The Decade of Catching-up: The Case of the EU and ASIA

Fülszöveg

The Lamfaliissy Lectures Conference series. Iiosted by tiie Magyar Nemzeti Banl<. is a liey forum for European and global lhinl<ing on economic policy. The initiative launched by the Magyar Nemzeti Bank in 2014 responded to a call for paradigm change by offering a platform for top-level economic policy makers to discuss macroeconomic and financial developments as well as exchange views on the changing world order.
In 2019. the 6ih Ixwifaliissy I.eciiires Conference was dedicated to the process of convergence that can be expected in Europe and in Asia in the coming decade. In Alexandre Lamf'alussv's interpretation, it is not enough to reach the targets set in the convergence criteria, but besides ensuring price stability and financial stability, it is also important to pay attention to factors that determine economic growth in the long term. Economic policy aiming for sustainable growth may be successful ifit pays proper attention to both the national characteristics and to... Tovább

Fülszöveg

The Lamfaliissy Lectures Conference series. Iiosted by tiie Magyar Nemzeti Banl<. is a liey forum for European and global lhinl<ing on economic policy. The initiative launched by the Magyar Nemzeti Bank in 2014 responded to a call for paradigm change by offering a platform for top-level economic policy makers to discuss macroeconomic and financial developments as well as exchange views on the changing world order.
In 2019. the 6ih Ixwifaliissy I.eciiires Conference was dedicated to the process of convergence that can be expected in Europe and in Asia in the coming decade. In Alexandre Lamf'alussv's interpretation, it is not enough to reach the targets set in the convergence criteria, but besides ensuring price stability and financial stability, it is also important to pay attention to factors that determine economic growth in the long term. Economic policy aiming for sustainable growth may be successful ifit pays proper attention to both the national characteristics and to maintaining economic balance while encouraging growth.
fívö/gt' Matoksy, Governor of the Magyar Nemzeti Bank, emphasized that it is worth to stud\ the convergence lessons learnt from the history ofEurope and the euro zone. After the outbreak of the global financial crisis the convergence process suffered setbacks and the structural problems of the euro came to the forefront. Since then we could see slow recovery . Györg> Matolcsv also outlined that another financial crisis might happen in the future, when we will need quick and efficient crisis management which will require efficient cooperation between governments and central banks. >ve,v Mersch, Member of the Executive Board of the European Central Sank, held the Lamfalussy Lecture of the conference who played a key role in restoring the stability of the European financial system.
The morning session, titled "The ck'cade of convergence in the FA " was moderated b\ (iyorgy Szapáry. who emphasized that the CEE member states of the EU are experiencing some convergence, while Europe's share in world GDP is declining rapidly. I.i'icio \ lnlias de Souza. Head of the Economics Team at the European Political Strategy Centre, talked about reviving convergence. William R. While, former chairman of the Economic and Development Review Committee at the OECD. lectured on the decade of catching up within the EU. Chrisiian Kopf. Managing Director at Union Investment Privatfonds GmbH, emphasized the importance of the European integration process and the institutional system. I'ovilas l.a.siauskas. Director of Centre for Excellence in Finance and Economic Research at the Bank of Lithuania gave his view on the heterogeneity and convergence in the EU.
The afternoon session, titled "The decade of convergence in. I.sia" started with the ke> note speech of Kciimi Kelimheiov. Governor of the Astana International Finance Centre, former Governor of the National Bank of Kazakhstan. The moderator of the afternoon discussion, Dániel I'aloiai. Executive Director and Chief Economist of the Magyar Nemzeti Bank, highlighted that the evolution of new economic centres and the rebirth of the ancient trading routes have created a multipolar world order, in which Asian countries are becoming more important. Deni.-i Hew. Director of the Asia-Pacific Economic Cooperation Policy Support Unit, examined the catching-up decade of the Asian-Pacific and named many of the likely future engines of growth. Khee dap Tan. Co-Director of the Asia Competitiveness Institute of the National University of Singapore, talked about the East Asian economic development model, some elements of the One Belt. One Road Initiative, and the consequences of the US-China trade war. In his lecture //yeonjnng Choi. Director of the Centre for Global Governance at the Asan Institute for Policy Studies pointed out the lessons of the East Asian catch-up economies. . Indrew Sheng. Distinguished Fellow of the Asia Global Institute at the University of Hong Kong viewed Asia from the perspective of a global system. He believes that megatrends signal a paradigm shift, a move away from the neohberal Vissza