13 3t th h O OE EC CD D G Gl lo ob ba al l F Fo or - - PDF document

13 3t th h o oe ec cd d g gl lo ob ba al l f fo or ru um
SMART_READER_LITE
LIVE PREVIEW

13 3t th h O OE EC CD D G Gl lo ob ba al l F Fo or - - PDF document

I It ta al li ia an n M Mi in ni is st tr ry y o of f t th he e E Ec co on no om my y a an nd d F Fi in na an nc ce e ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT 13 3t th h O OE EC CD D


slide-1
SLIDE 1

I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

1 13 3t th h O OE EC CD D G Gl lo

  • b

ba al l F Fo

  • r

ru um m

  • n

n “ “P Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t a an nd d E Em me er rg gi in ng g G Go

  • v

ve er rn nm me en nt t S Se ec cu ur ri it ti ie es s M Ma ar rk ke et ts s” ”

N No

  • v

ve em mb be er r 2 27 7-

  • 2

28 8, , 2 20 00 03 3 R Ro

  • m

me e, , I It ta al ly y

T Th he e a an nn nu ua al l O OE EC CD D G Gl lo

  • b

ba al l F Fo

  • r

ru um m

  • n

n P Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t a an nd d E Em me er rg gi in ng g G Go

  • v

ve er rn nm me en nt t S Se ec cu ur ri it ti ie es s M Ma ar rk ke et ts s t th hi is s y ye ea ar r w wi il ll l b be e h he el ld d

  • n

n N No

  • v

ve em mb be er r 2 27 7 a an nd d 2 28 8, , 2 20 00 03 3 i in n R Ro

  • m

me e. . T Th hi is s F Fo

  • r

ru um m i is s p pa ar rt t

  • f

f t th he e w wo

  • r

rk k p pr ro

  • g

gr ra am mm me e

  • f

f t th he e O OE EC CD D’ ’s s C Ce en nt tr re e f fo

  • r

r C Co

  • p

pe er ra at ti io

  • n

n w wi it th h N No

  • n

n-

  • M

Me em mb be er rs s. . T Th he e f fo

  • r

ru um m i is s b be ei in ng g h he el ld d u un nd de er r t th he e a ae eg gi is s

  • f

f t th he e O OE EC CD D W Wo

  • r

rk ki in ng g P Pa ar rt ty y

  • n

n P Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t a an nd d i it t h ha as s b be ee en n

  • r

rg ga an ni iz ze ed d t to

  • g

ge et th he er r w wi it th h t th he e P Pu ub bl li ic c D De eb bt t D Di ir re ec ct ti io

  • n

n

  • f

f t th he e D De ep pa ar rt tm me en nt t

  • f

f t th he e T Tr re ea as su ur ry y ( (I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e) ). . T Th he e F Fo

  • r

ru um m w wi il ll l t ta ak ke e p pl la ac ce e a at t: :

H Ho

  • t

te el l W We es s i i t t n n E Ex xc ce el ls si io

  • r

r

V Vi ia a V Ve en ne et to

  • ,

, 1 12 25 5 R Ro

  • m

me e, , I It ta al ly y

slide-2
SLIDE 2

I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

F Fo

  • r

ru um m B Ba ac ck kg gr ro

  • u

un nd d

T Th he e 1 13 3t th h “ “G Gl lo

  • b

ba al l F Fo

  • r

ru um m

  • n

n P Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t a an nd d E Em me er rg gi in ng g G Go

  • v

ve er rn nm me en nt t S Se ec cu ur ri it ti ie es s M Ma ar rk ke et ts s” ” h ha as s b be ee en n

  • r

rg ga an ni is se ed d j jo

  • i

in nt tl ly y b by y t th he e O OE EC CD D W Wo

  • r

rk ki in ng g P Pa ar rt ty y

  • n

n P Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t, , w wh ho

  • s

se e m me em mb be er rs s a ar re e P Pu ub bl li ic c D De eb bt t M Ma an na ag ge er rs s a an nd d E Ex xp pe er rt ts s f fr ro

  • m

m a ar ro

  • u

un nd d 3 30 O OE EC CD D c co

  • u

un nt tr ri ie es s, , a an nd d t th he e P Pu ub bl li ic c D De eb bt t D Di ir re ec ct ti io

  • n

n

  • f

f t th he e D De ep pa ar rt tm me en nt t

  • f

f t th he e T Tr re ea as su ur ry y

  • f

f t th he e I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e. . T Th he e p pr re ev vi io

