Towards EMU 2.0: Hindsight and Prospects

  • Europe Direct University of Luxembourg
    04 October 2023

Towards EMU 2.0: Hindsight and Prospects

Economic and Monetary Union (EMU) marked a major step in the European integration history. Inspired by the Werner Report (1970) and the ideas of Robert Triffin, based on the Delors Report (1989) and following the design laid out in the Maastricht Treaty (1992), EMU implies the coordination of economic and fiscal policies, a common monetary policy, and the euro as a single currency, which is shared by 20 EU Member State (the euro area). The euro ranks second in the international monetary system, behind the US dollar. However, EMU remains incomplete. The financial crisis (2008) has reopened the debate on the asymmetrical nature of EMU and the prudential supervision in the EU, and the Larosière Report (2009) set out guidelines for improving the European regulatory architecture and prudential framework, including the creation of the European Financial Stability (EFS) (2010) and European Stability Mechanism (ESM) (2012) which mission is to safeguard financial stability in Europe by providing financial assistance to countries of the euro area. The two institutions, led since December 2022 by Pierre Gramegna, have a different governance structure but share the same staff and offices located in Luxembourg.

This Bridge Forum Dialogue Conference will be open by the speeches of Prof. Catherine Léglu, Vice-Rector for Academic affairs at the University of Luxembourg, and Dr Elena Danescu, Research Scientist at the Luxembourg Centre for Contemporary and Digital History, Coordinator of Europe Direct University of Luxembourg (a competitive public history project co-funded by the European Commission, 2021-2025).

The keynote speakers M. Jacques de Larosière, former Managing Director of the International Monetary Fund and M. Pierre Gramegna Managing Director at the European Stability Mechanism will share their insights on the major challenges and issues facing EMU and will explore new path of action for the future in the light of reforms adopted since the euro area crisis. The keynote speakers will interact with the audience during a Q&A session moderated by Prof. Bernard Snoy (President of Robert Triffin International).

On this same occasion will be presented the book ‘Robert Triffin: A Life’ co-authored by Prof. Ivo Maes (professor and Robert Triffin Chair at the UC Louvain) and Dr Ilaria Pasotti (consultant at Intesa Sanpaolo Group Historical Archives).

Keynote speakers

  • Jacques de Larosière

    Jacques de Larosière was Managing Director of the International Monetary Fund (IMF) from 1978 to 1987, Governor of the Banque de France (1987-1993), and President of the European Bank for Reconstruction and Development from 1993 to 1998.

    Born in 1929 in Paris, he earned a degree in arts and law at the University of Paris and a postgraduate degree from the Institut d’Etudes Politiques, Paris. He went on to study at the Ecole Nationale d’Administration from 1954 to 1958.

    After beginning his career as a member of the Inspectorate General of Finances in France, he was Director of the Trésor, Governor of the Banque de France (1987-93), President of the European Bank for Reconstruction and Development (EBRD) (1993-1998), and President of the Observatoire de l’Epargne Européenne.

    During 1967-71, Mr. de Larosière was the Chairman of the Economic and Development Review Committee of the Organization for Economic Cooperation and Development (OECD). In 1976-78, he served as Chairman of the Group of Ten. He became Managing Director of the International Monetary Fund in 1978, which he left in 1987 to become Governor of the Bank of France. While in that capacity, he served as Chairman of the Governors of the Central Banks of the Group of Ten.

    In recognition of his distinguished public service, France has awarded him two of the country’s highest honors-Commander of the Legion of Honor and Chevalier de l’Ordre National du Mérite. Mr. de Larosière is a member of the Académie des Sciences Morales et Politiques.

    Mr. de Larosiere has also received the highest decorations from Argentina, Germany, Italy, Japan, and Mexico.

  • Pierre Gramegna

    Mr Pierre Gramegna is the Managing Director of the European Stability Mechanism (ESM) since 1 December 2022 and CEO of the European Financial Stability Facility (EFSF) since 13 December 2022.

    Mr Gramegna was Minister of Finance of the Grand-Duchy of Luxembourg and member of the ESM Board of Governors from December 2013 to January 2022. He also served as chairperson of the Ecofin Council in 2015 where he chaired the ministerial meetings and oversaw major directives on the automatic exchange of information and transparency. In his capacity as Finance Minister, Mr Gramegna served as Governor to the International Monetary Fund and several multilateral development banks. In 2016, he was elected Chairman of the European Bank for Reconstruction and Development for one year.

    From September 2003 to December 2013, Mr Gramegna served as Director General of the Chamber of Commerce of Luxembourg. He held a diplomatic career spanning from April 1983 to August 2003, holding various posts including Ambassador of Luxembourg in Japan, also accredited in South Korea (1996–2002).

    Mr Gramegna studied Law and Economics at the University of Paris II (Pantheon-Assas) and  also holds a Master of Advanced Studies (DEA) in European Community Law. He was awarded the title of Doctor Honoris Causa from the ESCP Business School in Paris and the Sacred Heart University of Luxembourg.

Presentation of the book “Robert Triffin: A Life” by authors

  • Ivo Maes

    Ivo MAES is a Professor (Robert Triffin Chair) at the Institute of European Studies of the Catholic University of Louvain and Professor at ICHEC Management School in Brussels. He has been a Senior Adviser in the Research Department of the National Bank of Belgium. He is a previous President of the Council of the European Society for the History of Economic Thought, and has been a visiting professor at Duke University (North Carolina), the Université de Paris- Sorbonne, and the Università Roma Tre. He has published widely on European monetary and financial integration and on the history of central banking, including  ‘Architects of the Euro: Intellectuals in the Making of European Monetary Union’ (2016), and ‘Robert Triffin: A Life’ (2021).

  • Ilaria Pasotti

    Ilaria PASOTTI is a researcher and archivist, currently acting as a consultant for the Intesa Sanpaolo Group’s Historical Archives and the Fondazione Istituto Einaudi. She was a researcher at the Catholic University of Milan. She has also been a visiting researcher at the National Bank of Belgium, the Catholic University of Louvain, and Cambridge University. Her research interests lie in the history of economic thought and of the international monetary system. She has a PhD in the history of economic thought from the  University of Florence and is co-author of ‘Robert Triffin: A Life’ (2021).


  • Prof. Catherine Léglu

    Vice-Rector for Academic Affairs
    University of Luxembourg

  • Bernard Snoy

    Chairman of Robert Triffin International
    Honorary Chairman of the European League for Economic Cooperation (ELEC)
    Former Executive Director of the World Bank

  • Dr Elena Danescu

    Research Scientist at the Luxembourg Centre for Contemporary and Digital History (C²DH)
    Coordinator of Europe Direct at the University of Luxembourg

Recording of the Conference