economic Review, Journal of International Economics,
Journal of Monetary Economics, Quarterly Journal of
Economics and Review of Economic Studies,among
others. Corsetti has been a research fellow at the Centre
for Economic Policy Research and held academic posts
at the University of Rome,Yale and Bologna. He has a
bachelor’s degree from the Università degli
Studi di Roma, a master’s from New York University
and a doctorate from Yale University.
Declan Costello
Head of Unit, Labor Markets
Directorate General for Economic and Financial Affairs,
European Commission
Brussels, Belgium
Costello is an economist
and head of unit in the department responsible for labor
markets, including wages, tax and benefit systems, human
capital and labor productivity. Before joining the EU’s
Directorate General for Economic and Financial Affairs
in 1991, he worked on issues related to the surveillance
of the budgetary policies of EU member states, with
particular responsibility for assessing the impact of
aging populations on public finances. Costello holds
an economics degree from Trinity College Dublin and
a master’s degree from the College of Europe,
Bruges.
John Fitz Gerald
Professor Economic and Social Research Institute
Dublin, Ireland
Fitz Gerald is a macroeconomics
and resource economics research professor at the Economic
and Social Research Institute (ESRI). He is a member
of the National Economic and Social Council and the
EU Group for Economic Analysis, which advises the president
of the European Commission on matters of economic policy.
He is a joint author of a report for the Irish Department
of Finance, Economic Implications for Ireland of
EMU, published in 1996. Fitz Gerald is also joint
author of ESRI’s Medium-Term Review,
which provides detailed analysis of Ireland’s
economic prospects over the next decade. Other articles
by Fitz Gerald have appeared in European Economic
Review, Economic Modelling and Economic and
Social Review. He holds two master’s degrees
from University College Dublin.
Michele Fratianni
Professor
Indiana University
Bloomington, Indiana
Fratianni is W. George Pinnell
Professor and chair of the Department of Business Economics
and Public Policy at Indiana University’s Kelley
School of Business. His prior teaching posts include
Catholic University of Louvain, Università Cattolica
of Milan, Università Sapienza of Rome, Marquette
University and Free University of Berlin. Fratianni
served as economic advisor to the European Commission
in Brussels, senior staff economist with the U.S. President’s
Council of Economic Advisers, and advisor to the governments
of Italy, Estonia, Latvia, Lithuania and Vietnam. He
is a recipient of the Medal of the President of the
Italian Republic for scientific achievements, the Pio
Manzú Center Gold Medal, Scanno prize in economics
and St. Vincent prize in economics. He has published
approximately 100 articles and authored 19 books. Fratianni
holds a bachelor’s, master’s and doctorate
from Ohio State University.
Nils Gottfries
Professor
Uppsala University
Uppsala, Sweden
Gottfries is professor of economics
at Uppsala University, where his major fields of interest
are macro, international macro and labor economics. Gottfries
has served as research fellow at the Institute for International
Economic Studies in Stockholm, researcher at the National
Institute of Economic Research and member of the Swedish
EMU Commission. He has published articles in the European
Economic Review, Economica, Journal of Political Economy,
Quarterly Journal of Economics and other journals.
He was previously associate editor of the European
Economic Review and is currently associate editor
of the Scandinavian Journal of Economics. Gottfries
holds bachelor’s and doctoral degrees from Stockholm
University.
Evzen Kocenda Professor
CERGE–EI
Prague, Czech Republic
Kocenda is the Citigroup
Endowment Professor at CERGE–EI, a joint endeavor
of the Center for Economic Research and Graduate Education
of Charles University (CERGE) and the Economics Institute
of the Academy of Sciences of the Czech Republic (EI).
He is also an associate professor at CERGE and a senior
researcher at EI. Kocenda is a research fellow at the
William Davidson Institute at the University of Michigan
Business School, research affiliate at the Centre for
Economic Policy Research in London, adjunct professor
at New York University in Prague and editorial board
member of the Journal of Comparative Economics.
Kocenda holds a degree in international trade management
from the Prague School of Economics, an M.A. in economics
from the University of Toledo and a Ph.D. in economics
from the University of Houston.
Patrick Minford
Professor
Cardiff Business School
Cardiff, Wales
Minford is a professor of
applied economics at Cardiff University’s Business
School. He is also a research fellow with the International
Macroeconomics Programme at the Centre for Economic
Policy Research and a trustee of the Institute of Economic
Affairs. He has been visiting Hallsworth Research Fellow
at the University of Manchester and Edward Gonner Professor
of Applied Economics at the University of Liverpool.
