One decade after the crisis: Is the Euro Area ready for the next recession?


A decade has passed since the beginning of the financial crisis of 2008 and the following Great Recession. The Sovereign Debt Crisis of 2010-12 left several Euro Area member states with high public debt, austere fiscal policy reforms and in some cases years of dependence on financial assistance programs from international institutions such as the International Monetary Foundation (IMF). Economic conditions have since improved, and it is crucial to consider the lessons learned.


To what extent did the European Monetary Union (EMU) help limit the severity of the crisis affecting its members? And what changes to the 'architecture' of the system can be considered to further bolster the crisis prevention framework? Drawing on his decades of experience from the IMF, Poul M. Thomsen will address the current economic situation facing the Euro Area and discuss possible institutional developments.


Poul M. Thomsen is Director of the European Department at the IMF since 2014 supervising the Fund’s bilateral surveillance work for the 44 countries in the Department, its policy dialogue with EU institutions, including the ECB, and its program discussions with European countries with IMF supported programs.


Mr. Thomsen previously had the primary responsibility for the IMF's programs with European countries affected by the global financial crisis and the subsequent crisis in the Euro Zone, including as mission chief for Iceland, Greece and Portugal and as supervisor of the programs for Romania and Ukraine. Before the global financial crisis, Mr. Thomsen gained extensive knowledge of countries in Central and Eastern Europe, having worked on the region continuously from 1987 to 2008, including as mission chief for multiple countries in the region, head of the IMF's Russia Division during the 1998 Russian financial crisis, and Director of its Moscow Office from 2001 to 2004.


The event is in English and will take place on Monday 19. November at 17.30 in room 35.01.06 på CSS, Københavns Universitet, Øster Farimagsgade 5, 1014 København K (entrance via Gammeltoftsgade 13).


Sandwiches and soft drinks / water will be served from 17:00 to 17:30.


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