Globalization Institute Events
The Euro and the Dollar in the Crisis and Beyond
March 17, 2010 Federal Reserve Bank of Dallas
Sponsored by The European Commission and the Federal Reserve Bank of Dallas
Agenda
| 8:45 a.m. | Opening Remarks |
| Mark Wynne Vice President and Director, Globalization and Monetary Policy Institute Federal Reserve Bank of Dallas |
|
| Adam Posen Peterson Institute for International Economics |
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| 9:00 a.m. | The Euro at 10—Increasing Integration, Regional Reach |
| Chair: Mark Wynne | |
| The Global Use of the Dollar and Euro Presentation | Paper Georges Pineau European Central Bank |
|
| Real Economic Benefits of EMU Antonio de Lecea European Commission |
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| Monetary Affairs in the Transatlantic Relationship David G. Mayes University of Auckland |
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| Reserve Currency Relationships, Myths, and Realities Edwin M.Truman Peterson Institute for International Economics |
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| 10:30 a.m. | Break |
| 10:45 a.m. | Global Perspectives on the Roles of the Euro and Dollar
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| Chair: Nicolas Véron Bruegel |
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| The Euro's Role in Eastern Europe Zsolt Darvas Bruegel |
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| The Roles of the Euro and Dollar: A Latin American Update Carlos E. J. M. Zarazaga Federal Reserve Bank of Dallas |
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| Regional Perspectives: East Asia C. Randall Henning Peterson Institute for International Economics |
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| Financial Market Views Macro-Top Down: The Euro and the Dollar Thomas Glaessner Citigroup |
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| 12:15 p.m. | Lunch |
| 12:45 p.m. | Luncheon Speaker |
| Introduction: Richard W. Fisher Federal Reserve Bank of Dallas |
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| The Euro's Second Decade: Success Continues! Vítor Gaspar Banco de Portugal |
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| 2:00 p.m. | Monetary Cooperation and International Governance
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| Chair: Adam Posen | |
| Central Bank Reponses to the Financial Crisis of 2007–08: The Case for Further Action Joseph E. Gagnon Peterson Institute for International Economics |
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| The Euro and IMF Surveillance Ajai Chopra International Monetary Fund |
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| U.S. & EU Reforms to Improve Management of Systemic Financial Risk Garry Schinasi Bruegel |
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| Global Financial Regulation: The End of Europe's Internationalism? Nicolas Véron |
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| 3:30 p.m. | Break |
| Learning From Each Other in Crisis Response
|
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| Chair: Harvey Rosenblum Federal Reserve Bank of Dallas |
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| Richard W. Fisher | |
| Vítor Gaspar | |
| Lessons from Each Other in Crisis Response Antonio de Lecea |
|
| Adam Posen | |
| 5:30 p.m. | Closing Remarks |
| Nicolas Véron | |
| Reception | |
About the Speakers
Ajai Chopra
Deputy Director, European Department
International Monetary Fund
Washington, D.C.
As deputy director of the IMF's European Department, Chopra oversees work on advanced and emerging-market countries and
serves as mission chief for the United Kingdom. His career with the IMF spans over two decades and across various continents.
His previous roles with the IMF include mission chief for Germany and, as part of the Asian Department, program lead for the
Republic of Korea after its financial crisis.
Zsolt Darvas
Research Fellow
Bruegel
Brussels, Belgium
Darvas is a research fellow at Brussels-based think tank Bruegel and at the Institute of Economics of the Hungarian Academy
of Sciences. He is also an associate professor at the Corvinus University of Budapest, teaching econometrics. Previously, Darvas
served as research adviser at the Argenta Financial Research Group in Budapest and as deputy head of the research unit at the
Central Bank of Hungary. He earned his Ph.D. from Corvinus University.
Antonio de Lecea
Minister and Principal Advisor, Economic and Financial Affairs
Delegation of the European Union
Washington, D.C.
De Lecea has been the minister and principal advisor for Economic and Financial Affairs at the delegation of the European
Union in Washington, D.C. since August 2009. He had been director for International Affairs in the European Commission's
Directorate General for Economic and Financial Affairs, where he was in charge of international issues relevant to economic
and monetary union and of shaping and implementing the economic dimension of European Union external policies.