  • u

us s e ed di it ti io

  • n

n

  • f

f t th he e F Fo

  • r

ru um m w wa as s a al ls so

  • h

he el ld d i in n R Ro

  • m

me e

  • n

n M Ma ay y 2 23 3-

  • 2

24 4, , 2 20 00 02 2. . T Tr ra ad di it ti io

  • n

na al ll ly y, , t th he e F Fo

  • r

ru um m i is s t ta ai il lo

  • r

re ed d t to

  • e

em me er rg gi in ng g a an nd d t tr ra an ns si it ti io

  • n

n c co

  • u

un nt tr ri ie es s d de eb bt t m ma an na ag ge er rs s b bu ut t, , g gi iv ve en n t th he e p pr re ev vi io

  • u

us s e ed di it ti io

  • n

ns s’ ’ e ex xp pe er ri ie en nc ce e, , i it t i is s p po

  • s

ss si ib bl le e t to

  • c

cl la ai im m t th ha at t i it t h ha as s p pr ro

  • v

ve ed d t to

  • b

be e

  • f

f l la ar rg ge e i in nt te er re es st t e ev ve en n f fo

  • r

r a ad dv va an nc ce ed d c co

  • u

un nt tr ri ie es s. . I In nd de ee ed d, , a al ls so

  • t

th hi is s y ye ea ar r d de eb bt t m ma an na ag ge er rs s f fr ro

  • m

m a al ll l

  • v

ve er r t th he e w wo

  • r

rl ld d h ha av ve e b be ee en n i in nv vi it te ed d i in n

  • r

rd de er r t to

  • h

ha av ve e O OE EC CD D a an nd d n no

  • n

n O OE EC CD D c co

  • u

un nt tr ri ie es s c co

  • n

nf fr ro

  • n

nt ti in ng g a an nd d d di is sc cu us ss si in ng g t th he ei ir r v vi ie ew wp po

  • i

in nt ts s a an nd d t th he ei ir r e ex xp pe er ri ie en nc ce es s

  • n

n s se ev ve er ra al l p pu ub bl li ic c d de eb bt t m ma an na ag ge em me en nt t i is ss su ue es s. . A As s t to

  • f

fu ur rt th he er r e en nh ha an nc ce e t th he e q qu ua al li it ty y

  • f

f t th he e F Fo

  • r

ru um m, , a al ls so

  • t

th hi is s y ye ea ar r e ex xp pe er rt ts s c co

  • m

mi in ng g f fr ro

  • m

m

  • t

th he er r s su up pr ra an na at ti io

  • n

na al l a an nd d m mu ul lt ti il la at te er ra al l i in ns st ti it tu ut ti io

  • n

ns s a as s w we el ll l a as s p pr ra ac ct ti it ti io

  • n

ne er rs s f fr ro

  • m

m t th he e i in nt te er rn na at ti io

  • n

na al l f fi in na an nc ci ia al l c co

  • m

mm mu un ni it ty y w wi il ll l b br ri in ng g t th he ei ir r c co

  • n

nt tr ri ib bu ut ti io

  • n

n t to

  • t

th he e d di is sc cu us ss si io

  • n

n. . This year the Forum has been organised putting particular emphasis on the This year the Forum has been organised putting particular emphasis on the analysis of the consequences deriving from the imminent EU enlargement on analysis of the consequences deriving from the imminent EU enlargement on European public debt markets and acceding and accession countries public European public debt markets and acceding and accession countries public debt strategies debt strategies T Th he e F Fo

  • r

ru um m w wi il ll l s st ta ar rt t

  • n

n T Th hu ur rs sd da ay y, , N No

  • v

ve em mb be er r t th he e 2 27 7th

th,

, a at t 9 9: :0 00 a am m a at t t th he e H Ho

  • t

te el l E Ex xc ce el ls si io

  • r

r, , l lo

  • c

ca at te ed d i in n V Vi ia a V Ve en ne et to

  • ,

, i in n t th he e c ci it ty y c ce en nt tr re e. . I It t w wi il ll l e en nd d

  • n

n F Fr ri id da ay y, , N No

  • v

ve em mb be er r t th he e 2 28 8th

th,

, a at t 6 6: :0 00 p pm m. . A A social event social event h ha as s b be ee en n

