The Banco de Portugal is organizing a Conference, to be held in Lisbon, on the 9th May 2015. The Conference, titled "Growth and Reform in Europe in the Wake of Economic Crisis", intends to encourage reflection on the recent process of adjustment and reform in Europe, as well as the prospects for growth and the institutional change needed to recover a sustained development path.


The Conference discusses the way forward for European countries as they face the challenges of a period of protracted growth in the wake of the economic and sovereign debt crisis.

The Conference will offer three major contributions:

  • An early evaluation of the response to the economic and sovereign debt crisis in Europe, in terms of the extent of the reforms and the outlook for sustained growth;
  • A discussion of the role European institutions have played and can still play in the recovery and growth process in the continent, most notably the management of a single currency in a diverse economic space;
  • The lessons Europe can learn from the response of the US economy, its structural characteristics, and its political, fiscal and monetary institutions;

The papers to be presented cover the broad topic of an agenda for growth and structural reforms, bringing the institutional landscape in Europe into the debate.

The contributions will draw lessons from the experience of institutional reform in the last decade in Europe. These reforms will consider both country level and European level institutions, namely changes in fiscal policy mechanisms and governance of the Euro.

At the country level the Conference will deal with reforms in the context of the programs of economic adjustment or financial assistance, as well as the experience of countries that implemented reforms in a voluntary fashion.

The approach will consider the experience of the US, taken as an example of a long-lived political, economic, and monetary Union. The  role and experience of US states within the American institutional edifice is likely to lend relevant teachings for European countries.

The topics covered in the book, organized in eight papers authored by leading economists in each field, and include:

  • The agenda for structural reform in Europe
  • The relationship between structural reform and fiscal adjustment
  • National institutional architecture, reform, and crisis management
  • Prospects for sustained economic growth in Europe
  • Winners and losers in reform processes
  • Monetary policy in Europe
  • Income distribution and convergence across European countries
  • Demographics and growth

The scientific committee of the Conference is

  • Francesco Caselli (London School of Economics);
  • José Tavares (Nova Business School);
  • Mário Centeno (Banco de Portugal and ISEG-Universidade de Lisboa).