The Outlook for Stock Markets Conference   September 29, 2005 Paris     The role of stock markets in the rise of the new economy and the impact of their downturn from 2000 to 2002 have been much documented. However despite sustained productivity gains, as well as the return to robust growth in the United States, and in the face of very low long term interest rates, share price performance has remained stubbornly below its record of the 1990s. What are the reasons for this? And what does the future hold for this unusual set of circumstances? Other issues are linked to this central question. The first one concerns the impact of globalisation. How is the interdependence of stock markets understood and assessed? If the driving force of world growth is shifting towards Asia, what are the likely consequences for Western stock markets? Are European stock markets becoming more integrated despite the difficulties of market institutions to merge? The consequences for market traders, regulators and central banks will also be discussed. How are institutional investors, who manage large portfolios, behaving? What is the current state of regulation and the supervision of gatekeepers, who are meant to underpin the efficiency of stock markets? The central bankers in charge of monetary policy since 2001 have become aware of the influence of stock prices and market valuations of assets on the economy . But this preoccupation has remained informal. Is it possible to be more systematic in taking into account the financial environment?           Registration 8:30 Francis Ailhaud Chairman of the CIREM Groupama Asset Management Welcome address 9:00 Gérard Bonos Radio Classique Chairman Round Table - Market Dynamics and Interdependances 9:15 - 10:45 Michel Aglietta Université Paris-X ; Conseiller scientifique, CEPII Speakers Laurent Berrebi Groupama Asset Management Patrick Artus Ixis Corporate and Investment Bank - Groupe Caisse d’Epargne Vladimir Borgy CEPII Round Table - The Behaviour of Actors and Public Authorities 11:15 - 12:45 Philippe Goubeault GIE ARGIC ARRCO Speakers   Hubert Reynier Direction de la régulation et des affaires internationales André Icard Banque des règlements internationaux Franco Bruni Bocconi University Lionel Fontagné CEPII Conclusion 12:45 - 13:00