He was a member of the Monopolies and Mergers Commission
and H.M. Treasury Panel of Independent Economic Forecasters
(or “wise men”). Minford is an editorial
board member of the Journal of International Money
and Finance, Open Economies Review and Bulletin
of Economic Research. In 1996, Minford was awarded
the Commander of the Order of the British Empire for
his services to economics. He holds a bachelor’s
degree from Balliol College and a master’s and
doctorate from the London School of Economics.
Christian Noyer
Governor
Bank of France
Paris, France
Noyer, Bank of France governor
since November 2003, was vice president of the European
Central Bank from 1998 to 2002. He is special advisor
to the Ministry of Economy, Finance and Industry, where
he conducted an indepth study on regulated savings products.
Noyer has also been chief of staff for the Minister
for Economic Affairs and Finance and director of the
Treasury. For his work, Noyer was awarded the rank of
Knight of the Legion of Honor, France’s highest
civilian medal, and Knight of the National Order of
Merit. He has served as a member of the European Monetary
Committee and the Economic and Financial Committee and
was an alternate governor of the International Monetary
Fund and the World Bank. He is the author of Banks:
The Rules of the Game. Noyer holds a diploma from
the Institute of Political Science in Paris and a postgraduate
law degree from the University of Paris. He is also
a graduate of Ecole Nationale d’Administration.
Gertrude Tumpel-Gugerell
Executive Board Member
European Central Bank
Frankfurt, Germany
Tumpel-Gugerell joined the
ECB’s executive board in 2003 after more than
20 years with Oesterreichische NationalBank. She served
as an economist, director of area corporate planning
and management, comptroller general, executive director
of the Economics and Financial Markets Department and
vice governor of the Austrian central bank. She has
been an alternate governor of Austria to the International
Monetary Fund, member of the EU’s Economic and
Finance Committee and chair of its Banking Advisory
Committee. Tumpel- Gugerell is currently a member of
the University of Vienna’s University Council
and a past member of the ECB’s International Relations
and Banking Supervision committees and the Supervisory
Board of Austria’s Financial Market Authority.
She is an editor of the book Completing Transition:
The Main Challenges and coeditor of Economic
Convergence and Divergence in Europe: Growth and Regional
Development in an Enlarged European Union. Tumpel-Gugerell
holds a master’s and doctorate from the University
of Vienna.
Moderators
Russell Cooper
Professor
University of Texas at Austin
Cooper is professor and chairman
of the Economics Department at the University of Texas
at Austin. Before coming to UT in 2003, Cooper was a
professor of economics and associate department chairman
at Boston University. He is joint author of Dynamic
Economics: Quantitative Methods and Applications,
published by MIT Press in 2003, and Macroeconomic
Complementarities, published in 1999. His writing
has appeared in numerous academic journals, including
Journal of Monetary Economics, International Economic
Review and American Economic Review. He
is a fellow of the Econometric Society and a research
associate at the National Bureau of Economic Research.
Cooper holds bachelor’s degrees from Clark University
and a master’s and doctorate from the University
of Pennsylvania.
Harvey Rosenblum
Senior Vice President and
Director of Research
Federal Reserve Bank of Dallas
Rosenblum is an economic
policy advisor to the president of the Dallas Fed and
an associate economist for the Federal Open Market Committee.
His current research interests center on monetary policy,
electronic money, Social Security reform, international
trade and dollarization in Latin America. Rosenblum,
who is immediate past president of the National Association
for Business Economics, has written for such publications
as the Journal of Finance, New York Times and
Handbook of Banking Strategy. He is a visiting
professor of finance at Southern Methodist University.
Rosenblum received a B.A. in economics from the University
of Connecticut and a Ph.D. in economics from the University
of California at Santa Barbara.
Mark A. Wynne
Senior Economist and Vice President
Federal Reserve Bank of Dallas
Wynne’s primary research
interests are in the fields of monetary economics and
macroeconomics, and he has published in many leading
professional journals. He has taught at the University
of Rochester and Southern Methodist University and is
an academic board member of the Open Republic Institute
in Dublin. During 1997–98 Wynne worked on issues
related to monetary policy strategy under economic and
monetary union for the European Monetary Institute and,
later, the European Central Bank. Wynne holds B.A. and
M.A. degrees from the National University of Ireland
(University College, Dublin) and an M.A. and a Ph.D.
from the University of Rochester.
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