This workshop took place in the Bridgetower Room of Trinity Hall, Cambridge and was organised by Luca Einaudi. It brought together various kinds of expertise to reassess historical precedents for dealing with rule changes within monetary unions; discuss the role and performance of the Euro during the crisis of 2009-2010; and discuss the future of the Euro, which has been at the centre of the construction of Europe for the last two decades. Speakers were Giancarlo Corsetti, Luca Einaudi, Daniele Franco, Emma Rothschild, Francesco Saraceno, and Malcolm Sawyer.


This meeting was organised by the Centre for History and Economics with the support and cooperation of the Cambridge Endowment for Research in Finance (CERF).


The Centre for History and Economics deeply regrets the sudden death, on 18 December 2010, of Tommaso Padoa Schioppa, economist, philosopher, Board member of the European Central Bank, 1998-2005, and Economy Minister of Italy, 2006-2008. The meeting on the future of the Euro was planned in close cooperation with Tommaso Padoa Schioppa, who was prevented at the last moment from attending. We mourn his loss.
Emma Rothschild and Luca Einaudi


9.00 - Introduction
Emma Rothschild
, Director, Centre for History and Economics


9.15 - Session I
Historical lessons and structural issues in the governance of the Euro


Luca Einaudi, Centre for History and Economics
Changing the rules in a monetary union in historical perspective: the Latin Monetary Union and EMU
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Malcolm Sawyer, University of Leeds
The problematic nature of the EMU project
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A closely related paper by Philip Arestis and Malcolm Sawyer:
The Design Faults of the Economic and Monetary Union »


Francesco Saraceno, OFCE-Science Politiques-Paris
The crisis, inequality and macroeconomic performance in the Euro area
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The following two papers formed the basis of this presentation:


10.30 - Discussion


11.00 - Coffee/Tea


11.15 - Session II
The Euro in the crisis and after


Giancarlo Corsetti, University of Cambridge
Stabilisation with fiscal consolidation

Daniele Franco, Bank of Italy
Lessons and challenges for the EU fiscal framework

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12.00 - Discussion