Sustainable Public Financial Management

Power of Prediction?

Doug Hadden, VP Products

Public Financial Management is becoming increasingly social, mobile and transparent. That was the subject for my presentation at the 26th Annual International Consortium on Governmental Financial Management (ICGFM) Spring Conference today.

Doug Hadden, VP Products

New technology is adopted asymmetrically. Some organizations adopt quickly, others lag. Geoffrey Moore has written the book (books) about the technology adoption curve, starting with the classic, Crossing the Chasm. Open government is crossing this chasm. The Open Government Partnership momentum validates the ‘vertical’ adoption characteristic of the ‘early majority’ stage.

What differs between the ‘early adopters’ and ‘early majority’? The ‘early majority’ needs proven business cases -intuition is not enough. This was the brainstorm subject I moderated on Saturday at Transparency Camp 2012: identify business case elements. This picks up from a blog post from earlier this month. Notes were taken by @JeanneHolm from NASA/JPL located at http://transparencycamp.org/sessions/161/

The business case problem

Business cases rely on well-known metrics like Return on Investment (ROI) and Economic Value Add (EVA). Measures are usually well understood – for the previous technology. Much of the positive impact of new technology cannot be calculated using the old measurements. And, we often forget the business case for existing technology because it has such widespread use that benefits are obvious. For example, It seems like nonsense to ask managers to justify the acquisition of telephones or fax machines today.

The ROI problem

Technology vendors produce ROI studies. Are these studies objective? Probably not. Some irony here: FreeBalance is a technology vendor with open government products. More on the business case problem in government at the end of the post.

Brainstormed Business Case Ideas

Return: The primary return factor identified were:

1. Revenue, primarily in the form of increased tax collection through increased economic activity
2. Efficiency, effectiveness and productivity through reduced cost per unit of work including cost avoidance
3. Outcome improvements such as achieving higher levels of service delivery or improved health statistics

1. Revenue

The use of, what Tim O’Reilly calls ‘government as platform‘, extends the notion of governments encouraging economic activity through infrastructure development to the digital word. The classic example is the economic activity generated through GPS. This seems to be the primary revenue use case for open government. I think that there could be a use case for increased sales of government products through open government. Perhaps even increased revenue for sales of government assets that are being disposed.
There are some special circumstances for developing nations. Improved transparency leads to improved governance scores (eg…) which leads to increased business confidence (increased investment leads to more tax collection), citizen confidence (higher tax compliance), donor confidence (more and better aid) and ex-pat confidence (reverse brain drain & increase remittances.)

2. Costs

• Lower procurement costs through increased completion and civil society oversight (example: open e-procurement systems)
• Lower transaction costs through open gov process integration with other tiers  of government and grants to NGOs, business etc. (example: aid transparency through IATI)
• Lower health care costs through preventative advice
• Lower costs to manage Freedom of Information requests through proactive disclosure, as pointed out by David Eaves
• Reduced corruption because information is open and under scrutiny
• Improved productivity because public servants will be aware that information is transparent – this can also lead to merit-based systems that improve government effectiveness

3. Outcomes

• All the cost elements above can lead to improved outcomes. Other outcomes include:
• Improved citizen service delivery
• Improved outcomes in sectors like education, health, industrial development (premise: If people knew what pesticides were being released, behaviour in food purchasing or food cleaning may change)
• More effective disaster response (example: Ushahidi in Haiti earthquake response)

Increasing Returns

ROI in the physical world is a diminishing returns calculation. Each new market for toothpaste increases costs. The virtual world is one of increasing returns. Each new chunk of open data adds value to previous chunks of open data. And the costs to collect and maintain open data goes down because the infrastructure scales. (That’s why Amazon can provide such value for the Elastic Cloud.) This is called the network effect.

Special Problems in Government Business Case development

• Government organizes who sell data to the private sector lose this revenue source if the data is free. The resulting economic development may increase taxes, but the organization does not benefit directly.
• Cost avoidance and cost improvements are difficult to justify in the public sector if the outlay for technology is high. That’s because the initial investment increases the budget.
• Many benefits are specific to types of government, so it is unlikely that business cases vary by context.
• Risk avoidance among many public sector organizations may attribute lower benefits and higher costs to open gov projects than they should.
• Benefits may only accrue if civil society, businesses and citizens are trained.

Conclusion

There seemed general agreement that small wins are required to generate momentum and to help justify future business cases. There also seemed to be agreement that the ROI benefits may take a long time to accrue but that these benefits will be long standing.

