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Mr. Timothy Geithner

enough. To update Bagehot’s tool kit for financial crisis in a modern financial system, a credible emergency regime has to include: The ability to provide funding across the financial system, wherever there are runnable liabilities on a scale that matters. The ability to guarantee the liabilities of the core of the financial system. The ability to recapitalize the financial system, including with public resources, if necessary. The ability to resolve, or to liquidate in an orderly manner, large complex financial institutions. And the

Mr. Timothy Geithner


The choices we make in advance of the next financial crisis will have a major impact in determining the magnitude of the economic damage. Our vulnerability to crisis depends on the strength of the protections we build into the financial system through prudential regulation, as well as on the degrees of freedom we create for ourselves to respond to the unanticipated, and the knowledge and experience we bring in managing crises. Is the financial system safer today? With the reforms now in place and with the memory of the crisis still fresh, how confident should we feel about the resilience of the financial system and our ability to protect the US economy from a major financial crisis? Warburg Pincus President and former US Secretary of the Treasury Timothy Geithner attempts to answer these questions in his October 2016 Per Jacobsson Lecture.

Chishiro Matsumoto, Rui Monteiro, Isabel Rial, and Ozlem Aydin Sakrak

contacts and help to ensure consistency among projects, reduce transaction costs, and increase transparency. Standardization is most relevant for PPP contract clauses dealing with performance monitoring, performance-related penalty schemes, change orders, force majeure, change in law, reporting requirements, dispute resolution mechanisms, refinancing, termination events, and hand-back of assets. Standardized provisions should also provide temporary emergency regime such as permitting the adjustment of timelines and performance parameters, and the suspension of penalties

Ms. Manal Fouad, Chishiro Matsumoto, Rui Monteiro, Isabel Rial, and Ozlem Aydin Sakrak
Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management.
International Monetary Fund

(see Informational Annex). 8 See Minister’s Statement on Banking Matters . 9 Underpinning the progress in reforming the banking system, the authorities put in place a permanent bank resolution framework in October 2011 (see Box 2 in Ireland—Fourth Review Under the Extended Arrangement ). This framework, which implements a key recommendation of the 2010 Article IV consultation , initially exists in parallel with an emergency regime adopted during the crisis that is expected to be phased out by end 2012. 10 An overview of the new

International Monetary Fund. Secretary's Department

consider that the setting of such standards by the IMF is consistent with its objectives and mission, as set forth in the Articles of Agreement. Second, though priority should indeed be given to crisis prevention— primarily through stricter discipline in member countries and closer surveillance by the IMF—we know that this will not always suffice. A pre-emergency regime is therefore envisaged to enable action to be taken promptly in the event of serious financial crises. The third lesson of the Mexican crisis involves the Fund’s financial resources. Discussions are

of governments to increase international cooperation is, indeed, one of the main reasons why the present system of monetary disorder has prevailed for so long. Floating, we should remember, was initially introduced as a temporary emergency regime. It has led, together with diverging nationalistic domestic policies—the other side of the same coin—to the present situation. The world economy today is bogged down in a major financial and economic crisis. In face of this situation, our tasks should be divided into two parts so that they can be carried out as

International Monetary Fund
The Irish authorities are adopting consolidation measures to meet the original fiscal targets as well as implementing structural reforms in the labor market and sheltered sectors to enhance competitiveness. Strengthened euro area support for Ireland’s growth and debt sustainability would greatly reinforce prospects for Ireland to regain market access at an early stage given more adverse circumstances. Reports suggest that investors are differentiating Ireland based on its policy implementation track record and growth prospects. Vulnerabilities persist, however, as international demand for Irish bonds is sensitive to developments in the euro area.
International Monetary Fund

. This permanent legislation will initially exist in parallel with an emergency regime adopted during the crisis, as the special powers under the Credit Institutions (Stabilisation) Act 2010 (“CISA”) are expected to continue to apply to the banks that received public financial support during the crisis until end-2012. The new permanent resolution regime is applicable to all credit institutions (e.g., banks, credit unions, and building societies) which are not covered by CISA and enables the CBI to seek a court order for a range of measures to facilitate effective and