The Sovereign Debt Crisis, a Matter of Urgency―from Lessons to ReformMarch 19-20, 2012Vienna, Austria

Presented by:The International Federation of Accountants

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Implementing International Public Sector Accounting Standards as part of wider finance reform

Join the leaders in public finance

The Sovereign Debt Crisis, a Matter of Urgency―from Lessons to Reform

IFAC is pleased to welcome you to The Sovereign Debt Crisis, a Matter of Urgency – From Lessons to Reform. This very timely global seminar brings together key decision makers, politicians, and public finance management leaders to examine the causes contributing to the international sovereign debt crisis and the steps needed now for meaningful reform.

The problems highlighted by the sovereign debt crisis include, but go much deeper than, the transparency and accountability of governments and poor public finance management and public sector financial reporting. The institutions for fiscal management are deficient in many countries, creating neither the constraints nor the incentives for governments to manage their finances in a manner that protects the public interest and also protects investors.

In the past, the assumption was made that governments are risk-free. The ongoing crisis forces us to challenge that assumption—and we must conclude that is it no longer valid. Governments are not risk-free and the failure of fiscal management in the public sector has an economic impact that will far exceed the impact of losses incurred by corporate failures, such as Enron, WorldCom, Parmalat, Lehman Brothers, and Olympus.

We believe that the accountancy profession has an important leadership role to play in resolving the current crisis and in building a reformed international financial system. The accountancy profession is in a unique position to inform and support governments, provide a practical and technical understanding of many issues related to the crisis, and to provide assistance in their resolution.

Over these two days you will have the opportunity to listen to and network with influential leaders who will provide presentations that examine the causes and long-term implications of the sovereign debt crisis and opportunities for reform.

We would like to thank our sponsors for their strong support of this event. They have demonstrated with their support that they agree that this is one of the most critical issues currently in the global environment.

Government financial reporting is at a crossroads. Reducing economic uncertainty and the fallout of unmanageable debt must be priorities for all governments, national leaders, and public officials; it is critical that necessary measures are taken now toward establishing significant change.

Ian Ball Chief Executive Officer International Federation of Accountants

AgendaDay One: March 19, 2012

ALL SEMINAR PRESENTATIONS HELD IN THE PARK CONGRESS ROOM

Time Speaker and Topic

7:30-8:30 Registration—Park Congress Pre-Function Area

8:45-9:15 Welcome Remarks and Opening AddressIan Ball, Chief Executive Officer IFAC

9:15-10:00 Sovereign Financial Reporting and the Regulatory GapVincenzo La Via, Chief Financial Officer World Bank Group

10:00-10:45 Code of Fiscal Responsibility—Keeping Sovereign States Out of Budget, Accounting and Financial Management TroubleThe Honourable Ruth Richardson, Former New Zealand Finance Minister

10:45-11:15 Networking Break

11:15-12:30 From Cash to Accrual Accounting and Budgeting in Government—Why, When, and How? Andreas Bergmann, Chair IPSASB

Belén Hernández, Public Accounting Directorate Spain

Gerhard Steger, Director General Budget and Public Finance Austria

12:30-13:30 Buffet Lunch— Bruckner/Mahler/Brahms Strauss Room

13:30-14:15 The Euro Crisis: Where We Stand, and Possible ConsequencesNicolas Véron, Senior Fellow Bruegel InstituteVisiting Fellow, Peterson Institute for International Economics (Washington DC)

14:15-15:45 The Experience in Sweden Jan Sturesson, Leader, Global Government and Public Services, PwC

Bo Lundgren, Former Minister for Fiscal and Financial Affairs Sweden

Göran Persson, Former Prime Minister of Sweden

15:45-16:15 Networking Break

16:15-17:00 GFC and Sovereign Risk—Solutions from Down UnderProfessor the Honourable Stephen Martin, Chief Executive, Committee for Economic Development of Australia

19:30 Gala Dinner: Accounting, Transparency and Financial Stability—Klimt Ballroom

