International Conference

Reassessment of the ‘Optimal Currency Area’ theory in the persistently heterogeneous European Union

9-10 September 2021, Vilnius

The international conference organized by the Euro4Europe project team offers an opportunity to discuss and rethink key theories, concepts, and methods on economic integration, business cycles’ asymmetries and synchronization, the transmission of macroeconomic shocks on national, supranational, and regional scales. The Euro4Europe project, funded by the EU Social Fund, explores the impact of European integration on business cycle asymmetries (BCA) and provides empirical evidence about long-standing disputes whether integration increases or decreases BCA.

The conference organizers are keen to hear from researchers who rethink theories and propose new concepts and methods on national business cycle synchronization, transmission of macroeconomic shocks, economic integration and its impact at different geographical scale, regional business cycle synchronization’ impact on resilience and recovery of regions.

The conference will be arranged in a hybrid format. There is no registration fee.


Important Dates

15 June, 2021 Deadline for papers submission

30 June, 2021 Notification of acceptance

2 September, 2021 Deadline for registration of participants



Key Areas of the Conference

National Business Cycle Synchronization

Economic Integration and Transmission of Macroeconomics Shocks

The Impact of Economic Integration on Regional Business Cycle Synchronization


Keynote speakers


Dr. Georgios Georgiadis
European Central Bank

Dr Georgiadis’ research interests are international macroeconomics, international finance, and macroeconometrics. He has published in leading professional journals such as Journal of Monetary Economics, Journal of International Economics, European Economic Review, among many others. Dr Georgiadis has excensively contributed to policy work, covering a wide range of topics (global value chains, service trade liberalization, exchange rate pass-through to import and export prices, among others).


Professor Paul de Grauwe
London School of Economics and Political Science

Prof. de Grauwes' research interests are international monetary relations, monetary integration, theory and empirical analysis of the foreign-exchange markets, and open-economy macroeconomics. His published books include “The Economics of Monetary Union”, “International Money. Post-war Trends and Theories”, “The exchange rate in behavioral finance framework”. He has published more than a hundred scientific articles covering a lot of topics on monetary and fiscal policies, behavioral economics, structural reforms, growth and inequality, EMU, business cycles, and more.

Scientific Committee

Dr. Svatopluk Kapounek

Ph. D. Povilas Lastauskas

Dr. Jesus Crespo Cuaresma

Dr. Jarko Fidrmuc

Ph. D. Mariarosaria Comunale

Dr. Dmitrij Celov

Ph. D. Rima Rubčinskaitė

Ph. D. Laimutė Urbšienė

Ph. D. Algirdas Bartkus

Ph. D. Linas Tarasonis

Organization Committee

Dr. Svatopluk Kapounek

Ph. D. Povilas Lastauskas

Ph. D. Rima Rubčinskaitė

Aistė Simanavičienė



9.00 a.m. - 19.00 p.m. on 9th September 2021 (GMT +3)

9.00 a.m. – 18.25 p.m. on 10th September 2021 (GMT + 3)

The Senate Hall, Vilnius University Central Administration Building

Universiteto str. 3, Vilnius

Online - Zoom
9th September 2021


9.30 - 10.15


Registration, welcome coffee

10.15 - 10.30      


 Opening Remarks

Aida Mačerinskienė, the dean of Vilnius University Faculty of Economics and Business Administration
Svatopluk Kapounek, "Euro4Europe" Principal Investigator


10.30 - 12.15    


Session: Uncertainty 

Chair: Svatopluk Kapounek


European Integration, Macroeconomic Spillovers, and Uncertainty

Jesus Crespo Cuaresma, Vilnius University & Vienna University of Economics and Business (Discussant: Svatopluk Kapounek)


Global Impacts of Monetary Policy Uncertainty

Povilas Lastauskas, Bank of Lithuania and Vilnius University (Discussant: Jesus Crespo Cuaresma)


Financial Market Uncertainty: Measurements, Effects and Trends

Svatopluk Kapounek, Vilnius University and Mendel University (Discussant: Povilas Lastauskas)


12.15 - 14.00


Lunch break


14.00 - 15.15



Keynote Speech: Global Risk and the Dollar

Georgios Georgiadis, European Central Bank


15.15 - 17.00  

Session: Optimum Currency Area I

Chair: Michal L. Kobielarz


Optimal Monetary Policy in a Dual Labor Market: The Role of Informality

Monica Gomez Ospina, Paris School of Economics, EHESS (Discussant: Michal L. Kobielarz)