  • r

rg ga an ni is se ed d f fo

  • r

r t th he e d di in nn ne er r

  • f

f t th he e 2 27 7th

th

f fo

  • r

r a al ll l t th he e F Fo

  • r

ru um m p pa ar rt ti ic ci ip pa an nt ts s. . The participation to the Forum is under invitation only The participation to the Forum is under invitation only. .

slide-3
SLIDE 3

I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

T Th he e P Pu ub bl li ic c D De eb bt t D Di ir re ec ct ti io

  • n

n

  • f

f t th he e D De ep pa ar rt tm me en nt t

  • f

f t th he e T Tr re ea as su ur ry y ( (I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e) ) i is s r re es sp po

  • n

ns si ib bl le e f fo

  • r

r t th he e R Re ep pu ub bl li ic c

  • f

f I It ta al ly y p pu ub bl li ic c d de eb bt t m ma an na ag ge em me en nt t. . E Eu ur ro

  • d

de en no

  • m

mi in na at te ed d a an nd d f fo

  • r

re ei ig gn n c cu ur rr re en nc cy y f fu un nd di in ng g s st tr ra at te eg gy y, , l li ia ab bi il li it ty y m ma an na ag ge em me en nt t, , T Tr re ea as su ur ry y s se ec cu ur ri it ti ie es s s se ec co

  • n

nd da ar ry y m ma ar rk ke et t s su up pe er rv vi is si io

  • n

n, , P Pr ri im ma ar ry y D De ea al le er rs s’ ’ a ac ct ti iv vi it ty y m mo

  • n

ni it to

  • r

ri in ng g, , c ca as sh h m ma an na ag ge em me en nt t a ar re e a am mo

  • n

ng g i it ts s m ma ai in n t ta as sk ks s. . I In n t th he e l la as st t c co

  • u

up pl le e

  • f

f y ye ea ar rs s t th he e D Di ir re ec ct ti io

  • n

n h ha as s b be ee en n r re em ma ar rk ka ab bl ly y i in nv vo

  • l

lv ve ed d i in n s se ev ve er ra al l b bi il la at te er ra al l m me ee et ti in ng gs s a an nd d w wo

  • r

rk ks sh ho

  • p

ps s w wi it th h e em me er rg gi in ng g a an nd d t tr ra an ns si it ti io

  • n

n e ec co

  • n

no

  • m

mi ie es s

  • n

n p pu ub bl li ic c d de eb bt t m ma an na ag ge em me en nt t i is ss su ue es s. . I It t i is s m me em mb be er r

  • f

f t th he e S St te ee er ri in ng g G Gr ro

  • u

up p

  • f

f t th he e O OE EC CD D W Wo

  • r

rk ki in ng g P Pa ar rt ty y

  • n

n P Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t a an nd d p pl la ay ys s a a v ve er ry y a ac ct ti iv ve e r ro

  • l

le e i in n t th he e

  • r

rg ga an ni iz za at ti io

  • n

n

  • f

f t th he e W WP P

  • u

ut tr re ea ac ch h a ac ct ti iv vi it ti ie es s

  • n

n d de eb bt t m ma an na ag ge em me en nt t t ta ai il lo

  • r

re ed d t to

  • e

em me er rg gi in ng g c co

  • u

un nt tr ri ie es s

.

T Th he e O OE EC CD D W Wo

  • r

rk ki in ng g P Pa ar rt ty y

  • n

n P Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t T Th he e O OE EC CD D G Gr ro

  • u

up p

  • f

f G Go

  • v

ve er rn nm me en nt t D De eb bt t M Ma an na ag ge em me en nt t E Ex xp pe er rt ts s w wa as s s se et t u up p i in n 1 19 97 79 9 a as s a a s sp pe ec ci ia al l w wo

  • r

rk ki in ng g g gr ro

  • u

up p

  • f

f t th he e C Co

  • m

mm mi it tt te ee e

  • n

n F Fi in na an nc ci ia al l M Ma ar rk ke et ts s. . T Th he e O OE EC CD D W Wo

  • r

rk ki in ng g P Pa ar rt ty y

  • n

n G Go

  • v

ve er rn nm me en nt t D De eb bt t M Ma an na ag ge em me en nt t i is s c co

  • m

mp po

  • s

se ed d

  • f

f r re ep pr re es se en nt ta at ti iv ve es s

  • f

f G Go

  • v

ve er rn nm me en nt ts s a an nd d D De eb bt t M Ma an na ag ge em me en nt t O Of ff fi ic ci ia al ls s f fr ro