Ian Ball, Chief Executive Officer IFAC

Proud to be a

Platinum Sponsor of the

IFAC Sovereign Debt Crisis Seminar

AgendaDay Two: March 20, 2012

Time Speaker and Topic

9:00 – 10:00 Sovereign Debt and Public Finance Today—Lessons Learned and Looking ForwardJames Turley, Chairman and Chief Executive Officer Ernst & Young

10:00-10:30 Networking Break

10:30-11:30 The Government Balance Sheet CrisisProf. Dr. Roger Dassen RA, Global Managing Director Clients, Services and Talent Deloitte Touche Tohmatsu Limited

11:30-12:30 Sovereign Debt Challenges and the Implications for the Accounting ProfessionHonorable David Walker, Founder and CEO, the Comeback America Initiative and Former Comptroller General of the US

12:30-13:30 Buffet Lunch—Bruckner/Mahler/Brahms Strauss Room

13:30 – 15:45 The Long Term Fiscal Sustainability of GovernmentsJohn Herhalt, Global Chair Government and Infrastructure KPMG LLP

Jón Blöndal, Head of Budgeting and Public Expenditures OECD

Marco Cangiano, Assistant Director, Head of the Public Financial Management Division International Monetary Fund

Robert Dacey, Chief Accountant Government Accountability Office USA

Fritz Zurbrügg, Director Swiss Federal Finance Administration

15:45-16:15 Networking Break

16:15-16:45 What Next? Strategies for Achieving ActionAndreas Bergmann, Chair IPSASB

16:45-17:15 Closing AddressGöran Tidström, President IFAC

CHAMBER OF PUBLIC ACCOUNTANTS

The Chamber of Public Accountants in Austria (KWT) is the professional authority and special interest authority for tax advisors and certified public accountants. Members are independent experts in tax consultancy, auditing, account-ing and financial statements. www.kwt.or.at, Schönbrunner Straße 222-228, 1120 Wien

IWP – INSTITUTE OF AUSTRIAN CERTIFIED PUBLIC ACCOUNTANTS

IWP is a voluntary association in Austria, which represents the interests of the profession vis-à-vis the legislator, gov-ernment institutions, oversight authorities and the public, and in recognized international panels as well as the EU.www.iwp.or.at, Schwarzenbergplatz 4, 1030 Wien

Ian BallChief Executive Officer, IFAC

Ian Ball has been the Chief Executive Officer of IFAC since March 2002. He leads a staff of professionals who support independent standard-setting boards in the areas of auditing and assurance, ethics, accounting education, and public sector financial reporting. Mr. Ball previously served as Chairman of IFAC’s Public Sector Committee. In this role, from 1995 to 2000, he initiated the development of international standards for public sector financial reporting. Prior to assuming his current position, he was Principal of Public Sector Performance (NZ) Ltd. and Professor of Accounting and Public Policy at Victoria University of Wellington, New Zealand, a position he still holds. From 1987 through 1994, he was with the New Zealand Treasury, first as Director of Financial Management Policy and then as Central Financial Controller.

Mr. Ball is a Fellow of the New Zealand Institute of Chartered Accountants, and of CPA Australia. He is also a member of the Chartered Institute of Public Finance and Accountancy in the United Kingdom. He has degrees in accounting from Victoria University of Wellington and a Ph.D. from the University of Birmingham, England.

Andreas BergmannChair, International Public Sector Accounting Standards Board

Andreas Bergmann became Chair of the International Public Sector Accounting Standards Board (IPSASB) in 2010. He has been a public member of the IPSASB since 2006.

