The challenge of preventing and managing sovereign debt crises has taken on new urgency in the wake of the global financial crisis. Although valuable lessons were learnt from earlier sovereign debt crises in emerging markets and developing countries, there are concerns that subsequent efforts to reform the architecture have been insufficient. Many of the countries currently struggling with high public debt burdens are in the developed world, making the problem of excessive sovereign debt a global phenomenon and a threat to international financial stability. CIGI has been working with a number of experts and institutions to examine the existing arrangements for restructuring sovereign debt which, in many ways, are not ideal and to propose solutions for their improvement.

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Experts

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James M. Boughton

CIGI Senior Fellow

James M. Boughton is a CIGI Senior Fellow. He is a former historian of the International Monetary Fund (IMF), a role he held from 1992 to 2012. From 2001 to 2010, he also served as assistant director in the Strategy, Policy, and Review Department at the IMF. At CIGI, James’s research focuses on the evolution of Canada’s role in international governance since the 1940s and the potential for further evolution in the near future.

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Susan Schadler

CIGI Senior Fellow

Susan Schadler is a CIGI Senior Fellow. She is a former deputy director of the International Monetary Fund’s European Department, where she led surveillance and lending operations to several countries and managed a number of research teams working on European issues. Her current research interests include the sovereign debt crisis, global capital flows, global financial institutions and growth models for emerging market economies.

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Beatrice Weder di Mauro

CIGI Senior Fellow

Beatrice Weder di Mauro is a senior fellow with CIGI’s Global Economy Program. Beatrice has provided high-level policy advice to key financial institutions and European governments in the areas of financial crisis, international capital flows, financial governance and sovereign debt restructuring. 

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Miranda Xafa

CIGI Senior Fellow

Miranda Xafa is a CIGI senior fellow. She is also chief executive officer of EF Consulting, an Athens-based advisory firm focusing on euro-zone economic and financial issues. At CIGI, Miranda focuses on sovereign debt crises and drawing lessons from the Greek debt restructuring for future debt crises. From 2004 to 2009, she served as a member of the executive board of the IMF in Washington, DC.

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