Title: Stress in public finances: The Need for international policy coordination

Welcome by Prof. Robert Holzmann, Governor of OeNB (Austria’s Central Bank) Panel discussants:

• Prof. Agnès Bénassy-Quéré, Second Deputy Governor of the Banque de France

• Prof. Martin Kocher, Austrian Federal Minister of Labour and Economy

• Prof. Moritz Schularick, President, Kiel Institute for the World Economy

• Prof. Claudia Steinwender, Ludwig-Maximilians-University Munich

Moderator: Prof. Gabriel Felbermayr, Director WIFO Austrian Institute of Economic Research

After years of very low interest rates, debt servicing has risen sharply in many countries. Accord- ing to the World Bank, the interest service of the poorest 80 countries alone has quadrupled since 2019. Countries that are indebted in foreign currency are specially in trouble. However, budgetary flexibility has also decreased in Europe. At the same time, climate policy requires massive public investment.
What reform measures are needed for international politics? Is the EU now well prepared with the reform of its own debt rules under the Stability and Growth Pact? What is the situation in poorer countries? What role do multilateral institutions and bodies still play in view of China's new role as a global lender?
The high-caliber panel will attempt to conceptualize the various problems and to offer answers to these pressing questions.