Trésor-Info - Publications de la direction générale du Trésor - Fiscal-Policy-Seminar

Call for Papers : 2025 Franco-German Fiscal Policy Seminar

2025-07-04T00:00:00+02:00

This annual Seminar aims to bridge the gap between academic research and policy-making. This
year’s topic is:

Investing in Europe’s future

The European Union is at a critical juncture. It needs to foster sustainable, inclusive and resilient growth as it deals with the consequences of multiple crises and faces major structural and geopolitical shifts. Addressing these challenges requires a renewed focus on investment – both public and private – in order to insure Europe’s long-term prosperity.

The recent report by Mario Draghi on the future of European competitiveness has brought renewed attention to the magnitude of the investment gap Europe is facing. Whether in the fields of climate and energy transition, digitalization, defense, or innovation, the EU must mobilize substantial resources to preserve its economic and social model, reduce strategic dependencies, and safeguard its long-term potential.

These needs arise at a time of fiscal consolidation in many Member States and in the early implementation phase of the reformed EU economic governance framework. The ability to reconcile investment imperatives with fiscal sustainability, to channel private capital into strategic priorities, and to foster a supportive regulatory and financial environment is now central to the policy debate.

The aim of the 2025 Franco-German Fiscal Policy Seminar is to present cutting-edge academic work that can contribute to a better understanding of the economic mechanisms behind investment decisions and to inform policy responses that promote long-term growth, strategic autonomy, and economic resilience.

We welcome original research papers that help shed light on the investment challenges faced by the EU and on the policy instruments that can support a stronger, more autonomous, and more resilient European economy. Topics of interest include, but are not limited to:

The role of fiscal, monetary, and industrial policies in fostering long-term investment and sustainable growth.
Implications of the reformed EU fiscal framework for public investment, fiscal space and debt sustainability.
Crowding in private investment through regulatory frameworks, public guarantees, blended finance, and public-private partnerships.
The mobilization and allocation of European savings: Capital Markets Union, Banking Union, and financial integration.
Strategic autonomy and economic security: investment in defense, critical infrastructure, and key technologies.
Financing the green transition: climate investment needs, carbon pricing and fiscal tools.
Investment in human capital, skills, and innovation.
The role of the EU budget and common instruments in financing shared priorities.
Lessons from past investment programmes (e.g. Recovery and Resilience Facility).

Both theoretical and empirical submissions are welcome. We invite papers in English to be submitted by 15th September 2025 to: francogerman-seminar@dgtresor.gouv.fr (please use the subject line: “Submission for 2025 Franco-German Fiscal Policy Seminar”).

Authors of papers selected by the scientific committee, chaired by Dorothée Rouzet (chief economist at the French Treasury), will be invited to present their work at the seminar. The French Ministry for the Economy and Finance will cover travel and accommodation expenses for one invited speaker per accepted paper, in line with economy fares. Please note that authors residing outside of Europe will be responsible for their own travel and accommodation costs. Notification of acceptance will be communicated by October.

Call for Papers : 2024 Franco-German Fiscal Policy Seminar

2024-08-19T00:00:00+02:00

Call for papers

The German Federal Ministry of Finance is pleased to announce the Call for Papers for the 2024 Franco-German Fiscal Policy Seminar (FPS), which will take place in Berlin on 9-10th of December 2024.

The annual FPS aims to bridge the gap between academic research and policy-making and is jointly offered by the German Federal Ministry of Finance and the French Ministry of Economics, Finance and Industrial and Digital Sovereignty.

This year's topic is:

“Fiscal sustainability and fiscal rules in uncertain times”

European economies are facing various challenges, including but not limited to demography, climate change, geopolitical tensions that go along with i.a. increasing military expenditure as well as higher interest rate expenditure.

These challenges put pressure on the solidity and sustainability of public finances. After the fiscal expansion during the latest crises, debt ratios increased rapidly in many countries. Hence, implementing adequate policy responses

for tackling the challenges ahead while ensuring the solidity and sustainability of public finances and safeguarding economic growth becomes crucial. Therefore, the role of fiscal rules, not only in national law but also in light of the new EU fiscal rules, is debated in the public and academia.

The aim of the 2024 Franco-German FPS is to present cutting-edge academic work that can contribute to a better understanding of this challenging outlook and to inform policymakers about appropriate responses in favour of solid and sustainable public finances and growth.

