DebtTalks

In this episode Paola Subacchi and Carlo Monticelli explore the transformative role finance can play in driving social change. Carlo shares insights into the Council of Europe Development Bank’s mission to promote investment that empowers communities often left on the margins and helps prevent marginalisation. The conversation highlights how financial tools can be harnessed not merely to generate economic growth, but to foster stronger, more inclusive communities across Europe.Carlo Monticelli, an Italian national, was elected Governor of the CEB by the Bank’s member states on 11 June 2021 after serving for six years as Vice-Governor for Financial Strategy. He began his five-year mandate on 18 December 2021.Before joining the CEB, Mr Monticelli worked for more than a decade at the Italian Treasury, representing Italy in international fora and institutions, including as EFC member, G7 Deputy, G8 Financial Sous-Sherpa, G20 Deputy, IMFC Deputy, FSB member and OCDE WP3 member.  Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

This episode features political scientists Layna Mosley and Peter Rosendorff in conversation with Paola Subacchi about the domestic and international politics that surround sovereign finance. Since politics plays a crucial role in development finance, the discussion focus on how domestic politics affects access to credit, how governments manage and repay debt, and how political considerations influence the operations of multilateral financial institutions. Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Layna Mosley is Professor of Politics and International Affairs at Princeton Affairs, serving as the Interim Director of the Niehaus Center for Globalization and Governance and Associate Chair of the Department of Politics. She also co-founded the Princeton Sovereign Finance Lab. Peter Rosendorff is Professor of Politics at New York University where he serves as the Director of the NYU Sovereign Debt Network. He is also the Director of Research at the Princeton Sovereign Finance Lab. Professor Rosendorff is a current member of the editorial team at the International Organization journal and was the previous editor of Economics and Politics. In addition, he currently sits on the editorial board of the American Journal of Political Science and previously for the Journal of Politics and International Interactions.Production Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

Pablo Saavedra, World Bank Vice President for Prosperity, dives into innovative debt-for-development swaps aimed at easing financial burdens for countries. He explains how these swaps can lower transaction costs and extend loan maturities, providing nations with much-needed breathing room. The conversation also addresses the balance between concessional and market-rate loans, plus the importance of leveraging domestic revenue to close global development finance gaps. Saavedra emphasizes the World Bank's strategic role in supporting fragile economies and fostering sustainable growth.

In this episode, Paola sits down with Nicole Kearse to explore the intricacies of debt management. Drawing on Nicole’s extensive experience at the African Legal Support Facility (ALSF), they discuss debt sustainability, capacity building, and the strategies to help countries prevent debt crises.Hosts & GuestsPaola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.Nicole Kearse is the head of sovereign finance for the ALSF since 2022 and previously served as the organization’s senior legal counsel. Through this role, she uses her expertise on the African region and emerging markets to aid the organization in providing legal advice and technical assistance to countries in the negotiation of complex commercial transactions, creditor litigation, and other sovereign transactions.Prior to servicing in her roles at the ALSF, Nicole Kearse co-founded the Krescent Consulting firm, providing strategic consulting and organizational and IT consulting services to law firms, SMEs, not-for profits, and African start-upsProduction Paola SubacchiCoordination Nathalie CorvéeMusique Nils BertinelliHosted on Ausha. See ausha.co/privacy-policy for more information.

In this discussion, Ceyla Pazarbasioglu, Director at the IMF, shares her insights on navigating global debt crises. She details the Debt Service Suspension Initiative, designed to support low-income countries, and discusses the G20 Common Framework aimed at coordinating creditors in reshaping debt approaches. Ceyla also emphasizes the importance of transparency in restructuring and outlines the IMF's three-pillar strategy to promote growth. The conversation raises thought-provoking questions about the IMF's role as a lender of last resort in today's complex financial landscape.

In this episode Paola Subacchi and Thomas Melonio examine the future of the Sustainable Development Goals (SDGs) and the likelihood of achieving them by 2030. They discuss how to navigate trade-offs and shape a realistic transition path – one that may be more manageable in the long term, but more complex in the short term. The conversation also highlights the critical need to ensure that developing countries are not left behind in accessing the opportunities provided by AI. Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Thomas Melonio is Chief Economist at Agence Francaise de Development.Hosted on Ausha. See ausha.co/privacy-policy for more information.

Join Thomas Lambert, Managing Director at Lazard's Sovereign Advisory Group, as he delves into the world of sovereign debt restructuring. Drawing from his extensive experience, Thomas shares key insights from notable cases like Zambia and Sri Lanka. He discusses the challenges of coordinating among creditors and the essential role of multilateral institutions. The conversation also highlights the complexities of investing in high-risk markets and the vital link between interest rates and economic growth, providing valuable lessons for policymakers in navigating financial distress.

Nicolas Picchiottino, Secretary General of IDFC and Head of Public Development Banks at AFD, sheds light on how public development banks are pivotal in bridging development gaps and financing sustainable initiatives. He discusses the challenges of climate finance, especially after the U.S. withdrew from the Paris Agreement, and emphasizes the importance of mobilizing resources through collective efforts. Picchiottino also highlights initiatives promoting gender finance, showcasing the positive impact of women-led businesses on financial stability.

Fatos Koc, head of the Financial Markets Unit at the OECD, joins to discuss the troubling rise in global debt, which soared by $25 trillion in 2024. He highlights the impact of rising interest rates on debt sustainability, especially for emerging markets, and contrasts the capabilities of advanced economies. The conversation also delves into the significance of green bonds and sustainable investments, addressing the need for structured capital markets to foster resilience and respond to urgent investor demands.

In Episode 12 of DebtTalks, Paola Subacchi and Sarah Carlson discuss Europe’s debt outlook and the balance between economic growth and debt management. Before diving into these topics, they explore the role of credit rating agencies in the international financial system. The episode offers insights into the methodologies behind sovereign debt ratings, the challenges that these agencies face in today’s complex economic environment, and how ratings can influence both investor confidence and policy decisions. Hosts & GuestsPaola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Sarah Carlson is Senior Vice President at Moody's Ratings, lead analyst for several European countries and a spokesperson on global issues and European matters. Hosted on Ausha. See ausha.co/privacy-policy for more information.