8th Frankfurt Conference on Financial Market Policy: Next Generation EU – Europe’s Response to the Covid-19 Pandemic
The 8th edition of our Frankfurt Conference on Financial Market Policy will take place virtually as a series of online events between 17 November 2020 and 9 December 2020. The events will discuss the lessons and implications of the ongoing pandemic crisis for finance from different angles.
We cordially invite you to attend the first web seminar of the series on
Next Generation EU – Europe’s Response to the Covid-19 Pandemic
Tuesday, 17 November 2020, 12:00-13:30 p.m. CET via Zoom
Marco Buti (Head of Cabinet of the Commissioner for the Economy, European Commission)
Marti Subrahmanyam (Professor of Finance, Stern School of Business, New York University)
Cornelia Woll (Professor of Political Science, Sciences Po Paris)
Jakob von Weizsäcker (Chief Economist, Federal Ministry of Finance)
Introduction and Moderation:
Loriana Pelizzon (Director Research Department "Financial Markets", SAFE)
Erupting at the end of last year, the COVID-19 pandemic turned out to become a global public health as well as an economic crisis. Both, demand and supply, were shocked in an unprecedented way – or in the IMF words: "a crisis like no other". In Europe, the shock hit EU member states unevenly. The capacity to respond – in view of the fiscal space – was also unevenly distributed. However, being the most integrated region on the globe, purely national policy responses, without regard to the fact of this hardwired interdependence, did not suffice.
Remarkably, European policymakers concluded that the state of emergency required fresh approaches. The various emergency programs of the European Central Bank and the €750 billion Next Generation EU facility are European level responses to face up to the pandemic. The Next Generation EU facility, with €390 billion in form of grants, and funded by the issuance of jointly underwritten debt, could amount to milestone in Europe’s genuine federalism.