Next, it seems clear to me that the paper presented by Loisel addresses a topic which will stay with the profession for a long time to come, namely the adequate integration of financial market frictions into state-of-the-art DSGE models. And finally, it may not surprise you that the paper presented by Cooper addresses a topic which does not escape my attention these days.
By this I mean that monetary unions – which are characterised by the very special combination of a single, centralised monetary policy and many national fiscal policies – require a particular monetary and fiscal architecture.