Opening Remarks by Agustín Carstens, Deputy Managing Director, IMF

Transcript of the proceedings

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In the past decade, industrialized countries such as New Zealand, Australia and the United Kingdom put in place rules to constrain the behavior of fiscal policy; so has the European Union through its famous Stability and Growth Pact. Inspired by this experience, a number of emerging market countries—particularly in Latin America—have explored the use of rules in limiting the budget deficit, expenditure levels, or the indebtedness of the public sector. These constraints are typically applied through fiscal responsibility legislation. Can such rules help enforce fiscal discipline in emerging markets? This forum, which brings together senior policymakers from these countries to discuss the merits and drawbacks of adopting fiscal policy rules, marks the release of a new book, Rules-Based Fiscal Policy in Emerging Markets: Background, Analysis and Prospects (Palgrave MacMillan), edited by George Kopits.

Agustín Carstens, Deputy Managing Director, IMF (Moderator)

Bhabani P. Misra, Executive Director for Bangladesh, Bhutan, India and Sri Lanka, IMF

George Kopits, Member, Monetary Council, National Bank of Hungary

H.E. Mrs. Ngozi Okonjo-Iweala, Minister of Finance, Nigeria

Joaquim Levy, Secretary of the National Treasury, Ministry of Finance, Brazil