Unlocking the Debt Conundrum: Paths to Growth and Fiscal Sustainability
08 Mar - 10 Mar, 2012
- Faculty, Cardiff Business School, Cardiff
- Representative for Europe, U.S. Department of Treasury, Brussels
- Director European Policy, Monetary Union, Association of German Chambers of Industry and Commerce, Brussels
- Professor of Economics; Joint Chair Economics Department and Robert
Schuman Centre for Advanced Studies, European University Institute, Florence
- Director of Monetary Strategy and Economic Analysis, Magyar Nemzeti Bank (Central Bank of Hungary), Budapest
- Assistant Director, Monetary and Capital Markets Department, IMF
- Chief Economist for Developed Economies, BBVA Research, Madrid
- Senior Director, Bertelsmann Stiftung, Gütersloh
- Managing Editor for Economics and Government in Europe, Middle East and Africa, Bloomberg News
- Fellow, Peterson Institute for International Economics; Professor, American University, Washington DC
- Head of the Economics Department, National Bank of Denmark
- Director, European Economic Research, Barclays Capital, Frankfurt
- Member of the Board, The Czech National Bank, Prague
- European Economics Editor, Germany Bureau Chief, The Wall Street Journal, Berlin
- Deputy CFO, T-Mobile, Vienna
- Director of Research, McKinsey Global Institute, Washington DC
- Deputy Editor of Euromoney Country Risk
- Co-founder and Director, Eurointelligence, Brussels
- Deputy Head, Financial Stability Unit, Banca d'Italia
- Member of the Executive Board, European Central Bank, Frankfurt
Carlos Alberto Primo Braga
- Special Representative and Director for Europe, External Affairs Vice-Presidency, The World Bank, Washington, DC
- Director, The Pew Charitable Trust, Pew Fiscal Initiative and Subsidyscope, Washington, DC
- Senior Advisor, Economics Department, Oesterreichische Nationalbank, Vienna
- Head of International Economic Analysis at the Bank of England
- Deputy Director for Fiscal Statistics and Policy, Her Majesty's Treasury, London
- former Member of the Executive Affairs Board, European Central Bank
- Chief Economics Commentator, Financial Times, London
- Deputy Chief Economist, EBRD, London
The global economic and financial crisis put public finances under strain across the globe. Governments provided large-scale support to the financial sector, and, as the crisis spread to the real economy, also designed extensive fiscal stimulus packages, which together with revenue decline led to increases in public deficits and debt stocks. Historically, developing and emerging economies have been more susceptible to debt sustainability risks, including a risk of sovereign default. This time, however, even with the improved prospects for the global economy, sustainability of public finances has become an issue for advanced economies, marking a new era of high fiscal risks, prolonged adjustments and low growth.
Concerns about fiscal solvency in Greece, Ireland and Portugal and most recently in Spain and Italy have had particularly profound implications for the functioning of the Eurozone and the EU, raising questions about its current design and institutions. Worries have also arisen about fiscal sustainability and a looming debt crisis in the US - while the country may not have short-term liquidity problems, the combination of high deficits, aging population and high rate of growth of health care costs pose a significant long-term challenge. In Japan, high national savings rates enabled the country to finance its public deficits internally up to now, but the debt-to-GDP ratio is expected to rise further - with the rapid ageing exacerbating fiscal sustainability issues. All together, advanced economies are likely to continue to run sizable deficits in the mid-term, further exacerbating the problem of fiscal sustainability.
This planning workshop is part of the Seminar's initiative "Unlocking the Debt Conundrum: Paths to Fiscal Sustainability", which in the first stage will bring 20-25 participants from international organizations, ministries of finance from major advanced economies, central banks, renowned think tanks and private banks to conduct a global scan of fiscal risks, discuss approaches or returning to fiscal sustainability and plan a three-year series of consequent programs aimed at advancing public debate about solutions to the advanced economies' daunting fiscal and economic challenges.
Please note: While this event is by invitation, those who are interested in partnering with the Seminar for this initiative are welcome to contact Tatsiana Lintouskaya, Program Director, at: email@example.com.
Conference fees vary depending on the financial circumstances of an individual applicant.
The conference is fully residential, with board and lodging included in the fee, from dinner on the opening day until breakfast on the departure day. Travel to and from Salzburg is not included.
For a very limited number of outstanding early to mid-career applicants from developing countries, Salzburg Global Seminar and its partners cover travel as well as session fees. Our aim is to bring
together a unique mix of people and strongly encourage individuals from all parts of the world to apply.