Dr. Bergmann is a Professor and Director Public Sector at the Zurich University of Applied Sciences, School of Management and Law. In addition, he is Advisor to public financial management reforms in Central Asia, Latin America, South East Asia, and various international organizations. From 2003 to 2009, he was the Scientific Advisor for the public sector accounting reforms at the federal and state level in Switzerland. He was also a member and later Chair of the advisory committee for GFSM2001/ESVG95 implementation in Switzerland. In 1999, he joined Zurich University of Applied Sciences as a Senior Lecturer and became a full Professor in 2002. Prof. Dr. Bergmann started his career as a business consultant before joining the Ministry of Education of the State of Zurich as a Project Manager for NPM Reforms/Head of Controlling.

In 2010, Prof. Dr. Bergmann was a Visiting Professor at Victoria University in Wellington, New Zealand.

He holds a diploma from Lancaster University (UK), and a master’s degree and a Ph.D. from St. Gallen University (Switzerland).

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

Jón BlöndalHead of Budgeting and Public Expenditures OECD

Jón Blöndal is Head of Division (Budgeting and Public Expenditures) and Editor-in-Chief of the OECD Journal on Budgeting.

A citizen of Iceland, he held a number of posts in the Icelandic Ministry of Finance and the Office of the Prime Minister prior to joining the OECD in 1995. Mr. Blöndal received his degree from George Washington University. He is an observer of the International Public Sector Accounting Standards Board (IPSASB).

Marco CangianoAssistant Director, Head of the Public Financial Management Division, the International Monetary Fund

Marco Cangiano is an Assistant Director of the International Monetary Fund’s (IMF) Fiscal Affairs Department and Head of the Public Financial Management Division. He is responsible for Anglophone Africa, Europe, Central Asia and the Middle East.

Mr. Cangiano joined the IMF in 1991 and has worked with over 40 countries—from advanced and transition economies to emerging market and low-income countries. He has participated in more than 50 missions, covering the full range of the IMF activities―program work, surveillance, standard and codes, and technical assistance.

He has coordinated training activities on fiscal management at the IMF/World Bank Joint Vienna Institute, the Arab Monetary Fund in Abu Dhabi, the IMF Regional Technical Assistance Centers in East Africa and the Middle East, and the Centre for Excellence in Finance in Ljubljana.

He has lectured on a range of fiscal matters in Washington and abroad, including the OECD Senior Budget Officers meetings and seminars. He is a member of the steering committee of the Public Expenditure and Financial Accountability (PEFA).

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

Robert DaceyChief Accountant for the United States Government Accountability Office

Robert Dacey is Chief Accountant for the United States Government Accountability Office (GAO), a member of the Federal Accounting Standards Advisory Board, and advisor to the United States Comptroller General on accounting and auditing matters.

Mr. Dacey has provided leadership for significant GAO efforts in financial accounting and auditing, including audits of the consolidated financial statements of the US government, as well as audits and testimony related to information security, homeland security, and other information technology areas.

Mr. Dacey continues to lead the development of GAO’s information security audit methodologies. He serves as an observer for the International Public Sector Accounting Standards Board, Governmental Accounting Standards Advisory Council, Financial Accounting Standards Advisory Council, and the Public Company Accounting Oversight Board Standing Advisory Group. He is a former member of the American Institute of CPAs Auditing Standards Board, and several of its task forces.

Mr. Dacey is a Certified Public Accountant, and Certified Government Financial Manager. He received a B.B.A., magna cum laude, from the University of Cincinnati (US), and a J.D. from the George Mason University School of Law (US).

Roger J.M. Dassen RAGlobal Managing Director, Clients, Services, and Talent, Deloitte Touche Tohmatsu Limited

Roger J.M. Dassen RA is Global Managing Director, Clients, Services, and Talent, Deloitte Touche Tohmatsu Limited since June 2011, and Chief Executive Officer of Deloitte Netherlands since July 2005. He has served as Member Executive of the Leadership Group of Deloitte Touche Tohmatsu Limited since 2005, and a Deloitte & Touche audit partner since 1996.

Previously, he was National Managing Director, Accounting and Auditing of Deloitte Netherlands, and a member of Deloitte Touche Tohmatsu Global Assurance Leadership Team.