Dr. Cleopatra Gittens elected by FISC members as 2012 chair

Ottawa, Canada (April 25, 2012) – FreeBalance, a leading vendor of Government Resource Planning (GRP) software, is pleased to announce the election of Dr. Cleopatra Gittens, the Accountant General of Antigua and Barbuda as Chair of the FreeBalance International Steering Committee (FISC). Dr. Gittens was elected chair at the FISC conference held in Istanbul, Turkey in January.

The FISC Chair guides the program for the 2013 FISC Conference scheduled for Hong Kong. FISC members, consisting of countries using the FreeBalance Accountability Suite, voted for the Chair and location for the upcoming conference. Dr. Gittens impressed FISC members by sharing good practices in budget, treasury and civil service management. Unlike traditional software vendor user group meetings, FISC empowers customers to adapt the FreeBalance product roadmap. A significant portion of the annual conference is dedicated to sharing good practices in Public Financial Management (PFM) among countries.

“We congratulate Dr. Gittens and look forward to her contribution for the 2013 FISC Agenda,” said Manuel Pietra, President & CEO of FreeBalance. “FISC members value her insight and appreciate her domain expertise in budget planning, treasury management and capacity building in government.”

Dr. Cleopatra Gittens is a graduate of the University of the West Indies and the City University of New York – Baruch College. She has been the Accountant General of Antigua and Barbuda since September 2009. Previously, Dr. Gittens was Deputy Director and Director of Banking and Monetary Operations at the Eastern Caribbean Central Bank. Dr. Gittens plays an important role in many PFM reforms as Accountant General of Antigua and Barbuda including the PFM Reforms Action Plan and Public Sector Transformation.

“The FreeBalance International Steering Committee provides a unique opportunity for public financial management professionals to share country experiences on good governance and accountability”, said the Honourable Harold Lovell, Minister of Finance, the Economy and Public Administration in Antigua & Barbuda. “Dr. Gittens plays an active role in the PFM community and we are pleased that she will be in a position to contribute her expertise and leadership to the FISC in her role as Chair.“

About FreeBalance
FreeBalance helps governments around the world leverage robust Government Resource Planning (GRP) technology to accelerate country growth. FreeBalance is a recognized as leader in fast, adaptable and successful GRP implementations. FreeBalance software manages a global civil service workforce of 1,500,000, and a quarter trillion ($US) annual budgets worldwide. FreeBalance provides software solutions for public financial and human resource management, and supports reform and modernization to improve governance, transparency and accountability. Good governance is required to improve development results. For more information, visit www.freebalance.com.

About FISC
The annual FreeBalance International Steering Committee (FISC) conference runs from January 16 – 18, 2012 in Istanbul, Turkey. FISC provides an interactive forum to exchange Public Financial Management (PFM) good practices among international customers and PFM thought leaders. FISC drives the FreeBalance Accountability SuiteGovernment Resource Planning (GRP) product direction. Previous FISC events were held in Madeira, Portugal (2011); Mt. Tremblant, Canada (2010); Prague, Czech Republic (2009); Cascais, Portugal (2008); and London, United Kingdom (2007).

FreeBalance to present about effects of social media, open data, big data, consumerization of information technology (CoIT), crowdsourcing and gamification on the future of Public Financial Management

ICGFM

Ottawa, Canada (April 26, 2012) –FreeBalance, a leading vendor of Government Resource Planning (GRP) software, will be showcasing the latest Government Resource Planning (GRP) solutions for public sector performance and transparency at the 26^thAnnual International Consortium on Government Financial Management (ICGFM)conference next week focused on Public Financial Management (PFM) in the 21^st century.FreeBalance will be showcasing government performance management and open data software and implementation methodology proven to improve government results and value for money at interactive sessions.

FreeBalance is the sole Platinum sponsor for the ICGFM conference and workshop sessions that take place from April 29th to May 4^th in Miami Florida. “ICGFM is dedicated to enhancing public financial management so that governments can better serve their citizens,” said Manuel Pietra, President & CEO of FreeBalance. “FreeBalance is committed to sharing experiences and good practices that support accountability, transparency, and good governance.” The event will provide participants with a unique opportunity share experiences with PFM systems, institutions and modern tools and technology to support country growth.

