Global Support to Develop Domestic Bond Markets in Emerging Market Economies and Developing Countries The Italian Experience.

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1 Global Support to Develop Domestic Bond Markets in Emerging Market Economies and Developing Countries The Italian Experience. 22/23 September 2008 Frankfurt am Main Pierpaolo Battista Italian Ministry of the Economy and Finance

2 Contents Introduction about the objectives of technical assistance in the field of Public Debt Management in EME countries Italian Treasury activities in this field Future work programme Page 2

3 Introduction about the objectives of technical assistance in the field of Public Debt Management in EME countries Page 3

4 Goals to be achieved through technical assistance Dissemination of best practice according to country condition Technical advice on continual basis Promoting dialogue between debt managers and non, to reach efficient solutions Page 4

5 General objectives sensitising policy makers about the importance of good debt management disseminating sound practices and tailoring them to specific country circumstances encouraging countries and supporting their efforts supporting debt strategy formulation and implementation consistent with macroeconomic reform and debt sustainability support to establish an efficient institutional structure to manage the debt Page 5

6 Specific objectives Reinforce mutual collaboration among countries to develop: a Primary Market for Government Securities a Secondary Market for Government Securities a Risk Management Framework a sound Cash Management and Short Term Borrowing a Primary Dealers System in Government Bonds liability management techniques. the use of derivatives an Organization of public accounting function Page 6

7 Italian Treasury activities in the field of Technical assistance in Public Debt Management in EME countries Page 7

8 Overview The different activities may be briefly summarized as follows: A) European Union PHARE Program Twinning Projects B) Study visits and meetings with foreign delegations C) Public Debt Management network for Emerging countries Page 8

9 A) European Union PHARE Program Twinning Projects Objective: to assist the Candidate Countries in their preparations for joining the European Union and to promote not only the full acquisition and implementation of the acquis communautaire by the Candidate Countries, but also to strengthen all the structures, systems, human resources and management skills that are necessary for the implementation of such laws. Two documents provide the legal base of the projects: the Framework Agreement between the Commission and each Member State, that sets out the base terms and conditions for all Twinning projects the Twinning Covenant between the Candidate Country and the Member State that defines the contents, the objectives, the responsibilities of the parties and the budget of the project. Page 9

10 The contribution of the Department of the Treasury In order to strengthen Italy s commitment to Twinning Projects and to the EU enlargement process, the Department of the Treasury established a tailored office (Twinning Office) to coordinate the Italian participation in such projects. Based within Directorate IV (Regulation of Banking and Finance Directorate) of the Treasury, the office cooperates with other offices of the Department, as well as other Italian administrations and the National Contact Point at the Ministry of Foreign Affairs. Currently, the Public Debt Directorate is involved in promoting and developing Twinning projects related to public debt issue, in cooperation with the Directorate IV. To date several proposals put forward by the Department have been chosen by the beneficiary administrations as the most appropriate to deliver projects consistent with their own requirements and needs. Page 10

11 Public Debt Directorate participation in Twinning projects EUROPEAN UNION PHARE PL/2000/IB FI-02 Twinning Project between POLAND and ITALY Public finance EUROPEAN UNION PHARE RO/2001/IB ST-01Twinning Project between ROMANIA and ITALY Compliance of Romanian statistics with European statistical system EUROPEAN UNION PHARE CZ2002/IB/OT/01Twinning Project between CZECH REPUBLIC and ITALY Capital Markets Legislation & Regulation EUROPEAN UNION PHARE BG2004/IB/FI/09 Twinning Project between BULGARIA and ITALY Building up integrated State Treasury in the Ministry of Finance Page 11

12 B) Study visits and meetings with foreign delegations Objectives: - to promote the international dialogue between developed countries and emerging countries debt managers - to disseminate public debt management techniques among them - to share best/good practice - to provide emerging countries with tools and knowledge in order to strengthen the efficiency of their debt management policies and lower their vulnerabilities to financial crisis Page 12

13 Some figures. Number of EME study visits 10 Total number of study visits 21 EME countries ALBANIA BULGARIA CZECH. REP HUNGARY POLAND ROMANIA RUSSIA TURKEY UKRAINE non-eme countries BRAZIL CHINA INDONESIA ISRAEL NORTH KOREA SOUTH KOREA VIETNAM Page 13

14 Page 14 EME countries involved

15 Main Topics Primary Market for Italian Government Securities (40% visits RUSSIA 2002, POLAND 2003, HUNGARY 2007, ALBANIA 2007) Secondary Market for Italian Government Securities (50% visits RUSSIA 2002, POLAND 2003, TURKEY 2004, HUNGARY 2007, ALBANIA 2007) Primary Dealers and Specialists in Italian Government Securities (50% visits RUSSIA 2002, POLAND 2003, TURKEY 2004, UKRAINE 2006, HUNGARY 2007) Risk Management Framework (30% visits RUSSIA 2002, POLAND 2003, ALBANIA 2007) Cash Management and Short Term Borrowing (50% visits RUSSIA 2002, POLAND 2003, UKRAINE 2006, HUNGARY 2007, ALBANIA 2007) Overview on role and organization of the Bank of Italy (20% visits CZECH REP. 2003, POLAND 2003) Liability management techniques. The use of derivatives (30% visits POLAND 2003, ROMANIA 2003, HUNGARY 2007) The Italian experience in Debt statistics (20% visits POLAND 2003, ROMANIA 2003) Practical session in the public debt trading floor room (30% visits ROMANIA 2003, BULGARIA 2007, HUNGARY 2007) Organization of public accounting function in Italy (20% visits UKRAINE 2006, HUNGARY 2007) Page 15