He was Chairman of the International Federation of Accountants (IFAC) and Forum of Firm’s Transnational Auditor’s Committee from 2004 to 2006, a member of the International Auditing and Assurance Standards Board from 2002 to 2004, and was Chairman of Auditing Standards Board of Royal NIVRA in the Netherlands from 2001 to 2004.

He holds an honorary auditing professorship from the University of Maastricht (Netherlands), and is a professor of auditing at the Free University of Amsterdam since 2000. He has co-author several textbooks, including Principles of Auditing: An introduction to International Standards of Auditing, which has been published in English (McGraw-Hill/Prentice Hall) and Mandarin (Chinese Machine Press).

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

John M. HerhaltGlobal Chair of KPMG’s Government and Infrastructure

John M. Herhalt is Global Chair of KPMG’s government and infrastructure line of business and an Advisory Services Partner in Canada. He has over 32 years experience in providing audit and consulting services to the public and power and utilities sectors.

During his tenure with KPMG, Mr. Herhalt worked with many public sector, power, and utility clients in a wide variety of assurance and consulting services assignments. The types of assignments have included external audit; internal audit; information systems control and security assessment; strategic and business plan development; business process analysis and improvement; corporate amalgamation and restructuring; redesign of organizational structures and governance frameworks, including information systems governance; benchmarking; feasibility studies; cost analysis and development of cost reduction and pricing strategies; financial and budget system redesign; development of performance management frameworks and systems; vendor selection processes; and business risk assessment and analysis.

Mr. Herhalt’s training and experience also includes professional development course design and instruction, and team problem solving and facilitation techniques.

Recently honored as a Fellow, he is a Chartered Accountant and member of the Institute of Chartered Accountants of Ontario, and a Certified Information Systems Auditor of the Information Systems Audit and Control Association (ISACA).

Mr. Herhalt is a graduate of the University of Windsor (Canada) with a Bachelor of Commerce and Bachelor of Arts degree in economics.

Belén HernándezPublic Accounting Directorate, Spain

Belén Hernández is Public Accounting Directorate, Spain, for Intervención General de la Administración del Estado. She is responsible for the development of accounting standards, principles, and procedures applicable to the Spanish public sector; adaptation of the Spanish public sector accounting standards to the International Public Sector Accounting Standards (IPSAS); and development of accounting procedures and implementation of new information systems applicable to public entities.

She is a permanent advisory to local, regional, and state public entities regarding the interpretation of accounting rules. Ms. Hernández also supports departments and public entities on the issues and functionalities of accounting information systems.

Ms. Hernández is a lecturer on public accountancy for government, autonomous regions, and local body employees. She has taught courses on adapting public accountancy to the IPSAS for all public sector employees, and public accountancy for various South American countries’ public employees.

Ms. Hernández holds a BA in Economics and Business Administration, and has co-authored several books on the profession, including: Public Accounting Handbook (Institute of Tax Studies, 2011), Public Accountancy in Some Organisation for Economic Co-operation and Development Countries,. (IGAE, 2004), Sport Federation Management Handbook, (Editorial Thompson Aranzadi.2006) and Public Accounting for New Civil Servants of the Treasury Department (IGAE, 2003).

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

Vincenzo La ViaChief Financial Officer, World Bank Group

Vincenzo La Via is the first World Bank Group Chief Financial Officer—a managing director level position reporting directly to the President.

Appointed in 2005, Mr. La Via oversees the vice presidencies responsible for Corporate Finance and Risk Management, as well as the Treasury, Controllers, Concessional Finance and Global Partnerships, the General Services Department, and the World Bank Group Chief Risk Officer. He chairs the World Bank’s Finance and Pension Committees.

Mr. La Via is responsible for the development and implementation of sound and effective financial policies to ensure the World Bank’s financial integrity, budget discipline, and long-term financial sustainability. His responsibilities include financial reporting, accounting, strategic planning and budgeting, credit risk, corporate finance, market risk, liquidity and asset management, and product development.

