“ECONOMIC AND MONETARY INTEGRATION IN EUROPE“ “Day 1 ...

JVI/OeNB/BMF-Seminar October 11 th – October 15 th , 2010 1
“ECONOMIC AND MONETARY INTEGRATION IN EUROPE“
Monday, October 11, 2010
“Day 1 - Economic integration in Europe - an overview”
chaired by Sandra Dvorsky and Herbert Gratz (OeNB)
08.30 – 09.00 Registration (lecture room 600C)
09.00 – 09.15 Welcome and introduction:
Overview of the seminar program
09.15 – 10.15 Current and capital account
liberalization: History, regulations,
obligations according to IMF Art. VIII, fully
liberalized countries, partly liberalized
countries, pros and cons of early capital
account liberalization, implications for the
choice of exchange rate regime
10.15 – 10.45 Break
10.45 – 12.15 Strategy and history of EU-Enlargement:
Enlargement as a response to the demise of the
Eastern Block (political rationale, strategy,
instruments eastern enlargements (2004, 2007,
forthcoming), review, European
Neigbourhood Policy; creating a ring of
friends, rationale, instruments, outlook:
prospects for the enlargement process and
neighbourhood policy after the financial crisis.
12.15 – 13.45 Welcome lunch
at Restaurant “ Levante”
Mariahilferstrasse 88a
1070 Vienna
Sandra Dvorsky (OeNB)
Klaus Ossmann (European
Commission)
Wolfgang Nitsche (BMF)
Seminar venue: Joint Vienna Institute : Mariahilferstrasse 97, 1060 Vienna, Austria ;
phone :+43 1 798 94 95 ; fax :+43 1 789 05 25 ; e-mail : jvi@jvi.org; web : jvi.org

JVI/OeNB/BMF-Seminar October 11 th – October 15 th , 2010 2
Phone:+43 1 52 36 301
13.45 – 15.15 Economic Integration in Europe, a brief
history
15.15 – 15.45 Break
The rationale and evolution of the Stability and
Growth Pact (SGP).
The rationale and evolution of structural policy
coordination (Lisbon Strategy, EU-2020)
15.45 – 17.15 EU-External policies;
Trade policy; political rationale and recent
developments
EU-Representation in the Bretton Woods
Institutions and the G-20; rationale,
institutional background and recent
developments
Peter Part (BMF)
Ingrid Frasl (Federal
Ministry for Economy, Family
and Youth)
Seminar venue: Joint Vienna Institute : Mariahilferstrasse 97, 1060 Vienna, Austria ;
phone :+43 1 798 94 95 ; fax :+43 1 789 05 25 ; e-mail : jvi@jvi.org; web : jvi.org
and
Andrea Hofer (OeNB)

JVI/OeNB/BMF-Seminar October 11 th – October 15 th , 2010 3
“ECONOMIC AND MONETARY INTEGRATION IN EUROPE“
Tuesday, October 12, 2010
“Day 2 – Monetary Integration: Liberalization of capital flows and
the financial crisis”
chaired by Franz Nauschnigg (OeNB)
09.00 – 10.00 Austria’s experiences with capital account
liberalization
10.00 – 10.30 Break
10.30 – 12.00 Capital flows and its role in the financial
crisis: Fully liberalized countries, partly
liberalized countries, short-term abandonment of
liberalization measures, restrictive liberalization
policies and their success to weather the financial
crisis, measures for central banks in a financial
crisis
12.00 – 12.15 GROUP PHOTO, followed by
12.15 – 14.00 Lunch
14.00 – 15.00 Tour de table: Capital flows, liberalization and
the crisis,comparing country experiences, brief
presentations by the seminar participants
15.00 – 15.30 Break
15.30 – 16.45 Tour de table: Capital flows, liberalization and
the crisis, comparing country experiences, brief
presentations by the seminar participants
Franz Nauschnigg (OeNB)
Christian Ghymers (EZB)
Seminar participants
Seminar participants
Seminar venue: Joint Vienna Institute : Mariahilferstrasse 97, 1060 Vienna, Austria ;
phone :+43 1 798 94 95 ; fax :+43 1 789 05 25 ; e-mail : jvi@jvi.org; web : jvi.org