The conference program includes PFM expert speakers from around the globe including Namibia, Cambodia, India, Canada, Austria, and Nepal.  A conference highlight will be the first “Open Forum on PEFA” presented by the PEFA Secretariat. Public Expenditure and Financial Accountability (PEFA) assessments are used to evaluate PFM processes and government transparency. The PEFA Secretariat will present a new tool for PEFA assessments, describe trends in PFM performance, and introduce Phase 4 of the PEFA Program.

Doug Hadden, Vice President of Products at FreeBalance, is also a speaker at the event. His presentation will provide a roadmap for the 21^stcentury focused on aligning PFM reform and social Media. “The [Social] Future of Public Financial Management” presentation will explain the effects of social media, transparency, mobile, gamification and the “Consumerization of IT” in government. The FreeBalance presentation takes place on April 30th at 11:00 a.m.

FreeBalance is a sustaining member of the ICGFM and plays an active role in supporting the goals and objectives of the Consortium.  Manuel Pietra, FreeBalance President & CEO, is a member of the Board of Directors at ICGFM.  Other board members include the World Bank, International Monetary Fund, USAID, Inter-American Development Bank, Association of Government Accountants (USA), Development Gateway Foundation, and others.

About FreeBalance
FreeBalance helps governments around the world leverage robust Government Resource Planning (GRP) technology to accelerate country growth. FreeBalance is a recognized leader in fast, adaptable and successful GRP implementations. FreeBalance software manages a global civil service workforce of 1,500,000, and a quarter trillion ($US) annual budgets worldwide. FreeBalance provides software solutions for public financial and human resource management, and supports reform and modernization to improve governance, transparency and accountability. Good governance is required to improve development results. For more information, visit www.freebalance.com.

About ICGFM
Working globally with governments, organizations, and individuals, the International Consortium on Governmental Financial Management (ICGFM) is dedicated to improving financial management by providing opportunities for professional development and information exchange. The ICGFM was established over two decades ago to serve as an international forum for public sector financial managers. More at www.icgfm.org.

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Media Contact:

Matthew Olivier
FreeBalance Inc.

(613) 301-9653

molivier@freebalance.com

www.freebalance.com

FreeBalance presentation will examine the effects of social media, open data, big data, consumerization of information technology (CoIT), crowdsourcing and gamification on the future of Public Financial Management

ICGFM

Ottawa, Canada (April 27, 2012) –FreeBalance, a leading vendor of Government Resource Planning (GRP) software, is pleased to announce that Doug Hadden, Vice President of Products, will be presenting at the 26th Annual International Consortium on Governmental Financial Management (ICGFM) Conference next week in in Miami, Florida. The FreeBalance presentation will provide a roadmap for Public Financial Management (PFM) in the 21st century by examining how developing nations and emerging economies are leveraging technology to leapfrog developed countries.

“The [Social] Future of Public Financial Management” presentation takes place on April 30th at 11:00 a.m.at the Biscayne Bay Marriott in Miami. “Governments around the world are embracing social technologies to improve PFM and governance,” said Matthew Olivier, FreeBalance’s Director of Global Marketing & Alliances. “This presentation explores the concept of technology leapfrog where citizens are empowered to affect change and collaborate with government in new ways using new social platforms.” The conference program includes other expert PFM speakers from around the globe including Namibia, Cambodia, India, Austria, and Nepal.

FreeBalance will be also be showcasing government performance management, open data software and implementation methodology proven to improve government results and value for money at interactive ICGFM sessions. FreeBalance is a sustaining member of the ICGFM and plays an active role in supporting the goals and objectives of the Consortium. Manuel Pietra, FreeBalance President & CEO, is a member of the Board of Directors at ICGFM. Other board members include the World Bank, International Monetary Fund, USAID, Inter-American Development Bank, Association of Government Accountants (USA), Development Gateway Foundation, and others.

About FreeBalance
FreeBalance helps governments around the world leverage robust Government Resource Planning (GRP) technology to accelerate country growth. FreeBalance is a recognized leader in fast, adaptable and successful GRP implementations. FreeBalance software manages a global civil service workforce of 1,500,000, and a quarter trillion ($US) annual budgets worldwide. FreeBalance provides software solutions for public financial and human resource management, and supports reform and modernization to improve governance, transparency and accountability. Good governance is required to improve development results. For more information, visit www.freebalance.com.

About ICGFM
Working globally with governments, organizations, and individuals, the International Consortium on Governmental Financial Management (ICGFM) is dedicated to improving financial management by providing opportunities for professional development and information exchange. The ICGFM was established over two decades ago to serve as an international forum for public sector financial managers. More at www.icgfm.org.

