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Europe in Unchartered Territories: Challenges and Policy Responses

The inflationary outlook seems gloomy for the eurozone. This workshop, jointly organised by CefES-DEMS and the JRC, assembles a group of policymakers and researchers to present and discuss recent scientific results and advance policy solutions

Due to the pandemic shock, inflation has "returned" in the eurozone. The energy crisis triggered by Russia's war in Ukraine has added further pressure, leading to a 10% headline inflation in September 2022. Supply-side developments related to energy markets and supply chains, or second rounds wage effects, are likely candidates for further inflationary pressure in the short term. The inflationary outlook is gloomy also in the medium-term, as most of the favorable supply-side developments during the Great Moderation are at risk of undoing due to de-globalization forces reducing international trade and technological, capital, and migratory flows.

Against these scenarios, this 8th CefES International Workshop, jointly organised by the Network for European Studies: CefES-DEMS and the Joint Research Centre, assembles a group of policymakers and researchers to present and discuss recent scientific results and advance policy solutions.

The morning session features a Keynote Speech by Mike Spence (NYU, Bocconi). A Policy Panel follows the keynote speech contributed by Marco Buti (EC Commission), Daniel Gros (Center for European Policy Studies), and Agostino Consolo (ECB). The afternoon session is an academic session and foresees one Keynote Speech by Tommaso Monacelli (Bocconi University) and four CefES speakers (Claudio Morana, Andrea Colciago, Silvia Marchesi, Gino Gancia).

In-person participation is free (upon registration)

Online participation is free (upon registration)

  • inflation | fiscal policy | war in Ukraine | climate change policy
  • Tuesday 31 January 2023, 09:15 - 18:30 (CET)
  • Milano, Italy


  1. 31 Jan 2023, 09:15 - 09:30 (CET)

    Giovanna Iannantuoni (Rector), Claudio Morana (CefES Director)

  2. 09:30 - 10:30 (CET)
    Keynote Speech

    Mike Spence (NYU, Bocconi) - Beyond the Great Moderation? Deglobalization and secular inflation

  3. 10:30 - 11:00 (CET)
    Coffee break
  4. 11:00 - 12:45 (CET)
    Policy panel

    Chair: Patrizio Tirelli (University of Pavia, CefES)

    • Marco Buti (European Commission) - Tackling the economic fall out of the war: does reform of the EU fiscal rules help?
    • Daniel Gros (Center for European Policy Studies) - After the energy price inflation of 2022, can the ECB chart a path towards price stability?
    • Agostino Consolo (European Central Bank) - Energy price shocks and the unemployment-inflation trade-off
  5. 12:45 - 14:30 (CET)
  6. 14:30 - 15:30 (CET)
    Keynote Speech

    Tommaso Monacelli (Bocconi University) - The Origin of Inflation

  7. 15:30 - 16:00 (CET)
    Coffee break
  8. 16:00 - 18:00 (CET)
    CefES Session
    • 16:00-16:30 Claudio Morana (University of Milano-Bicocca, CefES, RCEA-Europe, RCEA, CES-Harvard) - Euro area inflation and a new core inflation measure
    • 16:30-17:00 Andrea Colciago (University of Milano-Bicocca, CefES) - Carbon taxation, reallocation, and productivity
    • 17:00-17:30 Gino Gancia (University of Milano-Bicocca, CefES) - Robot Imports and firm-level outcomes
    • 17:30-18:00 Silvia Marchesi (University of Milano-Bicocca, CefES) - Distributional consequences of sovereign default risk (tbc)
  9. 18:00 - 18:30 (CET)
    Concluding Remarks

    Silvia Marchesi (CefES Vice-Director)

  10. 19:00 (CET)
    Cocktail reception + Dinner

Practical information

Tuesday 31 January 2023, 09:15 - 18:30 (CET)
Aula Martini, Agorà Bd. Ex-U6 (floor -1)
Piazza dell'Ateneo Nuovo, 1, 20126 Milano MI, Italy