  • m

m O OE EC CD D C Co

  • u

un nt tr ri ie es s. . I It ts s m ma ai in n a ai im m i is s t to

  • d

di is sc cu us ss s t th he e i is ss su ue es s r re el la at te ed d t to

  • P

Pu ub bl li ic c D De eb bt t M Ma an na ag ge em me en nt t a an nd d t to

  • p

pr ro

  • d

du uc ce e d do

  • c

cu um me en nt ts s a an nd d g gu ui id de el li in ne es s t th ha at t c co

  • u

ul ld d s se er rv ve e a as s a a b be en nc ch hm ma ar rk k e ex xp pe er ri ie en nc ce e

  • r

r i in nf fo

  • r

rm ma at ti io

  • n

n t to

  • l

l f fo

  • r

r O OE EC CD D C Co

  • u

un nt tr ri ie es s. . I In n 2 20 00 01 1-

  • 2

20 00 02 2, , t th he e W WP P h ha as s p pr ro

  • d

du uc ce ed d a a s se er ri ie es s

  • f

f s st tu ud di ie es s a an nd d r re ep po

  • r

rt ts s i il ll lu us st tr ra at ti in ng g a an nd d e ev va al lu ua at ti in ng g t th he e r re ec ce en nt t s st tr ru uc ct tu ur ra al l c ch ha an ng ge es s a an nd d t tr re en nd ds s i in n O OE EC CD D P Pu ub bl li ic c D De eb bt t M Ma ar rk ke et ts s T Th he e P Pu ub bl li ic c D De eb bt t D Di ir re ec ct ti io

  • n

n

  • f

f t th he e D De ep pa ar rt tm me en nt t

  • f

f t th he e T Tr re ea as su ur ry y ( (I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e) )

slide-4
SLIDE 4

I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

F Fo

  • r

ru um m P Pr ro

  • g

gr ra am m

T Th he e p pr ro

  • g

gr ra am mm me e c co

  • n

ns si is st ts s

  • f

f t th he e f fo

  • l

ll lo

  • w

wi in ng g p pa an ne el ls s: :

F Fi ir rs st t D Da ay y

  • C

Ch ha al ll le en ng ge es s a an nd d p pr ro

  • s

sp pe ec ct ts s

  • f

f E Eu ur ro

  • p

pe ea an n P Pu ub bl li ic c D De eb b t t M Ma ar rk ke et ts s r re el la at te ed d t to

  • t

th he e E EU U e en nl la ar rg ge em me en nt t T Th hi is s p pa an ne el l f fo

  • c

cu us se es s

  • n

n t th he e n ne ea ar r-

  • t

te er rm m i im mp pl li ic ca at ti io

  • n

ns s

  • f

f E EU U e en nl la ar rg ge em me en nt t f fo

  • r

r ( (1 1) ) p po

  • l

li ic cy y c co

  • n

nv ve er rg ge en nc ce e b by y a ac cc ce es ss si io

  • n

n c co

  • u

un nt tr ri ie es s; ; ( (2 2) ) E Eu ur ro

  • p

pe ea an n p pu ub bl li ic c d de eb bt t m ma ar rk ke et ts s; ; a an nd d ( (3 3) ) p pu ub bl li ic c d de eb bt t p po

  • l

li ic ci ie es s p pu ur rs su ue ed d b by y t th he e n ne ew w E EU U m me em mb be er rs s. . B Bo

  • t

th h m ma ar rk ke et t a an nd d i in ns st ti it tu ut ti io

  • n

na al l a an ng gl le es s w wi il ll l b be e c co

  • v

ve er re ed d, , i in nc cl lu ud di in ng g m ma ar rk ke et t t tr re en nd ds s, , r ri is sk k m ma an na ag ge em me en nt t s st tr ra at te eg gi ie es s b by y d de eb bt t m ma an na ag ge er rs s f fr ro

  • m

m a ac cc ce es ss si io

  • n

n c co

  • u

un nt tr ri ie es s, , e ev vo

  • l

lu ut ti io

  • n

n

  • f

f e el le ec ct tr ro

  • n

ni ic c t tr ra ad di in ng g s sy ys st te em ms s, , a an nd d t th he e p po

  • s

st t-

  • t

tr ra ad di in ng g i in nf fr ra as st tr ru uc ct tu ur re e. .

