Fiscal Strategies After the Global Crisis
April 22-23, 2010
The first IMF Fiscal Forum, organized by the Fiscal Affairs Department, will take place on April 22-23, 2010 in Washington.
The forum will focus on “Fiscal Strategies After the Global Crisis,” with sessions on overarching post-crisis fiscal strategies, tax policy, expenditure policy and reforms to fiscal institutions to support post-crisis consolidation.
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.
Each session will feature 3-5 discussants, and introductory speakers. Speakers will include Carlo Cottarelli and Olivier Blanchard from the Fund, Alan Auerbach of the University of California, Berkeley, Barry Bosworth of the Brookings Institution, and Alan Schick of the University of Maryland.
Participation in the four sessions will be by invitation only; a concluding roundtable will be open to the public and feature discussants from the European Commission, the OECD, the U.S. Congressional Budget Office, and the University of Tokyo, as well as David Romer from the IMF Research Department and the University of California, Berkeley.
Tentative Agenda
| Fiscal Strategies After the Global Crisis | |
|---|---|
| 1:45–2:15 pm |
Registration and coffee |
| 2:15–2:30 pm |
Opening session: Welcome address: Dominique Strauss-Kahn, Managing Director, IMF |
| 2:30–5:15 pm |
Session 1 Fiscal Strategies After the Global Crisis |
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This session will focus on the timing and modalities of fiscal exit strategies after the crisis in light of likely macroeconomic global trends. It will discuss the fiscal risks ahead, the needs and goals of fiscal adjustment, the key tools to implement it, and its implications for macroeconomic developments, including re-balancing of domestic economies in a global environment. Chair Sanjeev Gupta, Deputy Director, Fiscal Affairs Department, IMF Speakers Olivier Blanchard, Economic Counselor and Director, Research Department, IMF Carlo Cottarelli, Director, Fiscal Affairs Department, IMF Discussants Gil Beltran, Undersecretary, Department of Finance of the Philippines Andrew Donaldson, Deputy Director General, South Africa National Treasury Joseph Kinyua, Permanent Secretary, Ministry of Finance of Kenya Alan Krueger, Assistant Secretary for Economic Policy, United States Treasury Miguel Messmacher, Chief Economist, Ministry of Finance of Mexico | |
| 6:00pm 6:45 pm |
***Reception*** Reception Hall, HQ1-02-307 |
Keynote Speaker John Lipsky, First Deputy Managing Director, IMF | |
| Friday, April 23, 2010 | |
| 8:30–9:00 am |
***Arrival coffee*** |
| 9:00–10:45 am |
Session 2 The Role of Expenditure Reform in Fiscal Sustainability |
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This session will focus on the role of expenditure reforms in strengthening the fiscal accounts over the medium term. It will discuss not only entitlement (pension and health spending) reforms but also how a review and targeted cuts in other spending can support the adjustment. Chair Paul Rochon, Senior Assistant Deputy Minister, Department of Finance, Canada Speaker Barry P. Bosworth, The Brookings Institution Discussants Carlos Ocaña, State Secretary for the Budget, Ministry of Finance of Spain Chularat Suteethorn, Deputy Director-General, Fiscal Policy Office, Ministry of Finance of Thailand | |
| 10:45–11:00 am | *** Coffee break*** |
| 11:00–12:45 pm |
Session 3 Taxation in the Post-Crisis World: What Policy Changes May Be Needed? |
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In light of the magnitude of the needed fiscal adjustment after the crisis, it may be necessary in some countries to take measures to increase the revenues-to-GDP ratio, including through improved tax compliance and externality-correcting taxes, such as appropriate carbon pricing. However, other tax measures may also be needed. What principles and lessons from experience can help guide these hard choices? Chair Masatsugu Asakawa, Deputy Vice Minister of Finance for International Affairs, Ministry of Finance of Japan Speaker Alan J. Auerbach, University of California, Berkeley Discussants Lorenzo Codogno, Director General, Economic and Financial Analysis and Planning, Department of the Treasury of Italy Wahyu Tumakaka, Directorate General of Tax, Ministry of Finance of Indonesia | |
| 1:00–2:15 pm | *** Lunch*** Private Dining Room 3 & 4, HQ1-02-316 & 320 |
| 2:30–4:15 pm | Session 4 The Role of Fiscal Institutions in Sustaining Fiscal Consolidation |
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This session will cover the role of fiscal institutions (budgetary procedures, transparency, fiscal responsibility laws, numerical fiscal rules, etc.) in helping countries sustain fiscal consolidation. Chair TBD Speaker Allen Schick, University of Maryland Discussants Nelson Barbosa, Secretary of Economic Policy, Ministry of Finance of Brazil Christian Kastrop, Deputy Director General and Director, International Financial and Monetary Policy Department, Ministry of Finance of Germany David Martine, Treasury’s Chief Advisor, International, Ministry of Finance of Australia Fritz Zurbruegg, Budget Director, Federal Finance Administration of Switzerland | |
4:15–4:30 pm |
*** Coffee break*** |
4:30–6:00 pm |
Session 5 Roundtable discussion |
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Chair Carlo Cottarelli, Director, Fiscal Affairs Department, IMF Discussants Douglas Elmendorf, Director, U.S. Congressional Budget Office Antonio De Lecea, European Commission Takatoshi Ito, University of Tokyo Pier-Carlo Padoan, Deputy Sectretary General, OECD David Romer, University of California, Berkeley and Research Department, IMF | |