Copernicus Science Centre, Warsaw 19 September 2013,

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1 Copernicus Science Centre, Warsaw 19 September 2013,

2 The European Investment Bank (EIB) Prize, launched this year, is an award created by the EIB Institute to recognise and stimulate excellence in economic and social research, its implementation and diffusion. The first EIB prize is being awarded to two candidates in recognition of their research on the topic of the prize: Growth, employment and convergence, with applications to the European Union. This year s Outstanding Contribution Award will go to Prof. Dr Klaus F. Zimmermann from the University of Bonn and Director of the Institute for the Study of Labour (IZA). Prof. Dr Elias Papaioannou, from the London Business School, will receive the 2013 Young Economist Prize. Both laureates have been honoured for research that has led to a better understanding of the forces at work in Europe and of suitable policy prescriptions. The EIB Prize will be presented by EIB President Werner Hoyer and Professor Christopher Pissarides, President of the Jury, during the award ceremony to be held in Warsaw on 19 September EIB Prize Award Ceremony EIB Prize Award Ceremony 3

3 Jury Agenda Christopher Pissarides President of the Jury, Professor, London School of Economics and Political Science, 2010 Nobel Prize in Economic Sciences Daniel Gros Director, The Centre for European Policy Studies Charles Bean Deputy Governor, Bank of England 17:30 Welcome Speech Werner Hoyer, President, European Investment Bank 17:40 Keynote Address Jan Vincent-Rostowski, Deputy Prime Minister, Minister of Finance (TBC) 17:50 Announcement of Laureates Christopher Pissarides, President of the Jury, Professor, London School of Economics and Political Science 18:00 The Mobility Challenge for Growth and Integration in Europe Lecture by Klaus F. Zimmermann, University of Bonn and Director of the Institute for the Study of Labour (IZA) Recipient of the Outstanding Contribution Award 18:30 Financial Regulation, Banking Integration, and Business Cycle Synchronization Lecture by Elias Papaioannou, London Business School Recipient of the Young Economist Prize 18:50 Concluding Remarks Hanna Gronkiewicz-Waltz, Mayor of City of Warsaw 19:00 Cocktail Reception (by invitation only) Francesco Giavazzi Professor, Università Bocconi Paul de Grauwe Professor, Catholic University of Leuven 4 EIB Prize Award Ceremony EIB Prize Award Ceremony 5

4 Outstanding Contribution Award Klaus F. Zimmermann The Mobility Challenge for Growth and Integration in Europe Klaus F. Zimmermann (60) is Full Professor of Economics at the University of Bonn and Director of the Institute for the Study of Labour (IZA). This independent research institute employs the world s largest network of over 1,200 economists from more than 45 countries. Mr Zimmermann is also Honorary Professor of Economics at the Free University of Berlin and at Renmin University of China, a member of the German Academy of Sciences Leopoldina, the Academia Europaea, the Strategic Advisory Board of LIEPP, Sciences Po Paris, the Scientific Advisory Board of the Robert Schuman Centre for Advanced Studies at the European University Institute in Florence, and the Advisory Committee of the China Institute of Income Distribution Studies at Beijing Normal University. Among his various fellowships are positions as Research Fellow of the Centre for Economic Policy Research in London and Fellow of the European Economic Association. Mr Zimmermann studied economics and statistics at the University of Mannheim, and has been a Full Professor at the University of Munich and the Dean of its Faculty of Economics. He has also been Founder, Secretary and President of the European Society for Population Economics. Mr Zimmermann initiated migration research in economics in Europe and has studied the creation and effectiveness of labour market reforms. He has made important contributions to the understanding of their consequences for employment, economic success and integration. Important research projects have dealt with the effects of eastwards enlargement of the European Union for European labour markets and the economic consequences of ethnic diversity. Mr Zimmermann is committed to the diffusion of research to policy and society. He regularly writes in leading international media and advises the European Commission and the World Bank on labour market and migration issues. He is the author or editor of 45 books and over 115 papers in refereed research journals and 130 chapters in collected volumes. Read more: Open and flexible labour markets foster growth, development and integration in Europe. The single European labour market is still a vision, however, whereas the core challenge is a lack of sufficient mobility. The presentation discusses the value of labour mobility for economic prosperity and its determinants. Labour migration and not welfare migration dominates reality and supports economic equality. It wdoes not depress wages or take jobs away. A brain drain for sending countries does not have to happen. Diaspora economies provide potential for economic and political collaboration. Europe will face in the future a much higher level of circular and permanent migration. 6 EIB Prize Award Ceremony EIB Prize Award Ceremony 7

5 Young Economist Prize Elias Papaioannou Financial Regulation, Banking Integration, and Business Cycle Synchronization Elias Papaioannou is Associate Professor of Economics at the London Business School. He is also a research affiliate of the CEPR (Centre for Economic Policy Research) and NBER (National Bureau of Economic Research), the leading research institutes in Europe and the United States, respectively. He holds an LL.B. from the law school of the National and Kapodistrian University of Athens, a Masters in Public Policy and Administration (MPA) with the emphasis on international economics from Columbia University, and a Ph.D. in economics from the London Business School. After the completion of his doctorate in 2005 he worked for two years at the Financial Research Division of the European Central Bank (ECB). From 2007 until 2012 he served as Assistant Professor of Economics at Dartmouth College (NH, USA), while during the and academic years he was a Visiting Assistant Professor at the Economics Department of Harvard University (MA, USA). His research interests cover the areas of international finance, political economy, applied econometrics, macro aspects of regulation, law and finance, and growth and development. He has published in many leading peer-refereed journals and in numerous edited book volumes. His research has been recognised with the inaugural 2013 Young Economist Award from the European Investment Bank, the 2005 Young Economist Award from the European Economic Association and the 2008 Austin Robinson memorial prize from the Royal Economic Association. Elias consults regularly for international organisations, major investment banks, hedge funds, and institutional investors on macroeconomic developments in the EU and Greece. How have monetary unification and the associated legislative-regulatory harmonisation policies in financial services affected cross-border capital flows in Europe? And what is the role of the increased level of financial globalisation on the propagation of shocks across countries? I summarise my, as well as other, works that examine the determinants and consequences of financial globalisation, placing an emphasis on the on-going process of financial integration in Europe. In particular I discuss three sets of findings. First, I discuss how the introduction of the euro has contributed to the significant increase in cross-border banking and investment flows among Member States; while the elimination of exchange rate risk has been a key driving force, a considerable portion of the high volumes of international capital movements, especially between banks, have come from EU-wide regulatory-legislative harmonisation policies that accompanied monetary union. Second, and in contrast to conventional wisdom, increases in financial integration between advanced countries correlate negatively with business cycle synchronisation, at least up until the global financial crisis; moreover the component of financial integration driven by the heterogeneous timing of harmonisation policies in financial services between EU Member States is also associated with divergent output cycles. Third, during the recent period of financial instability, financial integration has been associated with an increased degree of business cycle synchronisation, implying contagion. Jointly these results which are in accord with the baseline international business cycle models suggest that while recent efforts to further harmonise regulation of financial services (by establishing common banking supervisory agencies) may further increase financial integration in the euro area, the conduct of monetary and economic policy may become harder. This is because financial linkages tend to magnify idiosyncratic (country-specific) shocks in tranquil times and lead to contagion in periods of financial crisis. 8 EIB Prize Award Ceremony EIB Prize Award Ceremony 9

6 Notes Notes 10 EIB Prize Award Ceremony EIB Prize Award Ceremony 11

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