  • T

Th he e r ro

  • l

le e

  • f

f r re ep po

  • m

ma ar rk ke et ts s f fo

  • r

r t th he e d de ev ve el lo

  • p

pm me en n t t o

  • f

f g go

  • v

ve er rn nm me en n t t b bo

  • n

nd d s se ec co

  • n

nd da ar ry y m ma ar rk ke et ts s

  • f

f n ne ew w E EU U m me em mb be er rs s a an nd d

  • t

th he er r e em me er rg gi in ng g m ma ar rk ke et ts s R Re ep po

  • m

ma ar rk ke et ts s a ar re e k ke ey y i in ns st ti it tu ut ti io

  • n

ns s f fo

  • r

r e en nh ha an nc ci in ng g t th he e l li iq qu ui id di it ty y

  • f

f s se ec co

  • n

nd da ar ry y p pu ub bl li ic c d de eb bt t m ma ar rk ke et ts s. . M Mo

  • r

re e i in n g ge en ne er ra al l, , d de eb bt t m ma an na ag ge er rs s f fr ro

  • m

m a al ll l e em me er rg gi in ng g m ma ar rk ke et ts s c ca an n b be en ne ef fi it t s si ig gn ni if fi ic ca an nt tl ly y f fr ro

  • m

m a an n i im mp pr ro

  • v

ve ed d p pe er rf fo

  • r

rm ma an nc ce e

  • f

f r re ep po

  • t

tr ra ad di in ng g b ba as se ed d

  • n

n s se el le ec ct te ed d d de eb bt t i in ns st tr ru um me en nt ts s a as s i it t a al ll lo

  • w

ws s a a b be et tt te er r f fu un nc ct ti io

  • n

ni in ng g s se ec co

  • n

nd da ar ry y c ca as sh h m ma ar rk ke et ts s a an nd d g gr re ea at te er r l li iq qu ui id di it ty y

  • f

f t th he es se e d de eb bt t i in ns st tr ru um me en nt ts s. . T Th he e p pa an ne el l w wi il ll l g gi iv ve e u us se ef fu ul l i in ns si ig gh ht ts s c co

  • n

nc ce er rn ni in ng g t th he e c ch ha ar ra ac ct te er ri is st ti ic cs s

  • f

f t th he e E Eu ur ro

  • p

pe ea an n r re ep po

  • m

ma ar rk ke et t, , i in nc cl lu ud di in ng g i it ts s m ma ai in n r re eg gu ul la at to

  • r

ry y a an nd d

  • p

pe er ra at ti io

  • n

na al l f fe ea at tu ur re es s ( (a as s a ad do

  • p

pt te ed d b by y E EU U d de eb bt t m ma an na ag ge er rs s) ), , t th he e p pr ri in nc ci ip pa al l l le eg ga al l s st ta an nd da ar rd ds s i in n f fo

  • r

rc ce e

  • n

n t th he e i in nt te er rn na at ti io

  • n

na al l f fi in na an nc ci ia al l m ma ar rk ke et ts s a as s w we el ll l a as s a an n

  • v

ve er rv vi ie ew w

  • f

f t th he e r re el la at te ed d i in ns so

  • l

lv ve en nc cy y i is ss su ue es s. . T Th he e p pa an ne el l w wi il ll l a al ls so

  • d

di is sc cu us ss s p pr ri im ma ar ry y d de ea al le er rs s’ ’ p pr ra ac ct ti ic ce es s i in n E EU U a an nd d n no

  • n

n-

  • E

EU U g go

  • v

ve er rn nm me en nt t b bo

  • n

nd d r re ep po

  • m

ma ar rk ke et ts s. .

slide-5
SLIDE 5

I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

S Se ec co

  • n

nd d D Da ay y

  • T

Th he e e e i i f ff f c ci ie en nc cy y

  • f

f g go

  • v

ve er rn nm me en nt t b bo

  • n

nd ds s i i s ss su ua an nc ce e m me et th ho

  • d

ds s T Th hi is s p pa an ne el l w wi il ll l r re ev vi ie ew w t th he eo

  • r

re et ti ic ca al l i in ns si ig gh ht ts s a an nd d e em mp pi ir ri ic ca al l f fi in nd di in ng gs s

  • n

n t th he e s st ta at te e-

  • f

f-

  • a

ar rt t

  • f

f t th he e v va ar ri io

  • u

us s i is ss su ui in ng g p pr ro

  • c

ce ed du ur re es s. . T Th he e r re el le ev va an nc ce e

  • f

f c co

  • n

nc cl lu us si io

  • n

ns s a an nd d f fi in nd di in ng gs s f fo

  • r

r e em me er rg gi in ng g m ma ar rk ke et ts s w wi il ll l b be e a as ss se es ss se ed d. .

