Past Event

Forging a practical plan to improve our handling of sovereign debt crises

The 2008 financial crisis and subsequent developments in Europe and the United States have highlighted four major lacunae in our ad hoc approach to resolving sovereign debt crises: first, we lack a centre to drive continuous improvement in our processes for dealing with sovereign crises; second, we do not have a venue in which creditors […]

Date: Jan 22 - Topic: Global economy and trade

The 2008 financial crisis and subsequent developments in Europe and the United States have highlighted four major lacunae in our ad hoc approach to resolving sovereign debt crises: first, we lack a centre to drive continuous improvement in our processes for dealing with sovereign crises; second, we do not have a venue in which creditors and debtors can be brought together on a proactive basis to deal with incipient crises; third, once a crisis has taken hold, we need a reasonably automatic means to effect a standstill whilst solvency is assessed; and fourth, recent failures in activating collective action clauses (CACs) and rulings in NML vs Argentina complicate efforts to make a restructuring effective once its terms have been agreed. In this meeting, CIGI Senior Fellow Brett House will propose a practical plan of pragmatic, incremental steps that could be undertaken to address each of these gaps without requiring complicated treaty negotiations. House will review his proposal, joint with CIGI Senior Fellow Richard Gitlin, for a Sovereign Debt Forum (SDF) to facilitate faster, more effective and more efficient treatments of sovereign crises. He will explain how proposals for greater issuance of state-contingent sovereign debt, enhanced CACs and immunization of payments systems would complement the SDF.

Organised jointly with

Speakers

  • Brett House, Senior Fellow, The Centre for International Governance Innovation (CIGI)
  • Discussant: Guntram Wolff, Director, Bruegel
  • Chair: Zsolt Darvas, Senior Fellow, Bruegel

Brett House is a Senior Fellow at The Centre of International Governance Innovation (CIGI), a Chazen Visiting Scholar at Columbia Business School, a Senior Fellow at the Jeanne Sauvé Foundation, and a Lecturer in the Economics Department at McGill, where his research focuses on growth, trade, sovereign debt restructuring, and impact investing. He is also a partner in and an advisor to Tau+ Investment Management, a start-up impact fund. Brett held previous positions with Woodbine Capital Advisors, the United Nations, the IMF, Oxford University, the World Bank and Goldman Sachs.

He tweets on @BrettEHouse and can be contacted on [email protected].

Event materials

Event summary Download

Practical details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
  • Time: Wednesday 22 January 2014, 12:45 – 14:30 (lunch will be served at 12.45 before the event begins at 13:00)
  • Contact: Matilda Sevón, Events Coordinator – matilda.sevon[at]bruegel.org
Read about event More on this topic
 

Past Event

Past Event

Is China’s private sector advancing or retreating?

A look into the Chinese private sector.

Speakers: Reinhard Bütikofer, Nicolas Véron and Alicia García-Herrero Topic: Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 18, 2022
Read about event
 

Upcoming Event

May
19
15:00

Three data realms: Managing the divergence between the EU, the US and China in the digital sphere

Major economies are addressing the challenges brought by digital trade in different ways, resulting in diverging regulatory regimes. How should we view these divergences and best deal with them?

Speakers: Susan Ariel Aaronson, Henry Gao, Esa Kaunistola and Niclas Poitiers Topic: Digital economy and innovation, Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read article
 

Blog Post

The EU needs transparent oil data and enhanced coordination

The EU lacks the coordination structure and transparent data necessary to most effectively navigate an embargo on Russian oil.

By: Agata Łoskot-Strachota, Ben McWilliams and Georg Zachmann Topic: Global economy and trade, Green economy Date: May 16, 2022
Read article
 

Blog Post

Now is not the time to confiscate Russia’s central bank reserves

The idea of confiscating the Bank of Russia’s frozen reserves is attractive to some, but at this stage in the Ukraine conflict confiscation would be counterproductive and likely illegal.

By: Nicolas Véron and Joshua Kirschenbaum Topic: Banking and capital markets, Global economy and trade Date: May 16, 2022
Read article More on this topic More by this author
 

Podcast

Podcast

The cost of China's dynamic zero-COVID policy

What does zero-COVID mean for both China and the global economy?

By: The Sound of Economics Topic: Global economy and trade Date: May 11, 2022
Read article More on this topic
 

Opinion

For Europe, an oil embargo is not the way to go

Even at this late hour, the European Union should consider taking a different path.

By: Simone Tagliapietra, Guntram B. Wolff and Georg Zachmann Topic: Global economy and trade Date: May 9, 2022
Read about event More on this topic
 

Upcoming Event

Jun
23
14:00

BRI 2.0: How has the pandemic influenced China’s landmark Belt and Road Initiative?

China's Belt and Road Initiative is undergoing a transformation after two years of pandemic. How is it changing and what are the consequences for Europe.

Speakers: Alessia Amighini, Eyck Freymann and Alicia García-Herrero Topic: Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read article Download PDF More by this author
 

Book/Special report

European governanceInclusive growth

Bruegel annual report 2021

The Bruegel annual report provides a broad overview of the organisation's work in the previous year.

By: Bruegel Topic: Banking and capital markets, Digital economy and innovation, European governance, Global economy and trade, Green economy, Inclusive growth, Macroeconomic policy Date: May 6, 2022
Read article
 

External Publication

The Global Quest for Green Growth: An Economic Policy Perspective

A review on green growth and degrowth arguments.

By: Klaas Lenaerts, Simone Tagliapietra and Guntram B. Wolff Topic: Global economy and trade, Green economy Date: May 5, 2022
Read article More on this topic More by this author
 

Podcast

Podcast

Global trade Down Under

A conversation on the global trading landscape.

By: The Sound of Economics Topic: Global economy and trade Date: May 4, 2022
Read article More on this topic
 

Opinion

A tariff on imports of fossil fuel from Russia

A tariff on imports of Russian fossil fuels would allow Europe to hit Russia's energy sector without great suffering.

By: Guntram B. Wolff and Georg Zachmann Topic: Global economy and trade Date: May 2, 2022
Read article More on this topic
 

External Publication

How to weaken Russian oil and gas strength

Letter published in Science.

By: Ricardo Hausmann, Agata Łoskot-Strachota, Axel Ockenfels, Ulrich Schetter, Simone Tagliapietra, Guntram B. Wolff and Georg Zachmann Topic: Global economy and trade Date: May 2, 2022
Load more posts