International Federation of Accountants (IFAC) has called for a
radical reform of public financial management systems and
institutions around the world.

IFAC chief executive Ian Ball said, at the Sovereign Debt Crisis, a
Matter of Urgency- From Lessons to Reform conference addressing the
causes contributing to the international sovereign debt crisis as
well as the fiscal stress and instability associated with it, that
enhanced transparency and accountability on the part of public
sector entities around the world would achieve long-term fiscal
sustainability, more effective governments and reduced risk of new
fiscal crises.

“We heard over these two days that the problems with financial
management and reporting are not confined to a small handful of
European countries, but are widespread” Ball remarked.

“There is a real danger of the current sovereign debt crisis,
coupled with the fiscal challenges of aging populations, deepening
into a global fiscal crisis—and it is therefore more urgent than
ever that we act to bring about a radical transformation in public
financial management”.

Speakers at the conference included financial leaders such as World
Bank Group chief financial officer Vincenzo La Via, former prime
minister of Sweden Göran Persson, former New Zealand Minister of
Finance Ruth Richardson and Comeback America Initiative chief
executive and former US Comptroller David Walker.

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