  • I

In nn no

  • v

va a i i t t o

  • n

ns s i i n n t th he e i i f f x xe ed d i i

  • n

nc co

  • m

me e s se ec ct to

  • r

r a an nd d t th he ei ir r u us se e f fo

  • r

r t th he e d de es si ig gn n

  • f

f g go

  • v

ve er rn nm me en n t t d de eb b i i t t n ns st tr ru um me en nt ts s i in n e em me er rg gi in ng g m ma ar rk ke et ts s I In n t th he e l la as st t d de ec ca ad de e, , s se ev ve er ra al l i in nn no

  • v

va at ti io

  • n

ns s

  • n

n f fi ix xe ed d-

  • i

in nc co

  • m

me e m ma ar rk ke et ts s i in nt tr ro

  • d

du uc ce ed d b by y c co

  • r

rp po

  • r

ra at ti io

  • n

ns s i in n t th he e U Un ni it te ed d S St ta at te es s a an nd d t th he e E EU U, , b by y s su up pr ra a-

  • n

na at ti io

  • n

na al ls s, , a as s w we el ll l a as s b by y a a n nu um mb be er r

  • f

f g go

  • v

ve er rn nm me en nt ts s f fr ro

  • m

m t th he e O OE EC CD D a ar re ea a, , h ha av ve e a al ll lo

  • w

we ed d t th he e d de ev ve el lo

  • p

pm me en nt t

  • f

f n ne ew w d de eb bt t i in ns st tr ru um me en nt ts s m ma ar rk ke et ts s. . T Th he es se e d de eb bt t i in ns st tr ru um me en nt ts s a ar re e a ab bl le e t to

  • b

be et tt te er r a ad dd dr re es ss s t th he e b bo

  • r

rr ro

  • w

wi in ng g n ne ee ed ds s

  • f

f t th he es se e i is ss su ue er rs s a an nd d/ /o

  • r

r p pr ro

  • v

vi id de e a a b be et tt te er r f fi it t w wi it th h t th he e c ch ha ar ra ac ct te er ri is st ti ic cs s

  • f

f t th he ei ir r a as ss se et t s si id de e

  • n

n t th he e b ba as si is s

  • f

f a a s sh hi if ft t t to

  • a

a m mo

  • r

re e A AL LM M-

  • r

ri ie en nt te ed d a ap pp pr ro

  • a

ac ch h. . T Th he e p pa an ne el l w wi il ll l e ex xa am mi in ne e t th he e u us se ef fu ul ln ne es ss s

  • f

f t th he es se e n ne ew w i in ns st tr ru um me en nt ts s f fo

  • r

r t th he e p pu ub bl li ic c d de eb bt t m ma an na ag ge em me en nt t

  • f

f s so

  • v

ve er re ei ig gn ns s f fr ro

  • m

m e em me er rg gi in ng g m ma ar rk ke et ts s. .

C Co

  • n

nt ta ac ct ts s

F Fo

  • r

r m mo

  • r

re e i in nf fo

  • r

rm ma at ti io

  • n

n

  • n

n t th he e p pr ro

  • g

gr ra am mm me e p pl le ea as se e c co

  • n

nt ta ac ct t M Mr r. . H Ha an ns s J J. . B Bl lo

  • m

mm me es st te ei in n [ [O OE EC CD D, , mailto:hans.blommestein@oecd.org mailto:hans.blommestein@oecd.org] ]

  • r

r M Mr r D Da av vi id de e I Ia ac co

  • v

vo

  • n

ni i [ [I It ta al li ia an n M Mi in ni is st tr ry y

  • f

f t th he e t th he e E Ec co

  • n

no

  • m

my y a an nd d F Fi in na an nc ce e, , D De ep pa ar rt tm me en nt t

  • f

f t th he e T Tr re ea as su ur ry y, , P Pu ub bl li ic c D De eb bt t D Di ir re ec ct ti io

  • n

n, , mailto:davide.iacovoni@tesoro.it mailto:davide.iacovoni@tesoro.it ] ]