De Lecea was also economic adviser in the private office of Romano Prodi, previous European Commission president. He has
worked for the European Commission since 1986, holding management positions in EU budget and control areas as well as
the economics and finance departments. Before joining the European Commission, he was a member of the private office of
the Spanish secretary of state for finance in Madrid and also held academic positions. De Lecea is an associate professor of
applied economics at the University of the Basque Country in Bilbao, Spain. He has published in the areas of public finance
and European economy. De Lecea obtained a Ph.D. from the Catholic University of Louvain (UCL) in the European doctoral
program for quantitative economics jointly run by the London School of Economics, Bonn University and the UCL, and earned
an undergraduate degree in economics from the Autonomous University of Barcelona.
Richard Fisher
President and Chief Executive Officer
Federal Reserve Bank of Dallas
Dallas
Fisher assumed the office of president and CEO of the Federal Reserve Bank of Dallas in 2005. In this role, Fisher serves as a
member of the Federal Open Market Committee, the Federal Reserve's principal monetary policymaking group. Fisher is former
vice chairman of Kissinger McLarty Associates, a strategic advisory firm chaired by former Secretary of State Henry Kissinger. He
began his career at the private bank of Brown Brothers Harriman & Co. and then became assistant to the secretary of the Treasury
during the Carter administration, working on issues related to the dollar crisis of 1978–79. He returned to Brown Brothers,
and in 1987, created Fisher Capital Management and a separate funds-management firm, Fisher Ewing Partners. From 1997
to 2001, Fisher was deputy U.S. trade representative with the rank of ambassador. He oversaw the implementation of the North
American Free Trade Agreement and accords with Vietnam, Korea, Japan, Chile and Singapore. He was a senior member of the
team that negotiated the bilateral accords for China's and Taiwan's accession to the World Trade Organization. Fisher attended
the U.S. Naval Academy, graduated with honors from Harvard University in economics, read Latin American politics at Oxford
and received an M.B.A. from Stanford University.
Joseph E. Gagnon
Senior Fellow
Peterson Institute for International Economics
Washington, D.C.
Gagnon, senior fellow at the Peterson Institute since September 2009, previously served as visiting associate director of the Division
of Monetary Affairs at the Federal Reserve Board. He also was associate director in the Division of International Finance
and a senior economist at the Board. He has served at the U.S. Treasury Department and taught at the University of California's
Haas School of Business. Gagnon has published numerous articles in journals including the Journal of International
Economics, the Journal of Monetary Economics, the Review of International Economics and the Journal of International
Money and Finance and has contributed to several edited volumes.
Vítor Gaspar
Special Adviser
Banco de Portugal
Lisbon, Portugal
Before serving as special adviser at Banco de Portugal, Gaspar was head of the Bureau of European Policy Advisers of the European
Commission in Brussels, Belgium. He also has been director general of research at the European Central Bank, director
of research at Banco de Portugal and director of economic studies at the Portuguese Ministry of Finance. Gaspar has authored
and edited several books, including Imperfect Knowledge and Monetary Policy with former European Central Bank executive
board member Otmar Issing, and has been widely published in scientific journals.
Thomas Glaessner
Managing Director and Global Policy Strategist
Citigroup
New York
Glaessner has served as managing director and global policy strategist since January 2009. His previous role with Citigroup
was as global head of emerging markets trading strategy, developing strategies in the areas of external debt, credit derivatives,
local currency and rates, including derivatives (swaps and options in local currency). Glaessner headed the World Bank global
capital markets practice, served as senior strategist at Soros Fund Management LLC and worked in the Division of International
Finance at the Federal Reserve Board. Glaessner earned his B.A. in economics from Kenyon College, did graduate work
in economics and finance at the University of Wisconsin–Madison and completed his Ph.D. in economics and finance at the
University of Virginia.
C. Randall Henning
Visiting Fellow
Peterson Institute for International Economics
Washington, D.C.
Henning is a visiting fellow at the Peterson Institute as well as an associate professor at the School of International Service at
American University. He specializes in the politics and institutions of international economic relations, international and comparative
political economy and regional integration. Henning is the author of several books, including Accountability and
Oversight of U.S. Exchange Rate Policy, East Asian Financial Cooperation and The Exchange Stabilization Fund: Slush
Money or War Chest? He has testified before several congressional committees and served as the European Community Studies
Association Distinguished Scholar.
