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P. C. Padoan: Public Debt Reduction in Uncertain Times – With a View to Europe

We live in uncertain times both economically - growth remains weak, especially in the fundamentals - and in the policy response and from the point of view of governance, both nationally and globally.

Public debt remains a source of fragility for many countries. Private debt also, in some countries. Putting debt/GDP over a declining path remains imperative to reduce fragility.

While this topic has been subject to scrutiny for quite a long time, I will consider some additional longer-term determinants of debt dynamics that have gained relevance recently and relate them to broad uncertainty.

(Click on the PDF file below to read the complete document)

Public Debt Reduction .pdf194.18 KB