Summary

The Peterson Institute and its close partner Bruegel cohosted the conference "The Transatlantic Relationship in an Era of Growing Economic Multipolarity" October 8, 2010. The conference was supported by a grant from the European Commission and coordinated by Adam S. Posen, Jacob F. Kirkegaard, and Nicolas Véron.

The conference objectives were to assess the new global challenges facing the transatlantic partnership that has previously dominated the post-war world economy; analyze the rise of outside actors of potentially equal, or even greater, economic weight, their increasing role and concomitant demands for greater influence over global governance in key policy areas; and discuss possible policy actions to promote a substantive EU-US bilateral economic and political relationship along with constructive external engagement with the world’s new rising economic poles.

The conference explicitly addressed four current transatlantic disputes with significant global implications: the persistent European overrepresentation in the governance structure of international financial institutions, especially the International Monetary Fund; the design of new global rules for the banking sector; the scope and timing of fiscal austerity measures, and the approach to addressing climate change.

Additionally, Anders Åslund presented the conclusions of his latest book, The Last Shall Be the First: The East European Financial Crisis, at the conference.

Event Materials

Audio | Video

Ebook: The Transatlantic Relationship in an Era of Growing Economic Multipolarity [pdf]
A compilation of the papers, presentations, and transcripts of the proceedings of the conference
October 8, 2010

Paper: From Convoy to Parting Ways? Post-crisis Divergence Between European and US Macroeconomic Policies [pdf]
Jean Pisani-Ferry and Adam S. Posen
October 8, 2010

Paper: US Climate Change Policy: Implementing Copenhagen and Beyond [pdf]
William R. Cline
October 8, 2010

Paper: EU Climate Change Policy: Mobilizing Innovation? [pdf]
Reinhilde Veugelers
October 8, 2010

Paper: Too Big To Fail: The Transatlantic Debate [pdf]
Morris Goldstein and Nicolas Véron
October 8, 2010

Working Paper 10-14: Reform of the Global Financial Architecture [pdf]
Edwin M. Truman and Garry J. Schinasi
October 8, 2010

The Last Shall Be the First: The East European Financial Crisis
Book | Presentation [pdf]
Anders Åslund
October 8, 2010

Agenda

Welcome and Opening Address	C. Fred Bergsten, Peterson Institute for International Economics Marco Buti, ECFIN
Panel 1: A Joint Exit Strategy From the Crisis
Presenter	Jean Pisani-Ferry, Bruegel Joint paper (coauthored with Adam S. Posen, PIIE): From Convoy to Parting Ways? Post-crisis Divergence Between European and US Macroeconomic Policies [pdf]
Discussants	Lorenzo Bini Smaghi, European Central Bank Comment [pdf] Nouriel Roubini, Roubini Global Economics Rajiv Kumar, former Director ICRIER Stanley Fischer, Bank of Israel
How the Eastern European Financial Crisis Was Resolved Book Launch: The Last Shall Be the First: The East European Financial Crisis by Anders Åslund
Commentator	Zsolt Darvas, Bruegel
Panel 2: Global Climate Change Policy
Presenters	William Cline, Peterson Institute for International Economics Paper: US Climate Change Policy: Implementing Copenhagen and Beyond [pdf] Reinhilde Veugelers, Bruegel Paper: EU Climate Change Policy: Mobilizing Innovation? [pdf]
Discussants	Karsten Neuhoff, Cambridge University Christian Burgsmueller, European Commission James Bradbury, World Resources Institute
Keynote Address	Mario Draghi,, Bank of Italy, Financial Stability Board, and European Central Bank
Panel 3: Financial Services Regulatory Reform
Presenters	Morris Goldstein , Peterson Institute for International Economics Nicolas Véron, Peterson Institute for International Economics and Bruegel Joint paper: Too Big To Fail: The Transatlantic Debate [pdf]
Discussants	Paul Tucker, Bank of England Anil Kashyap, University of Chicago Booth School of Business Victor Gao, Beijing Private Equity Association
Panel 4: Reform of the Global Financial Architecture
Presenters	Edwin M. Truman , Peterson Institute for International Economics Garry Schinasi, Bruegel Joint Working Paper 10-14: Reform of the Global Financial Architecture [pdf]
Discussants	Jörg Asmussen, Germany Kenneth Rogoff, Harvard University Guillermo Ortiz, Guillermo Ortiz y Asociados
Closing Panel: The Future of the EU-US Relationship in a Multipolar World
Discussants	C. Fred Bergsten, Peterson Institute for International Economics Jean Pisani-Ferry, Bruegel Mohamed El-Erian, PIMCO Michael Froman, National Security Council Sharon Bowles, EU Parliment