As a representative of the World Bank on the Financial Stability Board, he was instrumental in laying the groundwork for the World Bank’s first significant capital increase in over 20 years. He chaired discussions that resulted in the 2007 record setting replenishment of the World Banks’ International Development Association, which supports anti-poverty programs in the poorest developing countries with long-term, no interest loans.

Prior to joining the World Bank, Mr. La Via was the Chief Financial Officer for Banca Intesa, Italy’s largest bank. From 1994 to 2000, he worked at the Italian Ministry of the Treasury, as Treasury’s Director General for Public Debt. Mr. La Via changed the structure of the Italian debt, reducing the debt servicing costs and increasing its resilience to interest rate shocks. He led the work on public debt during challenging times as the country was preparing for the Euro adoption in 1999. In the early nineties, he was a Managing Director/Partner at the Italian investment management company, Akros S.p.A.

Mr. La Via holds a Ph.D. in Economics from the University of California, and a degree in Economics and Statistics from Università La Sapienza in Rome. He is a recipient of many honors and awards including, Euroweek’s Greatest Contribution to Sovereign Funding 1987-2007, Euromoney magazine’s World Borrower of the Year 1998, the IFR’s Best Borrower 1974-1999, and a Fulbright Fellowship, 1980-1981.

Bo Lundgren,Director General, Swedish National Debt Office

Bo Lundgren is Director General of the Swedish National Debt Office since 2004. The Debt Office, which was founded in 1789, is today the central financial agency of the state responsible for cash management, debt management, state guarantees and loans, deposit insurance, investor protection, and bank support. Mr. Lundgren is also chairman of the National Government Employee Pensions Board and Vice Chairman of the National Property Board.

Between 1991 and 1994, Mr. Lundgren was Minister for Fiscal and Financial Affairs, and, as such, responsible for managing the severe banking crisis that followed a speculation bubble during the late part of the 1980s. He also worked with the budget consolidation that also followed the bubble.

As minister, Mr. Lundgren implemented several tax reforms to improve growth. Among these were abolishing turnover tax on stock trading, wealth-tax, and double taxation of dividends and capital gains. Financial markets were further modernized.

Mr. Lundgren was a Member of Parliament from 1975 to 2004, active in economic policy. After leaving government in 1994, he was economic spokesman for his party.

Between 1999 and 2003, Mr. Lundgren was leader of the Moderate Party, the main centre-right party in Sweden. Between 2002 and 2004, he was Vice President of the European Peoples Party in the European Union.

During his years in politics, Mr. Lundgren held positions in many government committees and boards. He has also been member of the boards of SAS Sweden AB and Vin & Sprit AB.

Mr. Lundgren is the author of two books, Sänk skatten för alla (Lower Tax for All—on a comprehensive tax reform for Sweden), 1989, and När bubblan brast (When the Bubble Burst—on the crisis in the financial sector), 1998.

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

Professor the Honourable Stephen MartinChief Executive, Committee for Economic Development of Australia

Professor the Honourable Stephen Martin has a long and distinguished background in the Australian Parliament, academia, and the private sector.

He represented the New South Wales-based electorates of Macarthur and Cunningham in the Australian Parliament from 1984 to 2002. In the Australian government, he served as Speaker of the House of Representatives, Parliamentary Secretary for Foreign Affairs and Trade, and Chairman of the Inquiry into the Australian Banking Industry. As a member of the Shadow Cabinet, he held portfolios in defence, small business, and trade and tourism.

After retiring from Parliament, Professor Martin held a number of senior executive roles in academia, including President/Chief Executive Officer of the University of Wollongong in Dubai, Pro Vice Chancellor International at Victoria University, Melbourne, and Deputy Vice Chancellor (Strategy and Planning) at Curtin University of Technology in Perth, Australia.

He has undertaken a number of strategic and change-management roles in the private and public sectors. He is Chairman of Global Science and Technology Forum, Singapore.

His interests are in economics, education, politics, corporate governance, financial services, defence and trade policy, and sport.