Featuring a policy panel and a keynote address, the FPS further aims to facilitate discussions and the exchange of knowledge and ideas.

We are especially interested in submissions covering topics that include, but are not limited to, the following issues:

Appropriately addressing budgetary challenges such as demographic change, climate change, increased military spending needs and higher interest expenditure within fiscal policy
Reform of the EU fiscal rules and their potential impact on public finances and growth
The role of fiscal policy to account for increased political and economic uncertainty
Fostering public investments and providing adequate frameworks for private investments

Both theoretical and empirical submissions are welcome. We invite papers in English to be submitted by 14th October 2024 to: Franco-German-FPS@bmf.bund.de

We kindly ask you to use the subject line: “Submission for 2024 Franco-German Fiscal Policy Seminar”.

Authors of papers accepted by the Scientific Committee will be notified in November. This year's Chair of the Scientific Committee will be Prof. Klaus Adam from the University of Mannheim.

Travel and hotel expenses of invited speakers (one per selected paper) will be covered by the German Federal Ministry of Finance.

Call for papers for the sixth edition of the Franco-German Fiscal Policy Seminar

2023-04-06T00:00:00+02:00

Call for papers

Franco-German Fiscal Policy Seminar 2023

The French Ministry for the Economy and Finance is pleased to announce the call for papers for the 2023 Franco-German Fiscal Policy Seminar (FPS), which will take place in Paris on 7-8 November 2023.

This annual Seminar aims to bridge the gap between academic research and policy-making. This year’s topic is:

Economic policies in times of scarcities

The energy crisis caused by the Russian’s war of aggression on Ukraine has changed the paradigm of energy availability and energy security in Europe, and increased food supply challenges in many countries, in particular in the developing world. Before that, the COVID-19 pandemic had shown how disruptions of supply chains in times of crisis could affect the availability of critical production.

These add to a series of scarcities that policymakers have now been facing. The impact of climate change creates increased pressure on natural resources while, in reaction, investments in the energy transition by governments and companies have trigged competition for critical raw materials. The post-pandemic recovery has given rise to labor and skills shortages, while the effect of the crisis on productivity and potential growth remains unclear.

Confronted with these scarcities, governments are committed to respond. However, they are seeing their room for maneuver constrained by limited fiscal space in the aftermath of the COVID-19 crisis and the ongoing and rapid monetary tightening by central banks.

The aim of the 2023 Franco-German Fiscal Policy Seminar is therefore to present cutting-edge academic work that can contribute to our understanding of the economic mechanisms at work in times of scarcities, to inform policymakers about appropriate responses, and to allow for laying the foundations for more resilient and competitive economies. An additional goal of the FPS is to identify new questions for research and policy-making.

We are especially interested in submissions covering topics that include, but are not necessarily limited to, the following issues:

Risk, resilience, and recalibration in global value chains
Labor shortages, labor reallocations and labor policies
Productivity in the post-COVID world
Impact of the two recent crises (energy and COVID) on income, wealth, intergenerational and gender inequalities
Inflation dynamics and the appropriate policy mix after the energy crisis
Strengthening the resilience of the EMU to future shocks
Macroeconomic consequences of uncertainty and tail risks
Green and digital transitions and public and private debt overhang
Impact of green transition on external imbalances
Climate and energy policy after the COVID and energy crises

Both theoretical and empirical submissions are welcome. We invite papers in English to be submitted by 10 June 2023 to: francogerman-seminar@dgtresor.gouv.fr (please use the subject line: “Submission for 2023 Franco-German Fiscal Policy Seminar”). Female contributions are encouraged. Authors of accepted papers will be notified by September.

Travel and hotel expenses of the invited speakers (1 per select paper) will be covered by the French Ministry for the Economy and Finance according to economy fares. At their own expense for residents of non-European countries.

