International Monetary Fund

High-Level Conference

Exiting from High Public Debt

January 19, 2010

IMF Offices in Europe, 66 avenue d’Iena, 75116 Paris, France
Ground Floor Conference Room A

Organized by the Fiscal Affairs Department and the Offices in Europe
International Monetary Fund

The IMF's Fiscal Affairs Department and the Offices in Europe are organizing a high-level conference on “Exiting from High Public Debt,” at the IMF’s Paris Office on January 19, 2010.

The event will provide a forum for discussion of a range of issues related to the risks arising from high public indebtedness, including the implications for interest rates and growth, for public debt management, and for financial markets more generally. The conference will also cover debt reduction strategies, with specific reference to lessons that can be drawn from historical experiences.

Please note that the event is by invitation only.

January 19, 2010
Opening Session
08:30 Registration
09:00-09:10 Introductory Remarks
Mr. Emmanuel van der Mensbrugghe, Director, IMF Offices in Europe
Mr. Carlo Cottarelli, Director, Fiscal Affairs Department (FAD) IMF
09:10-09:30 Keynote Speech
Mr. Murilo Portugal, Deputy Managing Director, IMF
Session 1: Fiscal Outlook, Trends and Risks
09:30-10:45 Chair: Mr. Pier Carlo Padoan, Deputy Secretary General and Chief Economist, OECD

Presenter (15 minutes):
Mr. Philip Gerson, FAD

Discussants (15 minutes each):
Mr. Benoît Coeuré, Directeur, Direction générale du Trésor et de la politique économique, French Ministry of Finance
Mr. Jean Pisani-Ferry, Director, Bruegel Institute

General discussion (25 minutes)
10:45-11:15 ***Coffee Break***
Session 2: Debt, Interest Rates and Growth
11:15-12:30 Chair: Professor Sir Tony Atkinson, Oxford University

Presenter (15 minutes):
Mr. Manmohan S. Kumar, FAD

Discussants (15 minutes each):
Mr. Daniele Franco, Head, Structural Economic Analysis Department, Bank of Italy
Mr. Christian Kastrop, Deputy Director-General, Economic Policy Department, German Ministry of Finance

General discussion (25 minutes)
12:30-14:00 ***Lunch***
Session 3: Implications of High Debt for Public Debt Management and Financial Markets
14:00-15:15 Chair: Mr. Ad van Riet, Head of the Fiscal Policies Division, European Central Bank

Presenter (15 minutes):
Mr. Udaibir Das, Monetary and Capital Markets Department, IMF

Discussants (15 minutes each):
Ms. Samantha Beckett, Director of Operations, HM Treasury
Mr. Pierre Cailleteau, Managing Director, Moody’s Sovereign Risk Group

General discussion (25 minutes)
Session 4: Debt Reduction Strategies—Lessons from the Past
15:15-16:30 Chair: Mr. Marek Belka, European Department, IMF

Presenter (15 minutes):
Mr. Per Molander, Director General, Swedish Social Insurance Inspectorate

Discussants (15 minutes each):
Mr. Richard Portes, Professor, London Business School, CEPR
Mr. Luc Leruth, IMF Offices in Europe

General discussion (25 minutes)
16:30-17:00 ***Coffee Break***
Session 5: Round-Table Discussion
17:00-18:00 Chair: Mr. Carlo Cottarelli

Mr. Marek Belka, IMF
Mr. Marco Buti, Director-General for Economic and Financial Affairs, EC
Mr. Pier Carlo Padoan, OECD
Mr. Tom Scholar, Managing Director International and Finance, HM Treasury
Mr. György Szapáry, Central European University