A new Optimum Currency Area Index for the Euro Area

Davor Kunovac, Croatian National Bank, Diego Rodriguez Palenzuela, European Central Bank, Yiqiao Sun, European Central Bank  (Discussant: Monica Gomez Ospina)


Exits and Bailouts in a Monetary Union

Michal L. Kobielarz, Department of Economics KU Leuven (Discussant: Yiqiao Sun)


17.00 - 17.15


Coffee break

17.15 - 19.00     

Session (online): European Integration and Regulation

Chair: Jesus Crespo Cuaresma


Learning and the Anatomy of the Profitability Premium

Chi-Yang Tsou, University of Manchester (Discussant: Beau Soederhuizen)


Debunking the Myth of Southern Profligacy. A DSGE Analysis of Business Cycles in the EMU's Big Four

Alice Albonico, University of Milano-Bicocca, Department of Economics, Management and Statistics, and CefES (Discussant: Chi-Yang Tsou)


Optimal Capital Ratios for European Banks

Beau Soederhuizen, CPB Netherlands Bureau for Economic Policy Analysis (Discussant: Alice Albonico)

19.30 - 21.00     




Online - Zoom
10th September 2021

9.00 - 10.15       


Keynote Speech: The fragility of the Eurozone: endemic or temporary?

Paul de Grauwe, London School of Economics and Political Science


10.15 - 12.00   


Session: National Business Cycles Synchronization

Chair: Dmitrij Celov


Financial Instability: Evidence from Wavelet Analysis

Svatopluk Kapounek, Vilnius University (Discussant: Jarko Fidrmuc)


Income Inequality in Europe

Jarko Fidrmuc, Vilnius University (Discussant: Dmitrij Celov)


Business cycles synchronization in the EU: an ultimate, comprehensive comparison across methods

Dmitrij Celov and Mariarosaria Comunale, Vilnius University (Discussant: Svatopluk Kapounek)


12.00 - 13.30       


Lunch break


13.30 - 15.50          


Session: Monetary Policy

Chair: Povilas Lastauskas


International Information Flows, Sentiments and Cross-Country Business Cycle Fluctuations (online)

Michal Brzoza-Brzezina, Department of Quantitative Economics SGH Warsaw School of Economics (Discussant: Boris Fisera)


The Bright Side of Transparency: Evidence from Supervisory Capital Requirements

Nordine Abidi, International Monetary Fund, Ixart Miquel-Flores, European Central Bank & Frankfurt School of Finance and Management, Quentin Vandeweyer, University of Chicago (Discussant: Michaela Elfsbacka Schmoller)


Interplay between Income Inequality and Financial Development as a Conditioning Factor of Monetary Transimission in the Euro Area

Boris Fisera, Institute of Economic Research Slovak Academy of Sciences (Discussant: Michal Brzoza-Brzezina)


Secular Stagnation in a Currency Union

Michaela Elfsbacka Schmoller, Bank of Finland (Discussant: Ixart Miquel-Flores)

15.50 - 16.05         


Coffee break


16.05 - 18.25         


Session: Regional Business Cycle Synchronization

Chair: Florian Horky


Synchronization in resilience at the EU NUTS 3 level

Rima Rubčinskaitė, Vilnius University (Discussant: Florian Horky)


Regional risk sharing

Jarko Fidrmuc, Vilnius University (Discussant: Rima Rubčinskaitė)


Business cycles Synchronization with the main trading partners: evidence from the Baltic States

Laimutė Urbšienė, Vilnius University (Discussant: Jarko Fidrmuc)




Dynamic Analysis of Perceptions on Firms Financing Behavior: A Behavioral Perspective

Florian Horky, Zeppelin University of Friedrichshafen (Discussant: Laimutė Urbšienė)


19.00 - 20.30   




 To download the programme press here.
The guidelines for the participants here





Full-paper submission here (closed)

Registration for non-presenting participants is welcome  here (closed). 
You can join sessions online directly - just check the links here. By joining sessions online you would need to introduce yourself (name, institution, country, your email).

15 June, 2021 Deadline for paper submission

2 September, 2021 Deadline for registration of participants

There is no registration fee for all participants. The Zoom link to the webstream will be shared only with the registered participants.

Call for papers

Research papers falling in the key areas of the conference, broadly interepreted, are welcome. Only completed papers in English (PDF format) should be submitted to .


The Senate Hall (2nd floor), Vilnius University Central Administration Building
Universiteto str. 3, Vilnius

Online - Zoom
The link will be shared only with registered non-presenting participants.



Contact us


(+370 5) 236 60 08


Saulėtekio ave 9, II building, Vilnius, Lithuania



Cookies make it easier for us to provide you with our services. With the usage of our services you permit us to use cookies. More information