Evaluation of the Troika Conditionality in Europe


April 19, 2013, 12:00 AM EDT
Peterson Institute for International Economics, Washington, DC

Jean Pisani-Ferry (Bruegel), Jacob Funk Kirkegaard (PIIE), Joerg Asmussen (European Central Bank), Reza Moghadam (Morgan Stanley) and Servaas Deroose (Directorate-General for Economic and Financial Affairs, European Commission)

Event Summary

The Peterson Institute held an event to discuss a new study from the Brussels-based think tank Bruegel examining the recent programs in Europe by the troika—the European Commission (EC), the International Monetary Fund (IMF), and the European Central Bank (ECB)—on Friday, April 19, 2013. This timely study by Jean Pisani-Ferry, André Sapir, and Guntram Wolff independently assesses in detail the troika's programs in Greece, Ireland, and Portugal. Paper discussants were Jean Pisani-Ferry, Bruegel; Joerg Asmussen, European Central Bank; Reza Moghadam, director of the International Monetary Fund's European Department; Servaas Deroose, deputy director-general of the European Commission's Directorate-General for Economic and Financial Affairs (DG ECFIN), and Jacob Funk Kirkegaard, Peterson Institute.

Jean Pisani-Ferry, who presented the study, is the founding director of Bruegel and professor of economics at Université Paris-Dauphine. He was previously executive president of the French prime minister's Council of Economic Analysis and senior economic adviser to the French minister of finance. Reza Moghadam has been director of the European Department at the International Monetary Fund (IMF) since November 2011. Prior to his current position, he was director of the Fund's Strategy, Policy, and Review Department and head of the Managing Director's office. Servaas Deroose has been deputy director-general at the European Commission's DG ECFIN since 2010. Mr. Deroose is currently the Commission's mission chief for Greece's economic adjustment program. Jacob Kirkegaard is a PIIE senior fellow and a recognized analyst of the euro crisis in the United States.

Event Materials

Presentation: Financial Assistance in the Euro Area: An Early Evaluation [PDF]
Jean Pisani-Ferry

Presentation: Comments on Pisani-Ferry, Sapir, and Wolff [PDF]
Jacob Funk Kirkegaard