Productivity, Competitivity and globalisation November 2005

Productivity, Competitivity and globalisation - November 2005
(Complete text)

Contributors

Introduction

Opening speech
Christian Noyer, Governor, Banque de France

Session 1- CHANGES IN PRODUCTIVITY AND COMPETITIVENESS: CONCEPTS AND STYLISED FACTS

Chairperson:
Jean-Claude TRICHET, President, European Central Bank

Speaker:
Bart van ARK, Professor, University of Groningen and the Conference Board Europe
“Europe’s productivity gap: Catching up or getting stuck?”

Discussants:
Christine CUMMING, First Vice President, Federal Reserve Bank of New York
Daniel COHEN, Professor, École normale supérieure-Ulm (Paris)
Marc-Olivier STRAUSS-KAHN, General Director of Economics and International Relations, Banque de France

Session 2- IMPACT ON THE INTERNATIONAL ALLOCATION OF CAPITAL AND GLOBAL IMBALANCES

Chairperson:
Axel WEBER, President, Deutsche Bundesbank

Speaker:
William WHITE, Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements
“Changes in productivity and competitiveness: Impact on the international allocation of capital and global imbalances”

Discussants:
Patrick ARTUS, Chief economist, Ixis Corporate & Investment Bank
Leszek BALCEROWICZ, President, Narodowy Bank Polski
Guillermo ORTIZ, Governor, Banco de México

Session 3- ECONOMIC ADJUSTMENT AND POLICY RESPONSES

Chairperson:
Rodrigo de RATO Y FIGAREDO, Managing Director, International Monetary Fund

Speaker:
Otmar ISSING, Member of the Executive Board, European Central Bank
“Addressing global imbalances: The role of macroeconomic policy”

Discussants:
Agnès BÉNASSY-QUÉRÉ, Deputy-Director, CEPII
Kristin FORBES, Associate Professor, MIT Sloan School of Management
YI Gang, Assistant Governor, People’s Bank of China

ROUND TABLE- WHAT IMPLICATIONS FOR INTERNATIONAL FINANCIAL STABILITY?

Chairperson:
Roger FERGUSON, Vice Chairman, Board of Governors of the Federal Reserve System

Panellists:
David DODGE, Governor, Bank of Canada
Toshihiko FUKUI, Governor, Bank of Japan
ZETI Akhtar Aziz, Governor, Bank Negara Malaysia
Yaga Venugopal REDDY, Governor, Reserve Bank of India
Jacob A. FRENKEL, Vice-chairman, AIG and Chairman, Group of Thirty

CONCLUDING REMARKS
Stanley FISCHER, Governor, Bank of Israël

PARTICIPANTS