International Monetary Fund

Fiscal Forum

Fiscal Adjustment and Risks

April 14, 2011

Fiscal Forum: Fiscal Adjustment and Risks


The second IMF Fiscal Forum, organized by the Fiscal Affairs Department, will take place on April 14, 2011 in Washington. The forum will focus on “Fiscal Adjustment and Risks,” with sessions on fiscal adjustment plans and risks to the fiscal outlook.

Senior government officials from 35 major advanced, emerging and developing economies around the world will participate, with the Forum providing an opportunity to share country experiences and views just prior to the Spring Meetings.

Dominique Strauss-Kahn will open the Forum and Mr. Lipsky will deliver the keynote speech during lunch. The Forum will start with short presentations by Olivier Blanchard, Carlo Cottarelli, and José Viñals (all from the IMF) on Fiscal Trends and the Global Economic Outlook. The morning session on Fiscal Adjustment and Risks will feature 5 speakers representing a diverse group of Advanced and Emerging Economies who will share their country experiences with fiscal adjustment. The afternoon session on Risks to the Outlook will feature 3 speakers, including Simon Johnson of MIT and Health Care expert Uwe Reinhardt of Princeton University, as well as 5 discussants drawn from the network of countries. They will cover risks to both the short- and medium-term outlook.

Participation in the first two sessions will be by invitation only. The Forum will conclude with a roundtable, moderated by The Economist’s Zanny Minton Beddoes, and will be open to the public. The panelists are Jaime Caruana from the Bank of International Settlements, Carlo Cottarelli from the IMF, Kemal Derviş of the Brookings Institution, Douglas Elmendorf from the Congressional Budget Office.

Fiscal Forum: Fiscal Adjustment and Risks
Thursday, April 14, 20111
8:30 am–9:00 am Registration and coffee
9:00 am–9:15 am Opening session:
  • Welcome address: Dominique Strauss-Kahn, Managing Director, IMF
9:15 am–12:15 pm Session 1: Fiscal Adjustment Plans and Medium-Term Outlook
  This session will focus on fiscal adjustment plans and the medium-term outlook. What are the short- and medium-term implications of these plans? Are consolidation plans adequate given the cyclical position of the global economy, volatile market sentiment, and medium-term fiscal pressures?
9:15 am–10:15 am Fiscal Trends and the Global Economic Outlook
  Chair: Reza Moghadam, Director, Strategy, Policy, and Review Department

  • Olivier Blanchard, Economic Counselor and Director, Research Department, IMF
  • Carlo Cottarelli, Director, Fiscal Affairs Department, IMF
  • José Viñals, Director, Monetary and Capital Markets Department, IMF
10:15 am–10:30 am ***Coffee***
10:30 am–12:15 pm Fiscal Adjustment Plans—Country Experiences
  Chair: Representative from South Africa

  • Representatives from Chile, France, Germany, India, and Turkey

12:30 pm–2:00 pm ***Lunch***
Keynote Speaker: Lawrence Summers, Harvard University and former Director of the National Economic Council for President Obama
2:15 pm–4:45 pm Session 2: Risks to the Fiscal Outlook
  The session will examine short-term fiscal risks that could arise from macroeconomic shocks, renewed problems in the financial sector, policy slippages and shifts in overall market sentiment. It will also discuss long-term risks arising from health spending.

Chair: Representative from Brazil

  • Fiscal Affairs Department, IMF
  • Simon Johnson, MIT and Peterson Institute
  • Uwe Reinhardt; Professor at Princeton University

  • Representatives from Japan, Mexico, Poland, Tanzania, and UK

4:45 pm–5:00 pm ***Coffee***
5:00 pm–6:30 pm Session 3: Roundtable Discussion on Fiscal Policy Agenda
  The roundtable will focus on priorities for the fiscal policy going forward. How can fiscal frameworks be strengthened? What fiscal reforms are needed? How can credibility of fiscal policymaking be boosted?

Moderator: Ms. Zanny Minton Beddoes, Economics Editor for The Economist

  • Marco Buti, Director General for Economic and Financial Affairs of the European Commission
  • Jaime Caruana, General Manager of the Bank for International Settlements
  • Carlo Cottarelli, Director of Fiscal Affairs Department, IMF
  • Kemal Derviş, Vice President of Global Economy and Development at Brookings Institutions
  • Douglas Elmendorf, Director of the Congressional Budget Office
  • Christina Romer, Professor of Economics at UC Berkeley and Former Chair of the U.S. Council of Economic Advisers

1Please note that the list of speakers and panelists is still being confirmed.