16 Some interesting facts EME countries are interested mainly in five PDM areas as Primary and secondary market, Primary Dealer and Specialist, Cash Management and Short Term Borrowing, Liability management techniques and the use of derivatives. The countries with the biggest General Government Debt (year 2007) in terms of GDP are Hungary (66%) and Poland (45%), and their interest in visit are focused not surprisingly, on topics such as Risk Management Framework (Poland) and Liability management techniques: the use of derivatives (both countries). The fact is probably related to the need to manage the potential risk related to their amount of debt. Page 16

17 C) Public Debt Management network for Emerging countries The PDM Network is an initiative strongly related to the Work Programme of the OECD Working Party on Public Debt Management (WPDM) addressed, among others activities, on the field of supporting debt managers of emerging countries. The main activity of the network is to support a website (www.publicdebtnet.org) but it is involved in international conferences and study visits organization too. Mission of the Network: Promote permanent international dialogue, information sharing and knowledge building on PDM issues between OECD, Emerging Countries and other Institutions Increase the efficiency of information sharing among debt managers by using information and communication technologies Store information, provide communication and documentation Share good practices in PDM techniques as developed by the OECD WPDM in its policy dialogue with Emerging Market Economies Lower costs in attaining and sharing information and knowledge about PDM among debt managers and other Institutions Page 17

18 History of PDM network 2001: the idea : Global Forum Rome, maturation 2004 December: Memorandum of Understanding OECD Italian Treasury 2005 June: static website 2005 November: dynamic website 2006: site maintenance and resources feeds 2006: development of interactive features 2007: idea of launching the Academic Circle 2008: preparation of Discussion Forum area Next steps: Web site restyling (easier access and navigation and new style) Contents improvement (more news and events, a statistical area, new links to OECD documents on Public Debt Management, Newsletter focused on Emerging Markets Countries) Page 18

19 Web site description Two access levels: The PDM Web site is accessible only by participating institutions after authentication and is subdivided in two security Area: Level 1: users having access to all contents of the website (debt managers); Level 2: users having access to a limited amount of content (private institutions and external partners). 3 macro areas: - the documentation area: Theoretical and/or empirical literature: bibliography of books and articles, papers, unpublished documents, websites, reports, collected from the web or submitted by the Network Members. Contents: organized by Areas of interest (e.g. Core topics in debt management, Active debt management, Coordination with other policies and operations) - the interactive area: Mailing list; Advanced Search; Forum - the news area: Events, initiatives and news pertaining to debt management Page 19

20 Current participants of the Network A. OECD Countries actively connected (all OECD are de jure members) Australia; Austria; Belgium; Czech Republic (National Bank); Denmark; Finland; France; Germany (National Bank); Greece; Hungary; Ireland; Italy; Japan; Mexico; Norway; Poland; Portugal; Spain; Sweden; Turkey. B. Non-OECD Countries Albania; Dubai; Hong Kong; Fiji; Macedonia; Morocco ; Nigeria; Pakistan; Papua New Guinea: Singapore; (Georgia recently asked information about the Network). C. Multilateral World Bank; IMF; European Commission. Page 20

21 The PDM Network and the G8 Action Plans The development of a PDM Network is useful in implementing the G8 Action plans in the specific area of Emerging Europe more effectively and efficiently for three reasons : 1) exchange of information on PDM issues as well as transfers of technical know-how are more effective if they directly involve public debt managers from countries that experienced and successfully addressed similar difficulties and hurdles now facing Emerging Europe financial markets. 2) the definition of best practices in PDM is an ongoing process so that frequently up-dated information is crucial to provide appropriate benchmarks for the development of financial markets in Emerging Europe countries as well as timely inputs to PDM in advance economies. 3) the use of a cost-effective electronic instrument of communication and debate makes participation to the Network financially affordable to all interested parties, including Emerging Europe countries, providing an inexpensive tool to keep abreast of the most recent developments in PDM. Page 21

22 Page 22 Future work programme

23 Forthcoming initiatives 1) Twinning project Italian Treasury is currently involved in promoting a new Twinning project with Ukraine called Supporting the Ministry of Finance of Ukraine in the fields of Public Debt Management and Budgetary Forecasting 2) PDM network Currently the following EME countries are actively connected to the Network: Czech Republic, Hungary, Poland, Albania and Turkey. Next initiatives: Broadening participation in PDM project among EME countries will be reinforced Developing a Forum area in PDM website as profitable tool to build an efficient Public Debt Management in EME countries Page 23

24 For further information please contact: or Page 24

41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.

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