IMF Conference on “Fiscal Risks: Sources, Disclosure, and Management” (Paris, October 28–29, 2008)

Posted by Ricardo Velloso

The IMF’s Fiscal Affairs Department and the Offices in Europe organized a conference on “Fiscal Risks: Sources, Disclosure, and Management,” at the IMF’s Paris Office on October 28 and 29, 2008. The conference was attended by high-level officials from ministries of finance representing twenty European countries as well as representatives from international institutions, rating agencies, think tanks, and academia. The opening address was delivered by Mr. Saleh M. Nsouli, Director of the Offices in Europe, followed by former FAD Director, Mrs. Teresa Ter-Minassian's keynote speech.

Participants exchanged views and discussed good practices in fiscal risks monitoring, analysis, and management; fiscal risks include macroeconomic shocks and contingent liabilities (such as those related to recent government support to the financial system) that may affect fiscal balance and public debt outcomes. The below presentations were given:

Fiscal Risks: Sources, Disclosure, and Management by Paolo Mauro
The EU Approach to Fiscal Risk Identification and Disclosure by Sandrine Duchene
Good Practices in Fiscal Risks Disclosure: International Experience by Ricardo Velloso
Managing Government Guarantees: The Swedish Experience by Kristoffer Ekstrom
How to Integrate Contingent Liabilities in Public Debt Management Strategies by H. J. Blommestein
Fiscal Risk Management by Jon Ragnar Blondal
Management of Fiscal Risks in Norway by Pal Ulla
Management of Fiscal Risks: Macroeconomic Scenarios, Contingent Liabilities by Lucio Pench
Fiscal Risks in Italy by Lorenzo Codogno
Standard & Poor's Approach to Factor Financial Sector Contingent Liabilities into Sovereign Ratings by Moritz Kraemer