3:30—5:00 PM CEST

Confronting Debt, Climate Change and Poverty: Global Financial Architecture Reform and Fiscal Space of Developing Countries

Introductory remarks
Tomas Tobé, MEP, Chair of the Committee on Development

Presentation of the in-depth analysis "Reform of the global financial architecture in response to global challenges. How to restore debt sustainability and achieve SDGs?” by the expert and responses
Dr Abel Gwaindepi, Senior Researcher at the Danish Institute of International Studies

Presentation of workshop briefings: 

Fiscal space in developing countries – a primer
Dr Sanjeev Gupta, Senior Fellow Emeritus, Center for Global Development

International Monetary Fund Special Drawing Rights – a primer
Professor Mark Plant, Senior Policy Fellow, Center for Global Development

The fiscal space of developing countries and its impact on poverty (SDG 1) and/or inequality (SDG 7) reduction
Dr Annalena Oppel, Researcher at the International Inequalities Institute, London School of Economics and Political Science

This is an event hosted by the European Parliament's Committee on Development (DEVE), which features Mark Plant, Chief Operating Officer, CEO of CGD Europe, and Senior Policy Fellow, and Sanjeev Gupta, Senior Fellow Emeritus.

In September, the United Nations will hold the 'Summit of the Future'. This summit will debate, inter alia, the reform of global economic governance, lasting solutions on debt relief, lowering costs of sovereign borrowing, and an inclusive and equitable global tax architecture. Furthermore, the Brazilian Presidency of the G20 has put the reform of global governance institutions on its agenda. What aspects of the existing system draw criticism and what are the proposals for change? What should the EU and the European Parliament undertake to realise their development agenda, working towards the Sustainable Development Goals?

The workshop will analyse, with contributions from various experts, these interconnected issues within the global financial architecture, including the most vocal calls for its reform. It will also try to unpack the notion of fiscal space of developing countries. Experts will explain the nature of IMF Special Drawing Rights and their use as a development policy tool. The last briefing will evaluate which impact taxation, expenditure and debt servicing in developing countries can have on SDGs 1 ('no poverty') and 10 ('reduced inequalities').

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