ADEMU – A Dynamic Economic and Monetary Union (2015/2018)
I have been the Scientific Coordinator of the ADEMU project (EU contribution, € 2 499 999), which brought together eight research groups from leading European institutions with the aim of closing the gap originated by the implementation of institutional innovations like the European Stability Mechanism, the Single Supervisory Mechanism and the Single Resolution Mechanism, whose theoretical foundations were relatively weak soon after their creation. In particular, there was a noticeable gap between policy-oriented analyses of the precise EU challenges, and the major developments in dynamic macroeconomic theory of the past three decades. For this reason, the ADEMU project was conceived to study the overall monetary and fiscal structure of the EU and the euro area, and the mechanisms of fiscal policy coordination among member states, with specific focus on:
- Ensuring the long-term sustainability of EMU, addressing issues such as debt overhang, fiscal consolidation, public debt management, risk-sharing within the union, and crisis management mechanisms;
- Building resilience to economic shocks, with special emphasis on the coordination of fiscal policies, fiscal multipliers and labor market risks; and
- Managing interdependence in the euro area, analyzing both fiscal and financial spillovers and the effects of macroeconomic imbalances on financial and money markets, and, to confront these issues, new forms of banking regulation and monetary policy.
One of the main outcome of the project was the realization of a Working Paper Series with a 141 titles, freely accessible from the ADEMU website: www.ademu-project.eu.
I have been part of the Executive Committee of the project COEURE, which was based on a process of stocktaking, consultation and stakeholder collaboration aimed to the formulation of an “Agenda for Research Funding for Economics in Europe” (ARFEE). The final objective of the project was providing a roadmap for enhancing economic research in Europe and its funding.
The COEURE process was based on three work packages (WP)
- WP1: Advances in Economic Research: Foundations for European Policies. It evaluates the strengths and weaknesses of economic research with respect to key economic issues.
- WP2: Evaluating Mechanisms for Funding Economic Research in Europe. It assesses the efficiency of economic research funding sources and systems across the different European countries.
- WP3: Setting an Agenda for Research Funding for Economics in Europe. It brings together all the stakeholders and combines results from WP1 and WP2 in order to formulate such Agenda.