21 March 2012
The International Federation of Accountants (IFAC) seminar, The Sovereign Debt Crisis, a Matter of Urgency - From Lessons to Reform, convened key decision makers, politicians, public finance management leaders, and others over two days in Vienna. The presentations, debates, and discussions sought a comprehensive understanding of the causes contributing to the international sovereign debt crisis and conveyed a clear and consistent message that fiscal stress and instability associated with the crisis need to be addressed urgently, throug a radical reform of public financial management systems and institutions in many countries.
The seminar revealed that problems with financial management and reporting are widespread and not just confined to a small handful of European countries. Speakers of the seminar included influential financial and accountng leaders such as Vincenzo La Via, Chief Financial Officer of the World Bank Group; Goran Persson, former Prime Minister of Sweden; Hon. Ruth Richardson, former New Zealand Minister of Finance; and Hon. David Walker, Founder and CEO of the Comeback America Initiative and former United States Comptroller General.
For a complete list of speakers and key findings of the seminar, visit the IFAC website at: http://www.ifac.org/news-events/2012-03/ifac-sovereign-debt-seminar-exposes-urgent-need-transformation-public-financial-