Making the Euro Area More Robust

IIEA22nd May 20171min
In his address to the Institute, Niels Thygesen discussed the options for making economic performance and policies in the euro area more robust. Professor Thygesen contends that the slow but steady recovery in most euro area economies is being sustained by very accommodating monetary policies and considerable leniency in enforcing a rules-based fiscal discipline. However, he argued that the level of trust between Member States, as well as between several Member States and the European institutions, is at a low point, while the policies of both the European Central Bank and of the fiscal authorities are under reconsideration.

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About the Speech:

In his address to the Institute, Niels Thygesen discussed the options for making economic performance and policies in the euro area more robust. Professor Thygesen contends that the slow but steady recovery in most euro area economies is being sustained by very accommodating monetary policies and considerable leniency in enforcing a rules-based fiscal discipline. However, he argued that the level of trust between Member States, as well as between several Member States and the European institutions, is at a low point, while the policies of both the European Central Bank and of the fiscal authorities are under reconsideration.

About the Speaker:

Niels Thygesen is Chairman of the European Fiscal Board, the independent advisory board newly established by the European Commission. He is also Professor Emeritus of Economics at the University of Copenhagen. He was a Member of the Delors Committee on Economic and Monetary Union in 1988 and 1989 and Chair of the Economic and Development Review Committee of the OECD between 2000 and 2008. Professor Thygesen served as Chairman of the Danish Economic Council (1983-1985), Economic Adviser to the Treasury of Malaysia with the Harvard University Development Advisory Service (1969-1971) and Advisor to the Governor of the Danmarks Nationalbank (1973-1983).

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