Agenda

Wednesday 1 June 2022
18:30

Welcome Reception

Welcome, context and group introductions

Märten Ross – Advisor, International Relations, Ministry of Finance, Estonia
Siobhan Benita – Former UK Senior Civil Servant; Moderator, Global Government Forum and Global Government Fintech

Wednesday 1 June 2022
19:30

A high price for inaction? Addressing inflation

For over a decade, many western governments have focused on keeping growth rates off the floor – maintaining ultra-low interest rates, borrowing to maintain spending, and purchasing securities to inject funding into financial markets. But as economies revive after the initial shock of the pandemic, rising inflation leaves national leaders with a dilemma. If they raise interest rates, they risk choking off growth – hitting tax revenues just as the price of servicing vast national debts goes up. If they permit continued inflation in an environment of skilled labour shortages, salaries for professionals will rise – further stoking inflation – even while less skilled workers see their standard of living falling. This session will examine how best to respond to the return of an economic threat that hasn’t troubled most governments since the financial crisis.

Presentation and discussion

John McCarthy – Chief Economist, Government of Ireland, Ireland

Discussions take place over dinner and the session ends at 21:30

Thursday 2 June 2022
09:00

A study of stimulus: lessons from pandemic support programmes

When COVID-19 lockdowns froze vast swathes of economic activity, governments around the world sank billions into business support schemes – distributing furlough payments, grants and loans to prevent redundancies and insolvencies. And as social distancing rules are relaxed, economies revive and stimulus spending programmes wind down, this session will ask: what can we learn from finance departments’ work to protect economies, organisations and employees during the pandemic?

How effectively did such programmes protect national economies and workforces? What kinds of spending proved most effective? What are the risks around closing down support schemes? And where is continued investment required to protect vulnerable sectors or communities?

Including presentations and discussion

Presenters:
Märten Ross – Advisor, International Relations, Ministry of Finance, Estonia
Raúl Enrique Rigo – Secretary of the National General Treasury, Ministry of the Economy, Argentina

Session followed by refreshment break

Thursday 2 June 2022
11:00

Finance leaders’ crucial roles in digital transformation

New research carried out by Global Government Forum and Kevin Cunnington, former director general of the UK’s Government Digital Service, contains important lessons for finance leaders. Built around interviews with digital leaders from seven countries, the report asks: What do digital leaders need to succeed? Its answers include sustained capital investments, salary flexibilities for senior specialists, and reforms to budgeting, programme management and procurement systems. At this session, the participants will discuss how finance leaders can best support digital transformation while protecting value for money in the use of taxpayers’ money.

Including presentations and discussion

Presenters:
Kevin Cunnington – Former Director General, Government Digital Service, United Kingdom and Adviser, Global Government Forum (Providing the session overview and context)
Valentina Ion – Director Strategy Public Finance Industry, Microsoft

Session followed by networking lunch

Thursday 2 June 2022
13:30

Policymaking: finance as an enabler, not a constraint

Too often, finance professionals’ main roles in policymaking come at the beginning and end of the process – first in allocating budgets, and later in signing off spending. But finance staff can make big contributions to the policymaking process itself – for example by identifying revenue opportunities, devising more efficient business processes, highlighting risks to the economy, or improving cost forecasts. This session will discuss how consideration of financial risks and opportunities can best be built into the policymaking process, creating stronger policies better able to meet the public’s needs.

Including presentations and discussion

Presenters:
Noureddine Bensouda – General Treasurer of the Kingdom, Morocco
Dr Markus Sovala – Director General, Tilastokeskus – Statistics Finland and Vice President, Board of Directors, DigiFinland, Finland

Session followed by refreshment break

Thursday 2 June 2022
15:30

A sustainable future for fiscal policy

Governments’ tax and spending policies play a crucial role in defining market conditions and incentives, shaping the nature of business activity and economic growth. So fiscal tools will play a key role in managing a shift towards environmental sustainability: subsidy regimes and tax policies in the energy sector, for example, shape the pace and nature of the shift to renewables. But which policies have proved most effective in supporting that transition? This session will examine the perverse incentives in some contemporary fiscal frameworks, and explore the policies that can promote more sustainable forms of economic growth.

Thursday 2 June 2022
17:00

Summary and thanks

Summit concludes at 17:20