News
RNS co-organizes a conference on EU financial governance
Several TUT Ragnar Nurkse School of Innovation and Governance professors will speak at „Reforming the EU Financial and Economic Governance“, a high level conference organized in Tallinn on 16-17 September with sessions held in Swissotel and at the Bank of Estonia.
The list of speakers includes RNS professors (Jan Kregel, Elisabetta Montanaro, and Mario Tonveronachi) as well as internationally acknowledged Estonian finance specialists such as Mr. Ardo Hansson (Governor, Central Bank of Estonia), Mr. Indrek Neivelt (Chairman of the Supervisory Board, Bank of Saint Petersburg), and Mr. Erkki Raasuke (Chairman of the Board of Estonian Air and Counsellor to the Minister at Estonian Ministry of Economic Affairs and Communications).
Participants are required to register at piret.kahr@ttu.ee latest by 14 September. Conference schedule and the complete list of speakers can be downloaded here. There is also a Facebook event created for the conference.
Conference background:
The recent crisis has prompted a large agenda of financial reforms all over the world. In Europe, especially in the Eurozone, the crisis has also exposed the many shortcomings of its institutional setup. Beyond the changes that were already in motion, the Fiscal Compact adds stricter fiscal rules and the surveillance of macroeconomic imbalances. The European Semester improves the ex-ante coordination of the policies of the Member Countries within the goals planned for the entire area. The ESRB and the ESAS have been created to shift relevant aspects of financial macro and micro prudential supervision at the EU level. The proposal for a Banking Union aims to strengthen the effectiveness of the single rulebook and supervisory handbook, and to cut the vicious loop between banking and sovereign crises. In addition to institutional changes, the EU has approved or is discussing new directives and regulations, roughly following the agenda decided at the international level.
This massive reform activity often encountered political divisions across the EU Member Countries, from which the failure to produce a clear vision of where to land. The lack of democratic ownership of the entire process and the negative socio-political effects produced by the deflationary stance strengthened by the EU reforms and policies are not helping to find a new common path.
Discussions abound both on the general institutional framework and on specific aspects of policies and reforms. Also introducing non-EU experiences and worldwide trends, the conference aims to contribute to outlining ways to improve the effectiveness, consistency and social acceptance of this complex reform process.
