LSE European Institute Towards a Genuine Economic and Monetary Union public lecture
Date: Wednesday 19 February 2014
Venue: Wolfson Theatre, New Academic Building
Speakers: Rachel Lomax, Shahin Vallée, Paul van den Noord
Chair: Dr Waltraud Schlekle
A noticeable aim of the Four Presidents’ report is to alleviate the burden of crisis management that the ECB had to shoulder over the last five years. The very first step the report proposes is to “break the link between banks and sovereigns”. This link has been severed in the UK but this required the Bank of England to buy a large share of public bond issues to keep interest rates low. Ending the extraordinary liquidity measures is likely to exert enormous strain on the EU as a whole because some banks and firms that were thrown a life line by these measures will have to declare bankruptcy, yet there is no single and joined-up monetary and fiscal authority that can coordinate the exit. Will the UK benefit from its safe haven status once the Euro area tries to exit? How can the EU survive this stress test without breaking up or segmenting the single market, for instance through the use of capital controls?
Rachel Lomax is an independent director at HSBC Holdings and President of the Institute of Fiscal Studies. Her previous appointments include Deputy Governor of the Bank of England and permanent secretary at the Department of Transport, Work and Pensions, and Wales.
Shahin Vallee is an economic advisor to President van Rompuy. Before that he worked at BNP Paribas, served as an advisor to the Green Party's presidential campaign in France and was a visiting fellow at the think tank Bruegel.
Paul van den Noord has been with Autonomy Capital, an asset management company in the City, since summer 2013. He spent most of his career at the OECD, most recently as a counsellor to the chief economist. From 2007 to 2010, he was seconded to DG Ecfin at the European Commission.
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