David G. Mayes
Adjunct Professor and Director, Europe Institute
University of Auckland
Auckland, New Zealand
Mayes is director and adjunct professor at the University of Auckland Europe Institute, adjunct professor at the University of
Canterbury and visiting professor at the University of Buckingham. He was adviser to the board at the Bank of Finland from
1997 to 2008 and chief economist at the Reserve Bank of New Zealand from 1994 to 1997. He was also group head at the
National Economic Development Office in London, director of the New Zealand Institute of Economic Research in Wellington,
and editor (responsible for forecasting the U.K. and world economies) and then senior research fellow at the National Institute
of Economic and Social Research in London. Mayes has advised central banks in Europe and Africa. Although his current
focus is on the future development of monetary and financial integration in Europe, he has published widely in economics and
related areas.
Georges Pineau
Representative
European Central Bank
Washington, D.C.
Pineau is the permanent representative for the European Central Bank (ECB) in Washington, D.C., with observer status at
the International Monetary Fund (IMF). He previously served as deputy director general of the International and European
Relations Department at the ECB. Pineau was head of the European Monetary System's European Currency Unit policy division
at the European Monetary Institute (EMI). He also served as rapporteur to the Foreign Exchange Policy Subcommittee of the
Committee of Governors of the Central Banks (Bank for International Settlements), the forerunner of the EMI. His other posts
included market economist in the Foreign Exchange Division of Banque de France, adviser to the French executive director at
the IMF and economist at the Banque de France. Pineau received degrees from école Supérieure de Commerce, Poitiers, and
the Institut d'Etudes Politiques in Paris.
Adam S. Posen
Senior Fellow
Peterson Institute for International Economics
Washington, D.C.
A senior fellow at the Peterson Institute, Posen is also a member of the Monetary Policy Committee of the Bank of England. His
research focuses on macroeconomic policy and performance, European and Japanese political economy, central banking issues
and the resolution of financial crises. A widely cited expert on monetary policy, he has served as a visiting scholar at a number
of central banks, including the Federal Reserve Board, the European Central Bank and the Deutsche Bundesbank. He has also
been a consultant to several U.S. government agencies (including the departments of State and Treasury, the Council of Economic
Advisers and the National Intelligence Council) and to the European Commission; the Japanese Ministry of Economy,
Trade and Industry; the United Kingdom Cabinet Office; and the International Monetary Fund. He is in his second two-year
term on the Panel of Economic Advisers to the U.S. Congressional Budget Office. Posen previously served as an economist with
the Federal Reserve Bank of New York. He earned his A.B. and Ph.D. from Harvard University.
Harvey Rosenblum
Executive Vice President and Director of Research
Federal Reserve Bank of Dallas
Dallas
Rosenblum is an economic policy adviser to the president of the Dallas Fed and an associate economist for the Federal Open
Market Committee. His research interests focus on monetary policy, inflation and the growing impact of globalization on the
U.S. economy and business. Rosenblum is on the boards of the Western Economic Association International and the Dallas
Committee on Foreign Relations. He is also on the Advisory Council for the School of Economic, Political and Policy Sciences
at the University of Texas at Dallas and a member of the Texas Product Development and Small Business Incubator Board appointed
by the governor of Texas. Rosenblum serves as executive director of the International Banking, Economics and Finance
Association and is a member of the editorial board of the North American Journal of Economics and Finance. His writing
has been included in such publications as the Journal of Finance, New York Times, Southwest Economy and Handbook
of Banking Strategy. He is an adjunct 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.
Garry J. Schinasi
Visiting Fellow
Bruegel
Brussels, Belgium
Currently on sabbatical from the International Monetary Fund (IMF), Schinasi has been a visiting fellow at Bruegel since 2009. He is working as an independent researcher and adviser on global and European financial stability issues. During 2008–09, he was a visiting advisor in the European Commission's Bureau of European Policy Advisors—where he advised President Barroso on the global financial crisis—and a visiting scholar at the European Central Bank. Before joining the IMF in 1990, he spent 10 years at the Federal Reserve Board. He is author of Safeguarding Financial Stability: Theory and Practice, published by the IMF in 2006, and has published articles in The Review of Economic Studies, Journal of Economic Theory, Journal of International Money and Finance and other academic and policy journals. Schinasi also comanaged the IMF's surveillance of international capital markets and oversaw the IMF's flagship publication, International Capital Markets: Developments, Prospects, and Key Policy Issues, and later the Global Financial Stability Report. Schinasi received his Ph.D. in economics from Columbia University.