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Media Contact:

Matthew Olivier
FreeBalance Inc.
(613) 301-9653
molivier@freebalance.com
www.freebalance.com

Looking back 5 years, looking ahead 5 Years

Doug Hadden, VP Products

While getting ready for my presentation next Monday at the International Consortium on Governmental Financial Management (ICGFM) conference in Miami, I had time to reflect on my predictions for 2007. The presentation Monday is on the Social Future of Public Financial Management. 5 Years ago, it was “New Technologies for Public Financial Management.”

Doug Hadden, VP Products

I’ve been having some interesting conversations about security in software for Public Financial Management software. My assumption at first was that the discussions would be about IT security: encryption, biometrics, database access, firewalls etc. It turns out that there is more to holistic GRP security than IT.

Not that IT security is unimportant. It’s just that there isn’t much difference among enterprise software vendor security capabilities whether it’s biometrics, public key infrastructure, or SSL support. And, web technology provides firewall, VPN and intrusion detection.

Flexible and Comprehensive Controls in FreeBalance Software

Budget and Appropriation Controls as Security

Software designed for the private sector like typical ERP or HRMIS software have little or no budget integration. (I am unaware of any HRMIS system, other than from FreeBalance, that integrates with budgets and commitments.) The primary mechanism to ensure compliance with regulations is through managerial approvals. Here’s where we’ve seen some problems with private sector COTS (and custom developed) software used for GRP:

• No budget or appropriation controls that results in spending over budget ceilings (i.e. organic budget law or the “vote” in some countries) in procurement and payroll
• Inability to support complex segregation of duties across multiple segments in the Chart of Accounts (COA) making for non-compliant spending
• Line-item budget controls resulting in numerous budget transfers, sometimes on a daily basis, for simple purchasing that results in poor fiscal discipline
• Lack of budget surplus or deficit forecasting based on spending trends resulting in creating arrears, particularly when running accounting on a cash basis
• Poor comprehensiveness of controls that may not support monthly controls or cash warrants resulting in liquidity problems
• Inability to properly model budgets in budget preparation software or to develop a comprehensive COA

How does FreeBalance deal with Controls?

The FreeBalance Accountability Suite is designed exclusively for government. Budget controls represents the core of our software. The control characteristics include:

• Budget and appropriation controls in all modules including procurement and civil service management.
• Multiple controls operating at the same time. This can include line item budget controls or warnings, multiple aggregate controls across multiple COA segments and time periods and cash controls. (And, with warnings and tolerances).
• Segregation of duties tightly integrated with the COA.
• Budget preparation software that ensures the development of credible budgets with proper controls
• Good control practices recommended by our implementation team
• Progressive activation to adjust controls based on knowledge gained from experience and analysis of the audit trail (including adapting the COA to meet this need)

The special case of Human Resources

You may be surprised to know that every Government of Canada client of a particular brand of ERP uses FreeBalance software to manage salary budgets. (And, many of the other major ERP brand despite a custom developed solution.) Why is that?

Government of Canada salary budgeting is very complex. The government negotiates with Trade Unions for collective agreements. These agreements create complex salary scales and benefit structures. Salaries represent a significant or the most significant expenditure for many Government of Canada departments and agencies. FreeBalance Performance Management software is used to model and build salary budgets. The budget is compared to actual payroll expenditures at every pay period and re-forecasted.  Vacancy rates, seasonal employment, overtime, certification, training usage, natural disasters and other factors can have a material effect on expenditures. Government organizations need to know if they will exceed the vote. And you can’t do that with ERP or HRMIS software.

Doug Hadden, VP Products

Miles Davis can tell us something about innovation

I’ve been thinking about the nature of innovation [Software Innovation: “The Witch is Dead”, ERP Innovation – Is that all there is?. More innovation please, we're Canadian! Cheesy Technology “Innovation”].

Clayton Christiensen calls it the Innovator’s Dilemma: reliance on the the status quo prevents many companies from leveraging breakthrough innovation. Innovation disrupts the business model.

This is a lesson from Miles: The Autobiography by Miles Davis and Quincy Troupe. Miles Davis has some fascinating lessons for business innovation coming from the music business:

“See, if you put a musician in a place where he has to do something different from what he does all the time, then he can do that –but he’s got to think differently in order to do it. He has to use his imagination, be more creative, more innovative; he’s got to take more risks.”

