ECB-IMF conference on Fiscal Policy and EMU Governance
Thursday, 4 and Friday, 5 December 2025
Frankfurt am Main
The ECB’s seventh biennial conference on Fiscal Policy and EMU Governance is this year co-organised with the Fiscal Affairs Department of the IMF.
The conference will include a policy panel on ‘Priorities and challenges for fiscal policies in Europe’ (chaired by Piero Cipollone, Member of the Executive Board, ECB) and a keynote lecture by George-Marios Angeletos on ‘Monetary-fiscal interactions: HANK vs RANK’ (chaired by Philip R. Lane, Member of the Executive Board, ECB).
Moreover, the conference will feature the presentation and discussion of eight cutting-edge academic papers of high policy relevance. These papers address aspects of ‘Fiscal stagnation and sovereign risk’, ‘Monetary and fiscal policy interactions’, ‘Perceptions of public debt and fiscal narratives’, and ‘Geopolitical tensions and fiscal implications of war’.
Programme
Times are Central European Time (UTC+1)
- 8:30
-
Registration and coffee
- 9:00
-
Welcome remarks
Oscar Arce, European Central Bank
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Session 1
Fiscal stagnation and sovereign riskChair: Oscar Arce, European Central Bank
- 9:10
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Fiscal stagnation
Luca Fornaro, Centre de Recerca en Economia Internacional (CREI), together with Martin Wolf
Discussant: Xavier Debrun, Nationale Bank van België/Banque Nationale de Belgique
- 10:00
-
Sovereign default and the decline in interest rates
Jessica Wachter, University of Pennsylvania, together with Max Miller and James Paron
Discussant: Eugenia Gonzalez-Aguado, Toulouse School of Economics
- 10:50
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Coffee break
-
SESSION 2
Monetary and fiscal policy interactionsChair: Christophe Kamps, European Central Bank
- 11:10
-
Accounting for credibility: monetary-fiscal interactions and the credibility of central bank mandates
Rishabh Kirpalani, University of Wisconsin-Madison, together with Luigi Bocola, Gaston Chaumont and Alessandro Dovis
Discussant: Anna Rogantini Picco, European Central Bank
- 12:00
-
Fiscal redistribution risk in treasury markets
Howard Kung, London Business School, together with Roberto Gomez Cram, Hanno Lustig and David Zeke
Discussant: James Costain, Banco de España
- 12:50
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Buffet lunch
- 14:00
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POLICY PANEL
Priorities and challenges for fiscal policies in EuropeChair: Piero Cipollone, Member of the Executive Board, European Central Bank
Panellists:
- Laurence Boone, Santander Corporate & Investment Banking
- Marco Buti, European University Institute
- Moritz Schularick, Kiel Institute for the World Economy
- Rodrigo Valdés, International Monetary Fund
- 15:30
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Coffee break
- 16:00
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KEYNOTE LECTURE
Monetary-fiscal interactions: HANK vs RANK by George-Marios Angeletos,
Northwestern UniversityChair: Philip R. Lane, Member of the Executive Board, European Central Bank
- 18:00
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Reception
- 18:50
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Seated dinner at European Central Bank – by invitation only
- 9:00
-
Registration and coffee
-
SESSION 3
Perceptions of public debt and fiscal narrativesChair: Oreste Tristani, European Central Bank
- 9:30
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Perceptions of public debt and policy expectations: evidence from cross-country surveys
Francesco Bianchi, Johns Hopkins University, together with Era Dabla-Norris and Salma Khalid
Discussant: Eric Mengus, HEC Paris
- 10:20
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Inspecting the macroeconomic effects of fiscal policies in the EU through a new dataset of narrative measures
Roberto Perotti, Bocconi University, together with Mario Alloza, Francesco Berardini, Jacopo Cimadomo, Niamh Dunne, Jan Kuckuck and Luca Sala
Discussant: Massimo Giuliodori, University of Amsterdam
- 11:10
-
Coffee break
-
SESSION 4
Geopolitical tensions and fiscal implications of warChair: Era Dabla-Norris, International Monetary Fund
- 11:40
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The price of war
Jonathan Federle, Kiel Institute for the World Economy, together with André Meier, Gernot Müller, Moritz Schularick
Discussant: João Monteiro, Einaudi Institute for Economics and Finance
- 12:30
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The offensive power of defense news in Europe
Evi Pappa, University Carlos III of Madrid, together with Nadav Ben Zeev and Elena Scola Gagliardi
Discussant: Ethan Ilzetzki, London School of Economics
- 13:20
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Closing remarks
Era Dabla-Norris, International Monetary Fund
- 13:30
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Buffet lunch and subsequent end of conference
Each paper presenter has 25 minutes, each discussant 15 minutes, and there are 10 minutes for general discussion.
Please note that this programme may be subject to change without notice.
General Information
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
English
The event will be livestreamed and the video recording, or parts of it, may be published on the internet.
A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly.
Participants are requested to arrange their own transfers from and to the venue, unless indicated otherwise.
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
Dining area, 3rd floor
Dress code: casual
- Jacopo Cimadomo, ECB
- Era Dabla-Norris, IMF
- Demosthenes Ioannou, ECB
- Sebastian Schmidt, ECB
- Alexandra Solovyeva, IMF
- Leopold von Thadden, ECB