The second Economic Policy: Papers on European and Global Issues conference concluded with a high-level panel chaired by Managing Editor Şebnem Kalemli-Özcan.

During the panel, Maurice Obstfeld discussed what the profession had missed and if, currently, protectionism is the only answer on the table, or are there credible alternatives? Andres Velasco told us lessons from emerging-market experience  in terms of when fiscal populism actually helped, and when has it done lasting damage. Helene Rey and Ricardo Caballero talked about the links between protectionism and financial fragmentation and whether global financial markets are the chief culprit in amplifying vulnerabilities and cracks or can they still do their job of sharing risk? Does a more fragmented financial system ultimately make us safer (more local shock absorption) or more crisis-prone if it prevents substitution between different assets?