“Those were all young  guys and although they were learning from me, I was learning from them, too, about the new thing…Because to be and stay a great musician you’ve got to always be open to what’s new, what’s happening at the moment.”

“if anyone keeps creating they have to be about change. Living is an adventure and a challenge.”

1959 and Jazz Innovation

As the following embedded videos show, 1959 was the “Jazz 2.0″ (perhaps 3.0 or 4.0) explosion with the recording and release of:

• Kind of Blue: 50th Anniversary Legacy Edition/+DVD by Miles Davis
• Mingus Ah Um by Charles Mingus
• The Shape of Jazz to Come by Ornette Coleman
• Time Out by Dave Brubeck Quartet

Not to mention the recording of Giant Steps by John Coltrane that was released in 1960. It reminds those of us in technology to innovate, otherwise we’ll be over-innovated.

Esta actualización semanal de noticias proporciona a la comunidad de  una visión general de los recientes desarrollos de FreeBalance y las noticias relevantes de la industria.

En la Ruta al Siglo XXI: Alinenado la reforma de la GFP y los medios sociales

Acompañe a FreeBalance en el evento anual del ICGFM* en Miami para conocer sobre “El Futuro Social de la Gestión Financiera Pública”. La presentación de FreeBalance tratará sobre los efectos de los medios sociales, transparencia, la telefonía móvil, gamificación y la “Consumerizacion de la tecnología de la información” en el gobierno. La presentación es parte de la conferencia del Consorcio Internacional sobre Administración Financiera Gubernamental (ICGFM*) a realizarse entre el 29 de abril y el 4 de mayo en Miami, Florida. La presentación de FreeBalance se llevará a cabo el 30 de abril a las11:00 a.m.
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Reúnase con FreeBalance en New Brunswick en el Taller de Trabajo de Administración del Sector Público del FMI

FreeBalance continua asistiendo y participando en conferencias y eventos alrededor del mundo, incluyendo el Taller de Trabajo de Administración del Sector Público del Instituto de Administración Financiera de Canadá (FMI*) que se llevará a cabo entre el 27 y 29 de mayo próximos en Fredericton, New Brunswick. El tema de este año del Taller de Trabajo de Administración del Sector Público es “Sostenibilidad en el Sector Público – Asegurando el Futuro”.

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¿Qué significa ser un especialista en PFM?

Trabajamos en tiempos complicados. Los medios sociales rápidamente descubren la verdad en un giro de mercadeo. Se ha llegado al punto donde haya tanta exageración de mercadeo en la industria del software ya que todo el mundo le está bajando el tono. Parece haber una carrera armamentista de mercadeo cada vez más grande y la prensa técnica parece también perseguir lo sucedido en las empresas como chismes de farándula. No estoy seguro por que Larry Ellison, Charles Philips, Mark Hurd, Leo Apoteker, Carly Fiorino o Meg Whitman piensan sobre todo esto. Quizás, se han montado en su propio petardo de mercadeo.
Más en el blog de FreeBalance [Parte 1] [Parte 2]>>

Administración del desempeño en las adquisiciones del gobierno

Las grandes compañías buscan mejorar la administración del gasto, osea el proceso de reducir los costos a través de economías de escala. El agregar múltiples solicitudes de compra para productos similares a licitaciones únicas equivale a menores precios. La administración del desempeño en el sector público tiene características adicionales importantes. ¿Por qué? Por que las adquisiciones del sector público son más complejas que en el sector privado y además impulsadas por el presupuesto.

Más en el blog de FreeBalance>>

¿Está en riesgo la transparencia fiscal?

Tim Irwin es un consultor de administración financiera pública en la casa matriz en la 1^a División del Departamento de Asuntos Fiscales, en cabeza de Marco Cangiano. El recientemente publicó una Nota de Discusión de Personal sobre los dispositivos de contabilidad e ilusiones fiscales y tiene varios artículos sobre transparencia fiscal en desarrollo, incluyendo uno sobre la historia del tema. Tim ha trabajado en temas tales como reporte fiscal, riesgos fiscales y gobernabilidad de empresas del estado y asociaciones público-privadas en Islandia, Jordania, México y Portugal. Antes de unirse al fondo, trabajó con el Banco Mundial, la Tesorería de Nueva Zelanda y en una consultoría económica.
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Estabilidad Financiera Mundial:¿Qué más hay que hacer?