Edwin M. Truman
Senior Fellow
Peterson Institute for International Economics
Washington, D.C.
Truman has been a senior fellow at the Peterson Institute since 2001. He has served as assistant secretary of the U.S. Treasury
for International Affairs, director of the Division of International Finance of the Federal Reserve Board and as one of three
economists on the staff of the Federal Open Market Committee. Truman has been a member of numerous international groups
working on economic and financial issues, including the Financial Stability Forum's Working Group on Highly Leveraged
Institutions, G-22 Working Party on Transparency and Accountability, G-10-sponsored Working Party on Financial Stability in
Emerging Market Economies, G-10 Working Group on the Resolution of Sovereign Liquidity Crises and G-7 Working Group
on Exchange Market Intervention. Truman has also been a visiting economics lecturer at Amherst College and a visiting
economics professor at Williams College. He has published on international monetary economics, international debt problems,
economic development and European economic integration. He is the author, coauthor or editor of Reforming the IMF for
the 21st Century, A Strategy for IMF Reform, Chasing Dirty Money: The Fight Against Money Laundering and Inflation
Targeting in the World Economy.
Nicolas Véron
Senior Resident Fellow
Bruegel
Brussels, Belgium
Véron's work covers two main areas: financial regulation and supervision, including banking surveillance and accounting/
financial reporting policy, and interactions between companies and nations, such as policies to promote or protect "national
champions," regulatory competition among countries and public screening of foreign direct investment. He has been involved
with the development of Bruegel since its inception in late 2002 and has worked at Bruegel full-time since 2005. Véron has also
served as a visiting fellow at the Peterson Institute for International Economics in Washington, D.C., since 2009. His experience
includes posts with the Saint-Gobain Group in Berlin and Rothschilds in Paris. He was also economic aide to the state
representative (préfet) in Lille, France. He has also been the corporate adviser to France's Labor Minister, chief financial officer
of MultiMania/Lycos France and founder of ECIF, a financial-services consultancy. Véron is the author of Smoke & Mirrors,
Inc.: Accounting for Capitalism and has authored or coauthored numerous policy papers at Bruegel. He has written op-eds
in the Financial Times and Wall Street Journal Europe as well as a monthly column on business and markets that has been
published since March 2005. He also comments regularly on radio and television networks including the BBC, CNBC and
Bloomberg TV. He has a quantitative background as a graduate of École Polytechnique and École Nationale Supérieure des
Mines de Paris.
Mark Wynne
Vice President and Director, Globalization and Monetary Policy Institute
Federal Reserve Bank of Dallas
Dallas
Wynne's primary research interests are in monetary economics and international macroeconomics, and his work has been
published in many leading professional journals. Prior to the launch of the euro, Wynne spent 16 months in Frankfurt am
Main, Germany, working for the European Monetary Institute and, subsequently, for the European Central Bank (ECB).
During this time, he worked on issues related to the strategy of monetary policy under Economic and Monetary Union and
the measurement of inflation in the euro area. He also played the lead role in designing and implementing the ECB's Survey
of Professional Forecasters, which is now regularly featured in the ECB's Monthly Bulletin. He has taught at the University of
Rochester and Southern Methodist University. He holds first-class-honors 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.
Carlos E. J. M. Zarazaga
Senior Research Economist and Advisor
Federal Reserve Bank of Dallas
Dallas
Zarazaga is senior research economist and advisor at the Dallas Fed. He previously served as an economist at the Central Bank
of Argentina and the Federal Reserve Bank of Philadelphia. His research interests include the study of the economic outcomes
of different institutional arrangements and information structures on alternative monetary regimes (currency boards, dollarization
and common currency areas) and the sources and dynamics of economic fluctuations in emerging markets. Zarazaga
participates in academic and policymaking forums, where he presents his research and policy papers. His research has been
published in Dallas Fed publications and refereed journals, and he has contributed to several books, including Great Depressions
of the 20th Century and Dollarization: Debates and Policy Alternatives. Zarazaga has taught graduate-level courses
in the Department of Economics at the University of Minnesota and undergraduate courses in the Wharton School of Business
at the University of Pennsylvania. He holds a Ph.D. in economics from the University of Minnesota