Keynote speaker: Pr. Şebnem Kalemli-Özcan (University of Maryland, NBER, CEPR )

Policy panel: “European Economic Sovereignty: goals, costs and benefits, and policy trade-offs”

With the COVID-19 pandemic, the Russian war of aggression of Ukraine, and an international context marked by increased competition between powers, the idea of a European economic sovereignty has come to the foreground. This concept remains ambivalent and debated since not all EU countries have the same perception of their sovereignty and the threats it faces. Yet, the multifaceted challenges the EU is confronted with (energy independence, resilient supply chains, access to critical raw materials, green and digital transition) may call for a redefinition of the EU’s strategic aims and the development of a new integrated doctrine for international economic relations. In the meantime, costs and benefits of Europe asserting its strategic autonomy and role as a global power should be carefully assessed, all the more as they might not be evenly distributed between and within countries and over time. Therefore, they may entail key policy trade-offs. This panel aims to discuss the goals that the EU should or should not pursue as a strategic power, identify the costs and benefits associated with them, table the trade-offs facing policy makers and review the potential instruments at its disposal and that need to be developed.

Scientific Committee:
Incoming French Treasury Chief Economist, Chair
Agnès Bénassy-Quéré (Banque de France and PSE)
Giancarlo Corsetti (European University Institute)
Aitor Erce (Navarra Public University and INARBE)
Sébastien Jean (CNAM)
Gianmarco Ottaviano (Bocconi University, Milan)
Andreas Peichl (ifo Institute and University of Munich)
Barbara Petrongolo (University of Oxford and CEPR)
Xavier Ragot (Sciences Po – CNRS and OFCE, Paris)
Almuth Scholl (University of Konstanz)
Moritz Schularick (University of Bonn and Sciences Po)
Carine Staropoli (Paris School of Economics)

Franco-German Fiscal Policy Seminar 2022

2022-10-28T00:00:00+02:00

The annual FPS aims to bridge the gap between academic research and policy-making. This year’s topic is:

“Macroeconomic policy in times of overlapping crises”

European economies are facing overlapping crises: The Russian war against Ukraine and the associated surge in energy prices have joined the effects of the still ongoing coronavirus pandemic. The pandemic-related disruption of global supply chains amplified by the consequences of the war weigh heavily on global trade and growth prospects. As a result, inflation has reached levels not seen in decades, uncertainty has increased substantially, and growth forecasts have been revised downwards. We face substantial stagflation risks.

More information to come on the website of the German Federal Ministry of Finance.

The aim of the 2022 Franco-German Fiscal Policy Seminar is to present cutting-edge academic work that can contribute to a better understanding of this challenging macroeconomic environment and to inform policymakers about appropriate responses in favor of more resilient economies. Featuring a policy panel chaired by Agnès Bénassy-Quéré, Chief Economist at the French Treasury and Paris School of Economics, and a keynote address by Florin Bibliie, University of Cambridge, the FPS further aims to facilitate discussion and the exchange of knowledge and ideas.

Research papers on the following topics in particular were submitted for the FPS by the submission deadline:

Adequate national fiscal and economic policies in containing stagflation risks in the euro area
Consequences and possibilities to address supply chain disruptions globally and nationally
Geo-economic risks, resilience, and recalibration of global value chains
Demographic and climate change, productivity trends, and the strategic rebalancing of world trade – impacts on trend inflation and implications for the euro-area policy mix
Fiscal and monetary policy interaction in view of rising interest rates and inflation
Challenges for fiscal sustainability in the EMU

Authors of papers selected by the Scientific Committee, chaired by Andreas Peichl (ifo Institute and University of Munich), were notified in September and invited to Berlin to present their work at the seminar.

Programme >>

Scientific Committee (in alphabetical order):
Klaus Adam (University of Mannheim)
Agnès Bénassy-Quéré (French Treasury and Paris School of Economics)
Lars P. Feld (University of Freiburg)
Gianmarco Ottaviano (Bocconi University)
Andreas Peichl (ifo Institute and University of Munich), Chair
Xavier Ragot (Sciences Po – CNRS and OFCE, Paris)
Hélène Rey (London Business School)
Almuth Scholl (University of Konstanz)

Appel à communications pour la cinquième édition du séminaire franco-allemand de politique économique / Call for papers for the fifth edition of the Fiscal Policy Seminar

2022-07-11T00:00:00+02:00

2022 Franco-German Fiscal Policy Seminar

Call for Papers

The German Ministry of Finance is pleased to announce the Call for Papers for the 2022 Franco-German Fiscal Policy Seminar (FPS), which will take place in Berlin on 14-15 November 2022.

