edited by ISPI

The (Economic) Future of Europe

In the context of RAstaNEWS, ISPI is organizing the Workshop "In Search of a New Normal" in cooperation with CEPS. The Workshop is to be held at CEPS (Brussels) on 3 December. The former Italian Prime Minister Giuliano Amato will join over 25 experts, scholars, civil servants and representatives from the business community, with the aim to discuss the future of the European Monetary Union.
The Workshop aims at encouraging an open and informed discussion about the optimal and feasible policies and tools, both at national and EMU level, that may reduce the risks of future crises, foster convergence between euro area Member States, and increase coherence between scientific findings and the EU Institutions' policy action in the short-to-medium term.
This is all the more important because the standard framework that has guided monetary and fiscal policy for the last two decades is in disarray. Dangerous macroeconomic imbalances can build up even under low inflation and stable output gaps. What is more, the crisis showed that ensuring the soundness of individual financial institutions via micro-prudential policies is not sufficient to maintain the stability of the whole financial system. This is why macro-prudential policies are crucial.



RAstaNEWS investigates many aspects of the future of macro-economic and monetary integration in Europe, paving the way to a revised governance of the EMU, and the EU as a whole, in the wake of the debt crisis.
Our project is based on the premise that rethinking the future of macroeconomic and monetary integration in Europe requires a substantial revision and integration of the underlying macroeconomic model and a new vision about what markets and policy-makers can accomplish.
Read more



In Search of the Euro Area Fiscal Stance

Alice Albonico, Alessia Paccagnini and Patrizio Tirelli Read it here

The Optimal Policy Mix to Achieve Public Debt Consolidation

Roberta Cardani and Patrizio Tirelli Read it here

Systemic Risk in the Interbank Market with Heterogeneous Agents

Pablo Rovira Kaltwasser and Alessandro Spelta Read it here

PIIGS in the Euro Area: An Empirical DSGE Model

Alice Albonico, Alessia Paccagnini and Patrizio Tirelli Read it here

Inequality and Growth: The Perverse Relation Between the Productive and the Non-Productive Assets of the Economy

Mario Amendola, Jean-Luc Gaffard and Fabrizio Patriarca Read it here

Limited Asset Market Participation and Macro-Dynamics in Medium-scale DSGE models. A perspective for the Eurozone

Maria Ferrara and Patrizio Tirelli Read it here


Second RAstaNEWS Executive Briefing, to be held on 3 December at CEPS, BRussels.

January 2016

Stay tuned for the announcement of the RAstaNEWS Final Conference), that will take place next January at ISPI, Milan.



On 9 September, RAstaNEWS organized a special session on the Great Recession at the 47th Money, Macro and Finance Research Group Annual Conference, held at the University of Cardiff.


On 23-24 July, RAstaNEWS organized a special session at the World Finance Conference, held at the University of CEMA Buenos Aires, Argentina.


On 22 July, RAstaNEWS organized special sessions on Macro-financial imbalances in the Euro Area and on Macro-Financial Stress Assessment at the Second International Conference of the Society for Economic Measurement, held at the OECD Conference Center, Paris.


Unsubscribe Click here