The Peterson Institute for International Economics (PIIE) held its semiannual Moody's Investor Service-PIIE Sovereign Economic Panel "The European Union: Challenged and Poised for Change" on October 9, 2014. Lucio Vinhas de Souza (Managing Director, Sovereign Chief Economist, Moody's) chaired the second session, "Beyond euro area programs: adjustment anchors and fiscal frameworks in the euro area." The panelists included: Ayhan Kose, Director, Development Prospects Group, World Bank; Rolf Strauch, Member of the Board, European Stability Mechanism; Paolo Mauro, Visiting Fellow, PIIE; and Elena Duggar, Moody's. Lucio Vinhas de Souza, Managing Director, Sovereign Chief Economist, Moody's, concluded the event with closing remarks. For more information and additional sessions of this panel, visit: www.piie.com/events/event_detail.cfm?EventID=354