The unprecedented fiscal package adopted by the European Council in the summer of 2020 ―dubbed Next Generation EU―is vital for the recovery of the euro area from the pandemic shock. However, computations with a stylised macroeconomic model indicate that an alternative approach, with ex-ante risk-sharing through the creation of a Eurobond and permanent fiscal capacity at the centre, would be at least as powerful. Moreover, it would be more sustainable, automatic and timely.
This event will be discussing the arguments laid out in the paper 'Assessing Next Generation EU', written by Lorenzo Codogno and Paul van den Noord.
Meet our speakers and chair
Lorenzo Codogno (@lorenzocodogno) is a Visiting Professor in Practice at the LSE European Institute, Senior Fellow of the LUISS SEP, founder and chief economist of his own consulting vehicle, LC Macro Advisors Ltd. Before joining LSE, he was chief economist and director-general at the Treasury Department of the Italian Ministry of Economy and Finance (2006-2015). He joined the Ministry from Bank of America, London, where he was managing director, senior economist, and co-head of European Economics based in London over the previous eleven years.
Waltraud Schelkle is Professor in Political Economy at the LSE European Institute and has been at LSE since autumn 2001.
Paul van den Noord is an affiliate member at the Amsterdam School of Economics (University of Amsterdam). He spent most of his career at the OECD in Paris (1989-2013), from 2010 to 2013 as a Counsellor to the Chief Economist. From 2007 to 2010, he was seconded as an Economic Adviser to the European Commission in Brussels. In 2013 he joined a financial institution in London and Geneva, where he retired late-2017. He has published widely in the fields of monetary union and the political economy of reform, including numerous articles in academic journals.
Angelo Martelli (@angelo_martelli) is Assistant Professor in European and International Political Economy at the LSE European Institute
The LSE European Institute (@LSEEI) is a centre for research and graduate teaching on the processes of integration and fragmentation within Europe. In the most recent national Research Excellence Framework (REF 2014) the Institute was ranked first for research in its sector.
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