Göran PerssonFormer Prime Minister of Sweden

Göran Persson is the former Prime Minister of Sweden. He has been Senior Advisor at JKL since 2007. Headquartered in Stockholm, Sweden, JKL was established in 1985 and has since grown to be one of the largest and most well respected communication firms in the Nordic Region. At JKL, Mr. Persson has worked with top ranking clients in industries spanning financial institutions, technology, energy, and heavy industry.

Mr. Persson served as Prime Minister of Sweden between 1996 and 2006. Before becoming Prime Minister and Party Chairman of the Social Democratic Party, Göran Persson served as Minister of Finance from 1994 to 1996, and Minister for Schools in the 1990s. In 2001, he served as President of the European Council during Sweden’s presidency of the European Union (EU).

Mr. Persson has unique and broad experience in public affairs, financial markets, mergers and acquisitions, international politics, and the EU. He is known for his broad, personal knowledge of issues, such as climate change, European relations with Russia, and the challenges to the welfare state.

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

The Honourable Ruth RichardsonFormer Finance Minister of New Zealand

The Honourable Ruth Richardson was New Zealand’s Finance Minister from 1990 to 1993. She made her name by driving New Zealand’s reform agenda forward and laying the landmark groundwork that led to the economic stability and growth of the New Zealand Government. An acknowledged architect of the Fiscal Responsibility Act of 1994, landmark legislation that changed the nature of the fiscal policy debate, in 1992 she was the first Minister of Finance in the world to issue sovereign accounts in compliance with GAAP standards.

Ms. Richardson was first elected to Parliament in 1981. During the party’s opposition years she held the position of Shadow Minister of Education from 1984 to 1987 during which time she designed the National Government’s education policy. In 1987 she was promoted to the position of Shadow Minister of Finance and developed the economic policy that National took into government to secure the economic recovery.

When National won Government in 1990, Ms. Richardson earned a reputation for clear thinking, forthright speaking, and resolute reform. Inheriting an economy in deep recession, she implemented an economic recovery package that by 1993 resulted in eight quarters of positive growth, a fiscal surplus, and the first credit upgrade in 10 years.

Since leaving Parliament in 1994, Ms. Richardson has served as a policy consultant to governments around the world on standards of governance, and public sector and social policy reforms. She is currently the Chairman of Jade Software Corporation, the Kula Fund, Kiwinet, Syft Ltd, and a director of Synlait Milk Ltd, and Synlait Ltd.

Her previous directorships have included: Director of the Reserve Bank of New Zealand—New Zealand’s Central Bank, Chairman of the British Telecom Health Advisory Board, and director of Wrightson Ltd., the New Zealand Merino Company Ltd., the Centre for Independent Studies, Oyster Bay Marlborough Vineyards Ltd., and LECG Corporation—a NASDAQ listed company.

“Making a Difference,” Ruth’s insider account of the politics of reform, was published in 1995 by Shoal Bay Press, Christchurch.

Gerhard StegerDirector General, Budget and Public Finance Austria

As Director General, Budget and Public Finance Austria, Gerhard Steger is the Chief Executive for planning, execution, and controlling of the Austrian federal budget, financial equalization and financial relations with the Austrian regions and communities, as well as EU budget affairs. Since June 2009, he has served as Chairman of the Organisation for Economic Co-operation and Development Working Party of Senior Budget Officials.

Mr. Steger is responsible for the design and implementation of an extensive federal budget reform from 2009 to 2013, including reform elements such as a medium-term expenditure framework, performance budgeting, and a new accounting system on accrual basis.

Mr. Steger is a member of the supervisory board in several companies and institutions, such as the Austrian Federal Financing Agency. He teaches political science at Austrian Universities, and has contributed numerous publications on the relations between churches and politics in Austria, agricultural policy, EU affairs, and budgetary policy and reform. A selection of publications includes: Austria’s Budget Reform—How to Create Consensus for a Decisive Change of Fiscal Rules, Public Finances in Austria, 3rd edition, Vienna 2010, and Successful Management in the Administration, Vienna 2005.

