Policy Center Lecture - Agnès Bénassy-Quéré
Title: Euro Area Policy Making – in Need of More Europe
Speaker: Agnès Bénassy-Quéré, Professor, Paris School of Economics, University of Paris 1 Panthéon-Sorbonne; Chair, Conseil d’Analyse Économique, Paris
Euro Area policy making has been struggling, ever since its beginning, with the required degree of integration or coordination between policy areas. The rule-based system of Maastricht was found wanting in face of the challenges arising from the great financial crisis and, subsequently, the severe sovereign debt problems. To manage interdependencies, more Europe, democratically legitimized, seemed a logical response. However, beyond the financial sector – banking union – more Europe has been deemed unfeasible. Inter-governmentalism, concurrently, has shown its limits too, most evidently in the ongoing saga about Greece. Europe is in an impasse. With a shared monetary policy – the Euro – economic policies have become substantially more interdependent. At the same time, the preparedness for joint action, even Europeanization, is decreasing. The Euro Area has become a vulnerable construct. Is the European semester an appropriate answer? Do we need additional institutional arrangements – innovations – to make the Euro Area a promising prospect?
Agnès Bénassy-Quéré is Professor at the Paris School of Economics, Paris I as well as chair of the Conseil d’Analyse Économique, the French equivalent of the German Council of Economic Experts. Moreover, she is a member of various commissions (Commission Économique de la Nation, Ministry of Economy and Finance; French maro-prudential authority; Board Member, Banque de France) She has been teaching, inter alia, at Paris-Dauphine, Lille 2 and Paris Nanterre. She has also been Director of CEPII, an economic research center with a long-term research focus. In 2000 she won the renowned price for the Best Young French Economist. Agnès Bénassy-Quéré has published widely. She is in particular co-author of two fine textbooks: Politique économique (3rd ed., 2014), Economic Policy (2010, OUP) and L’économie de l’Euro (3rd ed., 2014).