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News Release

Peterson Institute and Bruegel Hold Conference on European Financial Situation

September 13, 2011

WASHINGTON—In an effort to contribute to analysis of the debt crisis in Europe, the Peterson Institute for International Economics is joining with Bruegel, the Brussels-based economic policy institute, in holding a conference on September 13–14 to examine policy alternatives confronting European leaders and international financial authorities. The conference is also applying a strategic game approach to dealing with these policy choices.

The conference is taking place near Paris. It features two distinct components, a session of background papers and a session devoted to a strategic game involving various crisis management scenarios. On the first day three panels will present and discuss background papers on aspects of the crisis. The first of these three panels will feature short papers on the political-economic context in each of seven countries: Greece, Ireland, Italy, Portugal, Spain, Germany, and France. The second panel will consider lessons from past debt crises and restructuring experiences. The third panel will examine the costs and benefits of various options for resolving the current debt crisis in Europe's periphery.

On the second day, a strategic decision-making game will be played by about three dozen experts representing governments, banks, and political circles, as well as key institutions (European Central Bank, International Monetary Fund, G-7, G-20). No currently serving public and international officials are included, but many of the attendees are former officials, academics, market participants or others with experience in financial and crisis matters. The game is being conducted by an interlocutor, Andrew Gracie of Crisis Management Analytics. Mr. Gracie, formerly of the Bank of England, has conducted numerous similar exercises for central banks.

Following the conference, the Peterson Institute and Bruegel will post a summary overview of the findings on their websites. The two institutes plan a joint publication of a volume containing the papers and summaries of discussions from day one, as well as an overview of the principal dynamics of and lessons from the game played on day two. The conference is being sponsored by Tudor Investment and BlackRock Investment Management.

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About the Peterson Institute

The Peter G. Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. It is one of the very few economics think tanks that are widely regarded as "nonpartisan" by the press and "neutral" by the US Congress, its research staff is cited by the quality media more than that of any other such institution. Support is provided by a wide range of charitable foundations, private corporations and individual donors, and from earnings on the Institute's publications and capital fund. It moved into its award-winning new building in 2001, and celebrated its 25th anniversary in 2006 and adopted its new name at that time, having previously been the Institute for International Economics.