Robert O’Brien

The Global Financial System

CGFS – Sovereign debt management, monetary policy and financial stability iii Preface In November 2010, the Committee on the Global Financial System (CGFS) established a Study Group to examine the possible impact of sovereign debt management choices on monetary conditions and financial stability under the current unprecedented circumstances. The crisis dramatically altered the environment in which debt managers and central banks operate, and the linkages between the concerns of the different policy areas may have intensified. We hope that this report will be a relevant and timely input to national and international discussions about managing the current circumstances of economic and financial strain.