La búsqueda de una estabilidad financiera duradera está aun llena de riesgos. El último Informe de Estabilidad Financiera Global tiene dos mensajes claves: las acciones de política han traído bienestar para la estabilidad financiera mundial desde nuestro informe de septiembre. Sin embargo los esfuerzos de política actuales no son suficientes para lograr una estabilidad duradera ni en Europa ni en algunas economías avanzadas, particularmente Estados Unidos y Japón.

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Ces nouvelles hebdomadaires apportent à la communauté de la planification des ressources gouvernementales (PRG) un aperçu général des récents développements de FreeBalance et des nouvelles pertinentes de l’industrie.

Feuille de route vers le 21^ème siècle : aligner la réforme de la PFG et les média sociaux

Rejoignez FreeBalance lors de l’évènement annuel de l’ICGFM à Miami pour en savoir plus à propos du « futur (social) de la gestion des finances publiques ». La présentation de FreeBalance expliquera les effets des médias sociaux, de la transparence, de la mobilité, de la ludification et de la « consommarisation des TI » dans le gouvernement. La présentation fait partie de la conférence du Consortium international sur la gestion des finances publiques (ICGFM) du 29 avril au 4 mai 2012 à Miami en Floride. La présentation de FreeBalance aura lieu le 30 avril à 11h00.
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Rencontrez FreeBalance au Nouveau-Brunswick lors de l’atelier sur la gestion du secteur public de l’IGF

FreeBalance maintient sa participation aux conférences et évènements autour du monde dont le prochain atelier sur la gestion du secteur public de l’Institut de la gestion financière (IGF) du Canada, du 27 au 29 mai 2012 à Fredericton au Nouveau-Brunswick. Le thème de l’atelier cette année est « Durabilité du secteur public – sécuriser le futur ».
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Que signifie être un spécialiste de la GFP ?

Nous vivons dans une époque cynique. Les médias sociaux révèlent rapidement la vérité dans le discours marketing. On en arrive au point où il y a une telle hyperbole marketing dans l’industrie du logiciel que tout le monde fait redescendre le discours de quelques crans. Il semble qu’il y ait une course au coude à coude dans le discours marketing. Et les médias techniques semblent suivre les exploits des entreprises tels des chroniqueurs à potins. Je ne suis pas certain de ce que pensent Larry Ellison, Charles Philips, Mark Hurd, Leo Apoteker, Carly Fiorino ou Meg Whitman à ce sujet. Peut être qu’ils se sont mis dans une situation qui risque de leur exploser entre les mains.
Lire la suite sur le blogue de FreeBalance [partie 1] [partie 2] >>

Gestion du rendement des achats du gouvernement

Les grandes entreprises cherchent à améliorer la gestion des dépenses : le processus de réduction des coûts à travers des économies d’échelle. Agréger les multiples demandes d’achat de produits similaires pour des offres uniques = prix plus bas. La gestion du rendement dans le secteur public a des caractéristiques supplémentaires importantes. Pourquoi ? Les achats du secteur public sont plus complexes que dans le secteur privé. Et ils sont conditionnés par le budget.
Lire la suite sur le blogue de FreeBalance >>

Est-ce que la transparence fiscale s’expose aux risques?

Tim Irwin est un consultant basé au siège de la 1^ère division de la gestion des finances publiques du Département des finances publiques dirigé par Marco Cangiano. Il a récemment publié une note de discussion pour le personnel sur les dispositifs comptables et les illusions fiscales et il a plusieurs articles en développement sur la transparence fiscale, notamment un sur l’histoire du sujet. Tim a travaillé sur des sujets tels que les rapports fiscaux, les risques fiscaux et la gouvernance des entreprises d’état et des partenariats publics-privés en Islande, en Jordanie, au Mexique et au Portugal. Avant de rejoindre le Fonds monétaire, il a travaillé à la Banque mondiale, au service du Trésor de la Nouvelle-Zélande et comme consultant économique.

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La stabilité financière mondiale : que reste-t-il à faire ?
La quête pour une stabilité financière durable comporte toujours des risques. Le dernier rapport sur la stabilité financière mondiale contient deux messages importants : les actions politiques ont apporté des avantages à la stabilité financière mondiale depuis notre rapport du mois de septembre; mais les efforts de la politique actuelle ne sont pas suffisants pour obtenir une stabilité durable, en Europe et dans d’autres économies avancées, en particulier aux États-Unis et au Japon.
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