The annual FPS aims to bridge the gap between academic research and policy-making. This year’s topic is:

“Macroeconomic policy in times of overlapping crises”

The aim of the 2022 Franco-German Fiscal Policy Seminar is to present cutting-edge academic work that can contribute to a better understanding of this challenging macroeconomic environment and to inform policymakers about appropriate responses in favor of more resilient economies. Featuring a policy panel and a keynote address, the FPS further aims to facilitate discussion and the exchange of knowledge and ideas.

We are especially interested in submissions covering topics that include, but are not necessarily limited to, the following issues:

Adequate national fiscal and economic policies in containing stagflation risks in the euro area
Consequences and possibilities to address supply chain disruptions globally and nationally
Geoeconomic risks, resilience, and recalibration of global value chains
Demographic and climate change, productivity trends, and the strategic rebalancing of world trade – impacts on trend inflation and implications for the euro-area policy mix
Fiscal and monetary policy interaction in view of rising interest rates and inflation
Challenges for fiscal sustainability in the EMU

Both theoretical and empirical submissions are welcome. We invite papers in English to be submitted by 19 August 2022 to: IA1@bmf.bund.de (please use the subject line: “Submission for 2022 Franco-German Fiscal Policy Seminar”). Authors of papers selected by the Scientific Committee, chaired by Andreas Peichl (ifo Institute and University of Munich), will be notified in September.

Travel and hotel expenses of the invited speakers (one per select paper) will be covered by the German Ministry of Finance.

Review of the Franco-German Fiscal Policy Seminar 2021

2021-12-02T00:00:00+01:00

On 9 and 10 November, the Franco-German Fiscal Policy Seminar was held, jointly organised by the German Federal Ministry of Finance and the French Treasury. This annual seminar aims to establish links between the world of academic research and public policy makers. This year's theme was "One year through the COVID-19 crisis".

The objective of this seminar is to present and discuss cutting-edge research in order to improve understanding of the economic mechanisms at work during and especially after the pandemic, and to inform public decision-makers on the appropriate responses, particularly in a Franco-German context which benefits from a common knowledge base.

The seminar was organised around five sessions (i) the impact of the crisis on covid, (ii) the debt burden, (iii) sovereign interest rates, (iv) fiscal stabilisation and (v) strengthening the resilience of the economic and monetary union. These sessions were preceded by a keynote lecture on the anatomy of the global savings glut by Mortiz Schularick (Sciences Po and University of Bonn), with the seminar being opened by Agnès Bénassy-Quéré (French Treasury and Paris School of Economics) and Jakob von Weizsäcker (German Federal Ministry of Finance).

14 papers were presented by their authors during this seminar. These papers were selected, via a call for papers, by the members of the Scientific Committee of the seminar.

+ The full report (in french) >>

Why a Franco-German seminar ?

Agnès Bénassy-Quéré (French Treasury & Paris School of Economics)
Jakob von Weizsäcker (German Federal Ministry of Finance).

Keynote

Mortiz Schularick (Sciences Po and University of Bonn)

Session 1 - The covid crisis unfolding

Causal effects of closing businesses in a pandemic : Presentation - Discussion
Supply shocks in supply chains: Evidence from the early lockdown in China : Presentation - Discussion
From Macro to Micro: heterogeneous exporters in the Pandemic : Presentation - Discussion

Session 2 - Debt overhang

The Debt Capacity of a Government : Presentation - Discussion
Breakup and Default Risks in the Great Lockdown : Presentation - Discussion

Session 3 - Sovereign interest rates

The Liquidity Channel of Fiscal Policy : Presentation - Discussion
Dispelling the Shadow of Fiscal Dominance? Fiscal and Monetary Announcement Effects for Euro Area Sovereign Spreads in the Corona Pandemic : Presentation - Discussion
Do Fundamentals Explain Differences between Euro Area Sovereign Interest Rates? : Presentation - Discussion

Session 4 - Fiscal stabilization

Does tax policy work when consumers have imperfect price information? Theory and evidence : Presentation - Discussion
What are the price effects of temporary VAT Changes ? Evidence from Germany : Presentation - Discussion
Should We Insure Workers or Jobs During Recessions? : Presentation - Discussion

Session 5 - Strengthening the resilience of the EMU to future shocks

The Effects of Government Spending in the Eurozone : Presentation - Discussion
Monetary-Fiscal Crosswinds in the European Monetary Union : Presentation - Discussion
Conditionality in Official Lending: Compliance through Strategic Assessment : Presentation - Discussion

Crédits photo : Ludovic Suttor-Sorel