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What we do

The views of the researchers participating in the, "Debt Sustainability: Current Practice and Future Perspectives" workshop do not necessarily reflect the views of the ESM or ESM policy.

Overview

This two-day event brought together experts from official institutions dealing with sovereign debt sustainability and leading academics in the field of sovereign risk. The aim of the workshop was to discuss the most recent policy and academic developments for the analysis of debt sustainability (DSA). The first day weighed on different themes closely linked to debt sustainability and management of sovereign risk. The second day focused on exchanging institutional practices and communication of official DSAs.

Programme
 
11 December 2018
8.30 - 9.15
Welcome coffee & pastries
9.15 - 9.30
Introductory Remarks

Klaus Regling | Managing Director, European Stability Mechanism
9.30 - 11.00
Session 1: Sovereign debt management

Chair:
Elisabetta Vangelista | Senior ALM Officer, European Stability Mechanism

Speakers:
Clara Martin-Moss | Head of Fiscal Risk Analysis, HM Treasury (slides)
Roel Beetsma | Professor of Economics, University of Amsterdam (slides, publication)
Stavros Zenios | Professor of Finance, University of Cyprus (slides)
11.00 - 11.15
Coffee Break
11.15 - 12.45
Session 2: official lending for sustainability

Chair:
Harald Uhlig | Professor of Economics, University of Chicago

Speakers:
Philippe Martin | Professor of Economics, Sciences Po (slides)
Aitor Erce | Principal Economist, European Stability Mechanism (slides)
Tito Cordella | Adviser, Office of the Chief Economist, The World Bank (slides)
12.45 - 14.15
Lunch
14.15 - 15.45
Session 3: Fiscal space and feasibility of fiscal adjustments

Chair:
Enrique Mendoza | Professor of Economics, University of Pennsylvania

Speakers:
Hugh W. Bredenkamp | Deputy Director, International Monetary Fund
Franziska Lieselotte Ohnsorge | Development Prospects Group Manager, The World Bank (slides)
Annabelle Mourougane | Deputy Head of Division, Economics Department, Organisation for Economic Co-operation and Development (slides)
15.45 - 16.00
Coffee Break
16.00 - 17.00
Keynote: The Dynamics of Sovereign Debt Crises and Bailouts: Theory and Implications for Policy-Making

Harald Uhlig | Professor of Economics, University of Chicago (slides)
17.00 - 17.15

Wrap-up

Juan Rojas | Head of Economics and Market Analysis, European Stability Mechanism

 

 

 

12 December 2018
8.30 - 9.15
Welcome coffee & pastries
9.15 - 9.30
Introductory Remarks

Nicola Giammarioli | Head of Strategy and Institutional Relations, European Stability Mechanism
9.30 - 10.30
Keynote: When is debt sustainable? Issues for policy design

Enrique Mendoza | Professor of Economics, University of Pennsylvania (slides)
10.30 - 10.45
Coffee Break
10.45 - 12.45
Session 1: Recent innovations in performing DSA
Discuss innovations to DSA frameworks, including how to evaluate longer horizons, systemic aspects and feedback between market access and official lending.

Chair:
Jeromin Zettelmeyer | Senior Fellow, Peterson Institute for International Economics

Speakers:
Daniela Marchettini| Senior Economist, International Monetary Fund
Cristina Checherita-Westphal | Principal Economist, European Central Bank (slides)
Stéphanie Pamies | Head of Sector, European Commission (slides)
Marialena Athanasopoulou | Principal Economist, European Stability Mechanism (slides)
12.45 - 13.45
Lunch
13.45 - 15.30
Session 2: Communication and transparency in DSA analysis
Present processes and discuss challenges related to the dissemination of information regarding aspects relevant to sovereign sustainability.

Chair:
Wolfgang Proissl | Head of Communication, European Stability Mechanism

Speakers:
Elena Duggar | Chair of Macroeconomic Board, Moody's (slides)
Carlos Cuerpo | Chair of Economic Analysis, Independent Authority for Fiscal Responsibility (slides)
Stéphanie Pamies | Head of Sector, European Commission (slides)
S.M. Ali Abbas | Deputy Division Chief, International Monetary Fund
15.30 - 15.45
Coffee Break
15.45 - 17.45
Session 3: Round table discussion: "Ensuring debt sustainability in the euro area - anything else needed?"

Chair:
Rolf Strauch | Chief Economist, European Stability Mechanism

Speakers:
Deborah Zandstra | Partner, Clifford Chance (slides)
Marco Buti | Director-General for Economic and Financial Affairs, European Commission (slides)
Jeromin Zettelmeyer | Senior Fellow, Peterson Institute for International Economics (slides)
Thomas Wieser | Bruegel
17.45 - 18.00

Farewell

Rolf Strauch | Chief Economist, European Stability Mechanism