July 3, 2012 - Training

Banque centrale européenne et règles budgétaires

The seminar begins with an examination of the European Central Bank’s reactions to the financial, economic and sovereign debt crises. It then clarifies the links between monetary policy and Europe’s sovereign debt market. After contrasts are drawn between the European and American cases, the conference lays out the challenges arising from recovery, notably for the construction of Europe (in monetary, budgetary and political terms) and for the legitimacy of Europe’s monetary institution (especially in terms of democratic legitimacy).


Etienne Farvaque is a professor of economics at the Université du Havre in France and a member of the EQUIPPE research laboratory of the Universités de Lille. His areas of interest are monetary macroeconomics and the political economy of public decision-making. He is the author of four books, including La Banque Centrale Européenne et Économie de la Démocratie, as well as more than 30 papers that have been published in scholarly journals. He may be contacted at Etienne.Farvaque@univ-lehavre.fr.


Holding a Ph.D. in economics from the University of Toronto, Marcelin Joanis is a professor in the department of economics of the Université de Sherbrooke and a researcher at CIRANO and at the Groupe de recherche en économie et développement international (GRÉDI). A specialist in public economics and budgetary policies, he is co-director of Le Québec économique, an annual publication of the Presses de l’Université Laval.


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Mandatory readings:

  • Henning, Randall et Martin Kessler. 2012. Fiscal federalism: US history for architects of Europe’s fiscal union». Bruegel Essays and lectures.
  • Bordes, Christian et Laurent Clerc. 2012. «La BCE: quel(s) scénario(s) de sortie de crise?». Revue d’Économie Financière, n°103, October 2011, 117-144.

This conference is part of the Summer School «Europe in crises» (2-7 July 2012).

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Université de Montréal - McGill University