Event organizer: Le Cercle des économistes
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Governing with the debt

Debate 6 Amphi 2 July 9, 2022 11:50 - 12:40


Overview

The sharp increase in public debts after the great financial crisis as well as the Covid-19 crisis, and potentially with the war in Ukraine, has been accompanied by an easing of concerns about the sustainability of state debts. Low interest rates, itself due to a combination of long-term structural factors and central bank action, explain this apparent paradox. How then can budgetary choices be steered in this totally new environment? Is it possible to have the same budgetary rule for all countries in the euro area? Can fiscal policy absorb all shocks “whatever it takes”? What degree of prudence should be applied when the demand for public spending and investment (in particular for environmental transition) is rising sharply? Should we fear that fiscal dominance will replace monetary dominance, calling into question the independence of the central bank in a context of inflationary pressures?


Speakers

Sarah CARLSON
Senior Vice President Sovereign Risk Group
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Moody's Investors Services,
Bio
Pierre-Olivier GOURINCHAS
Economic Counsellor and Director
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International Monetary Fund
Bio
Olivier KLEIN
CEO
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BRED-HEC
Bio
Vera SONGWE
United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA)
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Commission économique pour l'Afrique
Bio

Coordinator

Philippe MARTIN
Member
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Le Cercle des économistes
Biographie

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