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This paper, co-published with the Institute for New Economic Thinking (INET), expands on a number of the ideas raised during the discussion at a CIGI-INET conference held in Waterloo, Canada, that brought together experts on sovereign debt crises. Set against the deteriorating situation in Europe, the conference reopened a question that has largely lain dormant for the past decade: is the overall approach to resolving sovereign debt crises adequate for addressing the challenges ahead?

"The dominant issue was the situation in Europe, where the mood was that, clearly, Europe has not yet found a solution to its problems," CIGI Executive Director Thomas A. Bernes discusses the highlights of INET's Paradigm Lost Conference in Berlin and new initiatives for the CIGI-INET partnership.

The Right Honorable Paul Martin, Former Prime Minister of Canada, discusses how Canada eliminated the deficit in the 1990s which was the worst of the G7 at the time. In doing so he discusses the timing and the need for governments to place greater emphasis on bringing the country's population onside when tough decisions are required.

Joseph Stiglitz, University Professor, Columbia University at the panel entitled "Is Mercantilism Doomed to Fail? China, Germany, and Japan and the Exhaustion of Debtor Countries" at the Institute for New Economic Thinking's (INET) Paradigm Lost Conference in Berlin. April 13, 2012.