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

Jan SturessonLeader, Global Government and Public Services, PwC

Jan Sturesson is a partner and Leader, Global Government and Public Services for PwC since 2008.

From 2008 to 2010, he was a member of the World Economic Forum and its Global Agenda Council—Future of Government and Future of Urbanization.

An author and co-author of many books, including Cites of the Future—Global Competition, Local Leadership; Reflecting the Future; Corporate Governance in Public Sector Leadership, and Management Control, Mr. Sturesson has been a global conference speaker in the areas of creating governments of the future, collaboration, and sustainability.

Mr. Sturesson holds a Master’s of Science in political science, law, and economy from the University of Lund (Sweden).

Göran TidströmPresident, International Federation of Accountants

Göran Tidström is president of the International Federation of Accountants (IFAC). Prior to this role, he served as IFAC deputy president (2008-2010). A European representative to IFAC since 2000, he became a member of the IFAC Board in 2003.

A highly regarded expert on international and European audit and accounting issues and a frequently requested speaker, Mr. Tidström has more than 30 years of experience as a public accountant with PricewaterhouseCoopers in Stockholm, Sweden, where he is a past partner and former chair. Mr. Tidström’s clients have included many of the largest international companies in Sweden; he has been engaged as an arbitrator and investigator, and has helped restructure major companies. Currently, he is responsible for the audit of Sweden’s second largest global company.

He was a founder of the European Financial Reporting Advisory Group (EFRAG), the European private sector body that gives European input to the International Accounting Standards Board, evaluates new International Financial Reporting Standards for use in Europe, and recommends endorsement to the European Commission. Mr. Tidström served as chair of the EFRAG Supervisory Board (2002-2009).

Mr. Tidström was also a member and president (2000-2002) of the Council of the Fédération des Experts Comptables Européens, the European accountancy organization. He has been a chair and a member of numerous standard-setting and policy-making bodies for financial reporting, tax, corporate governance, and capital market regulation practices.

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

James S. TurleyChairman and Chief Executive Officer, Ernst & Young

James S. Turley is Chairman and Chief Executive Officer of Ernst & Young, a leading global professional services organization providing assurance, tax, transaction, and advisory services. With over 150,000 people in 140 countries, Ernst & Young is one of the largest professional services organizations in the world.

Mr. Turley began his career with Ernst & Young in 1977 in the US firm’s Houston office. Over the years, he was named Metropolitan New York Area Managing Partner of Ernst & Young LLP in 1998 and was appointed Deputy Chairman in 2000. In July 2001, he became Chairman and Chief Executive Officer. Based in New York and London, he serves as senior advisory partner for many of Ernst & Young’s largest global clients.

As Chairman, he sets a clear and strong tone from the top, focused on quality, integrity, and professionalism. He has worked to create a high-performance work environment with a highly visible leadership commitment to “Quality in Everything We Do.” Ernst & Young has been consistently recognized by Fortune magazine as one of the 100 Best Companies to Work For.

Mr. Turley is actively engaged with many stakeholders as part of Ernst & Young’s commitment to enhancing the public’s trust in professional services firms and in the quality of financial reporting. He has encouraged dialogue with key stakeholders across the globe regarding the many changes facing the world capital markets, including the advent of the Sarbanes-Oxley Act in the United States, the introduction of International Financial Reporting Standards in more than 100 countries throughout the world, and the overall movement toward greater convergence of global auditing standards and global governance.

Throughout his career, he has actively supported numerous civic, cultural, and business organizations. He co-chairs the Russia Foreign Investment Advisory Council. He is on the Board of Directors for Boy Scouts of America, Catalyst, the National Corporate Theater Fund, and on the Board of Trustees for Rice University (US). He is also a member of the Business Roundtable and IBLAC (International Business Leaders’ Advisory Council for the Mayor of Shanghai) and was Chair of the Governing Board of the US Center for Audit Quality in 2007-2011. In March 2009, he was appointed Chair for Catalyst, and in the summer of 2010 he was appointed to the President Barack Obama’s Export Council.

