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Jean Monnet Chair and CIRSF Seminar

Jean Monnet Chair and CIRSF Seminar of 9 July 2014 on financial markets and the evolution of sovereign debt markets from 2010 onwards

The Jean Monnet Chair of Lisbon University on economic regulation in the EU held by Professor Luís Silva Morais and the CIRSF – Research Centre on Regulation and Supervision of the Financial Sector, associated to such Jean Monnet Chair (and developing scientific cooperation in this field with the Bank of Portugal and the Institute of Insurance of Portugal) held on the 9 th of July at Lisbon Law Faculty (FDL), in cooperation with SEDES (Associação para o Desenvolvimento Económico e Social) an International Seminar and Workshop having as general topic financial markets and the evolution of sovereign debt markets from 2010 onwards. The proceedings opened with a general presentation of the theme by the Chairman of CIRSF and holder of the Jean Monnet Chair (Professor Luis Silva Morais) and were pursued through a panel with presentations by Cristina Casalinho (of the Board of IGCP, the Portuguese State Debt Agency, replacing the former Chairman of IGCP, João Moreira Rato who ceased his functions due do its designation to the Board of Banco Espirito Santo in the eve of the Seminar), Albert Jaeger (Permanent Representative of the International Monetary Fund in Portugal), followed by an intervention as discussant of Luis Campos e Cunha (Chairman of SEDES). The program of the Seminar also contemplated the intervention of Vitor Bento that did not take place exclusively on account of his designation on the eve of the proceedings as CEO of Banco Espírito Santo. The proceedings allowed both an analysis of the Portuguese adjustment program between 2011 and 2014 and of the key conditions of regaining access to sovereign debt markets and a discussion of debt sustainability analysis – reviewing and analysing the key international parameters of public debt sustainability, including the International Monetary Fund Debt Sustainability Framework and its application, namely in the Portuguese case. It allowed a lively exchange on these topics and it purported to contribute to a better analytical understanding of the functioning of these sovereign debt markets which are too frequently subject to a considerable opacity. CIRSF considers of the utmost importance a continued analytical discussion of the basis on which these markets operate and is committed to return regularly to this topic, also in the context of an envisaged scientific cooperation with IGCP in this domain.

Albert Jaeger presentation

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