Category Archives: Events

FIRSTRUN Final Conference 29 Jan 2018

FIRSTRUN Final Conference at CEPS on 29 January 2018:
The Future of EU Fiscal Governance: Stabilisation, rules and spillover effects

Over the course of the past three years, a consortium of prestigious universities and economic policy institutes has worked together to carry out research under the FIRSTRUN project. The research team has produced a large body of scientific papers and policy analysis intended to actively contributing to the debate on EU economic governance.

This conference is an opportunity to present selected outputs of the FIRSTRUN project aiming at better understanding how the current EU governance system works as well as discussing potential changes. The conference comes at a very timely moment when the European Commission will be putting forward a more detailed view about the future of EU economic governance. This view will be presented during the conference by Marco Buti, Director-General for Economic and Financial Affairs at the European Commission.


Keynote: Marco Buti (DG ECFIN): The future of the EU fiscal governance

Tero Kuusi (ETLA): Estimating the output gap in real time: Top-down vs. bottom-up

Cinzia Alcidi (CEPS): Shock absorption in the euro area

Rebecca Piggott (NIESR): Fiscal policy spillovers in NiGEM

Thomas Davoine (IHS): Spillover effects from ageing and structural reforms

Alexandre Lucas Cole (LUISS): Fiscal policy coordination and deleveraging

Maria Siranova (IER SAS): The predictive power of the MIP Scoreboard’s indicators

Iain Begg (LSE): Are fiscal and other macroeconomic policy rules past their ‘sell-by’ date?


Video streams:

Keynote by Marco Buti (DG ECFIN) [slides]

The panel discussion led by Daniel Gros on Fiscal rules & Market discipline


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Also see the CEPS website

Full agenda


Firstrun seminar “Fiscal Rules, Stabilization and Risk-Sharing in the EMU”

Firstrun seminar “Fiscal Rules, Stabilization and Risk-Sharing in the EMU” was held on 3 October 2017 in Helsinki, Finland.

The EMU fiscal governance framework has recently undergone several reforms. However, the framework is still being criticized on several grounds. There are also continuing disagreements about further reforms proposed by the Commission. These disagreements turn, above all, on the introduction of new mechanisms for risk-sharing, such as a common deposit insurance or EU fiscal capacity. In this seminar, we present new research on the functioning of the current fiscal rules and cross-country risk-sharing and discuss the future of fiscal coordination in the EMU.


Tero Kuusi (ETLA): EU fiscal rules, real-time uncertainty, and stabilization

Cinzia Alcidi (CEPS): Cross-country risk-sharing in the EMU: Current mechanism and new proposals

FIRSTRUN workshop on fiscal adjustment and stabilization policies in the EU

FIRSTRUN workshop on fiscal adjustment and stabilization policies in the EU was held in Warsaw, Poland on 24 March 2017.


Firstrun project
Niku Määttänen (ETLA) / Grzegorz Poniatowski (CASE)

Macroprudential tools, transmission and modelling
Phillip Davies (NIESR)

On the Limits of Macroprudential Policy
Marcin Kolasa (NBP and SGH)

Debt deleveraging in the EMU
Alexandre Cole (LUISS)

Towards an EU budget with a stabilization function
David Rinaldi (CEPS)

Analysing the Relevance of the MIP Scoreboard’s Indicators
Tomas Domonkos et al. (SAS BIER)

Towards the Bottom Line: Quantifying the EU’s Fiscal Rules and their Compliance
Tero Kuusi (ETLA)

The role of the U.S federal budget as a risk sharing instrument: new lessons for the Euro Area
Gilles Thirion (CEPS)

2nd FIRSTRUN workshop (26 Sept 2016) presentations available

The second FIRSTRUN workshop E(M)U governance: From policy coordination to resource centralization? was organized by CEPS in Brussels on 26 September 2016.



Matthias Busse (CEPS): Revisions of structural budget balance data and the impact on the EU fiscal framework

Thomas Davoine (IHS): Cross-Country Long-Run Spillover Effects and Coordination of Fiscal Policy: a Quantitative Exploration for Europe (based on Deliverable 1.6)

Alexandre Lucas Cole (LUISS): One EMU fiscal policy for the euro (based on the article One EMU Fiscal Policy for the Euro, also available as the Deliverable 3.2)

Gilles Mourre (European Commission): Income insurance: a theoretical exercise with empirical application for the euro area (based on the publication Income insurance: a theoretical exercise with empirical application for the euro area)


For more information, please contact Niku Määttänen or Cinzia Alcidi.


FIRSTRUN First Workshop

The first FIRSTRUN workshop was held on Wednesday 16 September 2015 at CEPS
(Place du Congrès 1, 1000 Brussels, Belgium).

The workshop presented findings from the FIRSTRUN research that test EU fiscal rules using historical data from Finland and then focused on the current policy debate presenting different views about how the future of EU governance could and should evolve.

Programme: What future for EU Fiscal Governance? From the five presidents’ report to the case of Greece

Niku Määttänen (ETLA): Introduction to FIRSTRUN

Tero Kuusi (ETLA): Does the structural budget balance guide fiscal policy pro-cyclically?

Cinzia Alcidi (CEPS): Fiscal rules and fiscal coordination – The Greek watershed



Funded by the Horizon 2020 Framework Programme of the European union.