In the FfD4 final outcome document, the first point to address public debt accumulation and rising vulnerabilities is the principle of responsible sovereign borrowing and lending. These are usually defined as a set of non-legislative rules applicable to all market participants, could play a key role in preventing and resolving debt crises. There are two main obstacles to the effective adoption of such principles. Firstly, different institutions (United Nations, the G20, Institute of International Finance and the OECD) have developed and adopted principles with different elements. A new set of universally combine elements of the various existing proposals principles should be developed to effectively prevent or resolve debt crises. Secondly, the current global debt governance system does not offer appropriate incentives for creditors and debtors to align their actions with these principles. The objective of this event would be to develop proposals for a roadmap for the design, implementation and monitoring of universal principles.
This event is organized by the German Institute of Development and Sustainability (IDOS), in collaboration with SOAS University of London, the Global Solutions Initiative, the Global Policy Forum Europe, the Institute for Economic Justice in South Africa, and Germanwatch e.V.
Program
12:30 – 12:40: Welcome note and introduction to the topic: Mr. Bodo Ellmers, Director of Global Policy Forum’s Financing for Sustainable Development Program, Global Policy Forum Europe
12:40-13:30 Intervention by speakers and discussion based on questions from the moderator
13:30-14:00 Q&A by the audience and speakers
Moderator
Mr. Kamal Ramburuth, G20 project lead, Institute for Economic Justice, South Africa
Speakers
- Ms. Penelope Hawkins, Head, Debt and Development Finance Branch, UNCTAD
- Mr. Guillaume Chabert, Deputy Director – Strategy, Policy and Review Department, IMF
- Mr. Kjetil Abildsnes, Senior Policy and Advocacy Officer on Debt Justice, EURODAD
- Mr. Ulrich Volz, Professor of Economics & Director of the Centre for Sustainable Finance, SOAS University of London
- Ms. Kathrin Berensmann, Senior Researcher / Project Head, IDOS