Nicolas VéronSenior Fellow, Bruegel (Brussels) Visiting Fellow, Peterson Institute for International Economics (Washington DC)

Nicolas Véron is a senior fellow at Bruegel Institute, the Brussels-based international economic think tank, and a visiting fellow at the Peterson Institute for International Economics in Washington, DC.

His research focuses on financial systems and financial regulation around the globe, including current developments in the European Union. He has been involved in the creation and development of Bruegel since 2002, and has divided his time since 2009 between Washington, DC and Europe. A graduate of France’s Ecole Polytechnique and Ecole des Mines, Mr. Véron’s earlier experience combines policy work as a senior French civil servant, and corporate finance as a junior investment banker, chief financial officer of a small listed company, and independent strategy consultant.

In 2006, he co-authored Smoke & Mirrors, Inc.: Accounting for Capitalism (Cornell University Press), and is also the author of several books in French. He writes a monthly column on European finance, which is published by leading newspapers and online media in most G20 countries.

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

The Honorable David M. WalkerFounder, President, and Chief Executive Officer, Comeback America Initiative

The Honorable David M. Walker leads Comeback American Initiative (CAI)’s efforts to promote fiscal responsibility and sustainability by engaging the public and assisting key policymakers on a nonpartisan basis to help achieve solutions to US federal, state, and local fiscal imbalances.

Prior to assuming his current position, he served as the first President and Chief Executive Officer of the Peter G. Peterson Foundation. Previously, Mr. Walker served as the seventh Comptroller General of the United States and head of the US Government Accountability Office (GAO) for almost ten years, 1998 to 2008—one of Mr. Walker’s three individual presidential appointments during his 15 years of total federal service.

Mr. Walker has over 20 years of private sector experience, including approximately 10 years as a partner and Global Managing Director of Human Capital Services for Arthur Andersen LLP.

In addition to his leadership responsibilities at CAI, Mr. Walker serves on various boards and advisory groups, including as Chairman of the United Nations Independent Audit Advisory Committee, as a member of the Boards for the Committee for a Responsible Federal Budget, and as a member of Advisory Committees for the Public Company Accounting Oversight Board and the Peterson Foundation. He is also a member of the Accounting Hall of Fame, the National Academy of Public Administration, the National Academy of Social Insurance, and the Trilateral Commission.

Mr. Walker has authored three books, the latest of which, Comeback America: Turning the Country Around and Restoring Fiscal Responsibility, is a national bestseller. He is a frequent writer and media commentator, and is a subject of the critically acclaimed documentary I.O.U.S.A.

Mr. Walker is married to the former Mary Etheredge. They have a son, daughter, and three grandchildren.

Fritz ZurbrüggDirector, Swiss Federal Finance Administration

Fritz Zurbrügg is currently Director of the Federal Finance Administration in the Federal Ministry of Finance. The Federal Finance Administration is responsible for the federal budget and medium-term financial plan, the federal treasury and debt management, fiscal policy issues, and the financial equalization system for sub national governments.

He has held various positions within the Federal Finance Administration. He represented Switzerland on the Executive Board of the International Monetary Fund from 1998 to 2006 as Senior Advisor and Executive Director.

Mr. Zurbrügg gained experience in working with a broad range of economic and development issues given the composition of the Swiss-led constituency—Azerbaijan, Kyrgyz Republic, Poland, Serbia, Tajikistan, Turkmenistan, and Uzbekistan.

He received his graduate degree and Ph.D. in economics from the University of Berne, Switzerland.

He and his wife, Aurelia Manzone Zurbrügg, have three children.

THE SOVEREIGN DEBT CRISIS, A MATTER OF URGENCY—FROM LESSONS TO REFORM

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