The global financial crisis and, in part, fiscal profligacy have contributed significantly to a sharp rise in government debt levels in Europe. Therefore, tackling excessive public deficits and debts has once again become a priority. However, the course of fiscal consolidation is being hotly debated. On one hand, there was the hope that decisive and front-loaded consolidation programmes would have expansionary effects. This expectation has been largely disappointed. On the other hand it was argued that austerity could be self-defeating. Some even commend fiscal stimulus programmes. This difficult situation calls for smart means of fiscal consolidation in terms of the structure, timing and choice of individual measures. The aim is to set up effective smart consolidation programmes that foster long-term growth, minimise the potentially negative short-term effect on economic activity and contribute to social fairness and equality. Regaining credibility by means of decisive and wide-ranging reform programmes is key.

To contribute to the policy debate, the Centre for European Studies has published a paper written by Jürgen Matthes and Galina Kolev of the Cologne Institute for Economic Research. In addition to the launch of the paper, the CES has invited Mr. Christophe Blot, Deputy Director of the Department for Analysis and Prospect, French Economic Observatory and co-author of the independent Annual Growth Survey (iAGS), to present his thoughts on the topic. The IAGS is an initiative financially supported by the S&D Group of the European Parliament within the context of their Progressive Economy Initiative, launched jointly with Foundation for European Progressive Studies (FEPS).

Introductory remarks will be given by Danuta Maria HÜBNER, Member of the European Parliament, Chair of the Committee on Regional Development and Member of the Bureau of the Group of the European People's Party.

The introductory remarks, the launch of the policy paper and the contribution of Mr. Blot, will be followed by a Question and Answer session with the audience.

A light lunch will be served at 12:00, followed by the welcome address at 13:00.

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