Fourteenth IMF Agence France Tresor Public Debt Management Forum

The topic of this year’s forum is "Looking Ahead—Managing Public Debt Through the Recovery." Although global activity has picked up in the later part of 2013 and the outlook appears to be positive, downside risks remain. If growth is maintained, what adjustments from policymakers and market participants, including end-investors, should we expect to see? During the past few years debt managers have been in the spot light. It used to be the case that debt managers operated behind the scenes; but since the start of the crisis, they have been in the front line supporting and implementing governments’ wider policies. Indeed, once a specialized topic, public debt management has been on the news and subject to scrutiny. Has this made a difference in the way debt managers operate? Picking up where we left off at last year’s forum, we agreed about the importance of maintaining the resilience of liquidity in government debt markets. Exit from unconventional monetary policy and the upcoming potential regulatory reforms could have a major impact on government debt market liquidity. It would be interesting to hear from debt experts, what, if any, preparations and measures debt managers should take. In particular, how issuance, liability management operations, and debt instruments will be affected. [...]