On European fragmentation and the single currency in an uncertain world
In this public event, Ignazio Visco, Governor Emeritus of the Bank of Italy, will discuss Europe's role in an increasingly fragmented and uncertain world with Jörg Kukies and Vicky Pryce.
The challenges facing Europe, and particularly the European Union, arising from the policies of the second Trump administration are certainly paramount. These challenges are not limited to bilateral trade, but cover a wide range of issues, including energy, defence, digital services and payments. The uncertainty generated by several US policy decisions, including those relating to domestic affairs, appears to be affecting the international monetary system, leading some commentators to question whether the US dollar will maintain its status as the main international reserve currency. According to some, these developments may lead the European Union to fulfil its geopolitical potential, at least in line with the size and depth of its economy. Some even suggest that the euro may finally become a fully-fledged reserve currency out of all this.
However, these claims are debatable, particularly given the significant institutional fragmentation within the EU and the substantial differences in national legislation, issues which were also highlighted in last year’s Letta and Draghi reports. Europe still needs to take strong action to address the challenges of the pre-Trump era. Without first responding properly to demographic, technological and market challenges, one might question the Union’s ability to maintain its current economic and financial strengths. Once defined and agreed, policies and structural reforms must be courageously implemented and adequately communicated — a challenge in itself. At the international level, it is important to pursue ways to limit impediments to the free movement of goods, services, capital, people and knowledge, while maintaining sufficient cooperation and pursuing economic efficiency. At the same time, the welfare and equity consequences of technical change and market openness within the EU and globally must be given more consideration than has been the case in recent decades.
Meet our speakers and chair
Ignazio Visco is Governor Emeritus of the Bank of Italy. After a long career with the Bank of Italy that began in 1972, Ignazio Visco was appointed Governor in November 2011 and renewed in November 2017; his second term ended on October 31, 2023. The following November he was awarded the title of Governor Emeritus by the Board of Directors of the Bank of Italy.
As a governor Mr Visco was a member of the Governing Council and General Council of the European Central Bank, of the Board of Directors of the Bank for International Settlements and of the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank.
From 1997 to 2002 he was Chief Economist and Head of the Economics Department of the OECD in Paris. Mr Visco graduated from the University of Rome and obtained a Ph.D. in Economics from the University of Pennsylvania. The author of numerous articles and books on economics and finance, he also taught Econometrics and Economic Policy at “Sapienza” University of Rome.
Jörg Kukies is a German economist and politician who served as Minister of Finance in the government of Chancellor Olaf Scholz from November 2024 to May 2025. He is a member of the Social Democratic Party. Kukies spent 17 years working at investment bank Goldman Sachs, where he rose to become co-chief of Germany Austria and head of the securities division in the region. From 2018 to 2021, Kukies served as State Secretary at the Ministry of Finance under minister Olaf Scholz, in the government of Chancellor Angela Merkel. From 2021 to 2024, Kukies was a State Secretary in the German Chancellery; in this capacity, he also served as Chancellor Scholz's sherpa for G7 and G20 summits.
Vicky Pryce is Chief Economic Advisor at the Centre for Economics and Business Research.
Iain Begg is a professorial research fellow at the LSE European Institute.
More about this event
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