JVI/OeNB/BMF-Seminar October 11 th – October 15 th , 2010 4
“ECONOMIC AND MONETARY INTEGRATION IN EUROPE“
Wednesday, October 13, 2010
“Day 3 - Fiscal and structural policies after the crisis”
chaired by Alfred Katterl (morning) and Paul Schieder (afternoon) both
BMF
09.00 – 10.30 National fiscal policies in the financial
crisis:
10.30 – 11.00 Break
Fiscal policy in crisis resolution, exit strategies,
latest medium term budgetary projections, salient
features of future fiscal strategies
11.00 – 12.30 Budget consolidation in Austria:
12.30 – 13.30 Lunch
New fiscal framework and consolidation strategy
13.30 – 15.00 Reinforcing economic policy coordination
I; Strenghtening Stability and Growth Pact
(SGP) and the EFSF
15.00 – 15.30 Break
Preventive and corrective arm of the SGP,
functioning of the EFSF, dealing with the Greek
crisis.
15.30 – 17.00 Reinforcing economic policy coordination
II; the future of structural policy
coordination
EU-2020, an overview and assessment of the new
strategy.
Alfred Katterl (BMF)
Garbiele Herbeck (BMF)
Paul Schieder (BMF)
Peter Part (BMF)
Seminar venue: Joint Vienna Institute : Mariahilferstrasse 97, 1060 Vienna, Austria ;
phone :+43 1 798 94 95 ; fax :+43 1 789 05 25 ; e-mail : jvi@jvi.org; web : jvi.org

JVI/OeNB/BMF-Seminar October 11 th – October 15 th , 2010 5
“ECONOMIC AND MONETARY INTEGRATION IN EUROPE“
Thursday, October 14, 2010
“Day 4 - Monetary policy, bank recapitalization and crisis
response”
chaired by Franz Nauschnigg (OeNB)
09.00 – 10.30 Challenges for monetary policy in the
financial crisis: The financial crisis in Europe -
overview of economic development and status
quo; Eurosystem monetary policy; monetary
policy in crisis resolution (i.e. non-conventional
instruments) and exit strategies
10.30 – 11.00 Break
11.00 – 12.30 Financial stability and the Austrian
banking industry: Organisation of financial
stability in the OeNB, regulatory and oversight
framework in Austria, main issues in the
Austrian banking industry with a special focus on
CIS
12.30 – 13.30 Lunch
13.30 – 14.30 Managing foreign reserves: The optimum
level of foreign reserves, practical insight from a
central bank’s treasurer
14.30 – 15:00 Break
15.00 – 16.30 Development of global foreign reserves
Discussion on foreign and other reserves:
Comparing country experiences, brief
presentations by the seminar participants
18.30 Course dinner
at Restaurant “ Beim Novak”
Richtergasse 12
1070 Vienna
Ernest Gnan (OeNB)
Georg Hubmer (OeNB)
Harald Müller (OeNB)
Harald Grech (OeNB)
Seminar venue: Joint Vienna Institute : Mariahilferstrasse 97, 1060 Vienna, Austria ;
phone :+43 1 798 94 95 ; fax :+43 1 789 05 25 ; e-mail : jvi@jvi.org; web : jvi.org
and
Seminar participants

JVI/OeNB/BMF-Seminar October 11 th – October 15 th , 2010 6
Phone:+43 1 52 33 244
“ECONOMIC AND MONETARY INTEGRATION IN EUROPE“
Friday, October 15, 2010
“Day 5 – Financial crisis and the role of technical assistance”
chaired by Franz Nauschnigg (OeNB)
09.00 – 10.30 Role of the IMF in crisis resolution and
the European anti-crisis measures: IMF
financing, principles of IMF lending, IMF
lending facilities, IMF crisis lending (volume and
countries), assistance to European financial
systems and neighbouring countries (including
EU lending instruments for non-EU member
states (CIS))
10.30-11.00 Break
11.00 – 12.00 20 years of transition - Institutional
changes in CIS central banks and the role
of technical assistance: Drivers, changing
priorities
12.00 – 12.30 End of seminar:
summing-up of the seminar program, evaluation
by participants, distribution of CDs, distribution
of certificates
Christina Lerner (OeNB)
Franz Nauschnigg (OeNB)
Romana Lehner (OeNB)/
Elisabeth Vitzthum (BMF)
Franz Nauschnigg (OeNB)
Seminar venue: Joint Vienna Institute : Mariahilferstrasse 97, 1060 Vienna, Austria ;
phone :+43 1 798 94 95 ; fax :+43 1 789 05 25 ; e-mail : jvi@jvi.org; web : jvi.org