Newsletter: October 2025

Welcome to the Initiative for Policy Dialogue’s monthly newsletter. Founded in July 2000 by Nobel Laureate Joseph E. Stiglitz, the Initiative for Policy Dialogue (IPD) works to broaden dialogue and explore trade-offs in development policy by bringing the best ideas in development to policymakers facing globalization’s complex challenges and opportunities. We strive to contribute to a more equitably governed world by democratizing the production and use of knowledge.

Past Events

Conference: Taxing the Wealth of the Super-Rich — For Tax Justice and Economic Efficiency

October 1, 2025, National Assembly, Paris, France

Joseph Stiglitz joined Éric Coquerel (President of the Finance Committee of the National Assembly), Gabriel Zucman (French economist), and Jayati Ghosh (University of Massachusetts Amherst) for a high-level debate on taxing the rich. The panel examined key questions around the global rise of wealth concentration, the effectiveness of national versus international tax reforms, and the political and economic challenges of implementing wealth taxes. Discussions addressed whether France can act alone, the risks of tax competition and capital flight, and the potential yield and constitutionality of wealth taxation. Panelists also explored the role of academic research in shaping credible and effective policy solutions.

Presentation of the Jubilee Report on Debt

October 5, 2025 , Festival of Economics, Florence, Italy

In memory of Pope Francis, Martín Guzmán presented The Jubilee Report at the Festival of Economics in Florence. His presentation reflected on rethinking debt as an opportunity for justice, solidarity, and hope — carrying forward Pope Francis’s legacy for a more equitable and resilient global economy. The session was moderated by Francesca Cantini (TG5).

South Africa G20 to France G7 — Debt and Development Finance

October 6, 2025, Columbia Global Centers, Paris, France. Hosted by IPD and Finance for Development Lab (FDL)

This high-level academic conference explored the evolving role of the G7 and G20 in development finance and debt issues in developing countries. Joseph Stiglitz and Martín Guzmán joined policymakers and experts, including Rémy Rioux (French Development Agency), Nick Mabey (E3G), Saul Musker (Director, Private Office of the President, Republic of South Africa), and Vera Songwe (Liquidity and Sustainability Facility), to discuss the challenges and opportunities for advancing global cooperation on debt and sustainable development. Full video recording.

Martin Guzmán Participates in Policy Roundtable at DebtCon

October 13 2025, Georgetown University, Washington, D.C. Hosted by Institute of International Economic Law (IIEL), Sovereign Debt Forum and the Princeton Sovereign Finance Lab

Amid sluggish global growth, heightened geopolitical uncertainty, and trade disruptions, the risk of worsening debt distress looms large. Only a handful of over-indebted countries have secured debt restructurings in the post-pandemic period, highlighting the limitations of an international debt architecture that remains fragmented, slow, and ill-equipped to deliver timely, fair, and development-oriented solutions. Martin joined other experts, including Marina Zucker-Marques (Boston University’s Global Development Policy Center), Abby McKenna (Emerging Markets Investors Alliance), Penelope Hawkins (Center for International Governance Innovation), Mark Walker (Millstein & Co.), and Sara Jane Ahmed (Vulnerable Group of Twenty), to discuss the flaws and potential reforms of the international financial architecture (IFA).

Wealth, Power, and Democracy: A Political Agenda to Rein in Extreme Wealth

October 15, 2025, Open Society Foundations, Washington, D.C. Hosted by ICRICT

Joseph Stiglitz joined Fernando Haddad (Minister of Finance of Brazil), Nicolás Grau (Minister of Finance of Chile), and Carlos Cuerpo (Minister for Economy, Trade, and Business of Spain) for a panel discussion on the growing concentration of wealth, its implications for equity and democracy, and the opportunities for governments and international institutions to act collectively.

Joseph Stiglitz Meets with Spain’s Minister of Economy, Trade, and Business

October 15, 2025, World Bank/IMF Annual Meetings, Washington, D.C.

During the World Bank/IMF Annual Meetings, Joseph Stiglitz met with Carlos Cuerpo, Spain’s Minister of Economy, Trade, and Business, to discuss next steps for advancing the Seville Commitment, particularly on the debt agenda.

Civil Society Policy Forum: A Jubilee 2025 Call for a Fair Debt Architecture — Bridging Ethics and Policy

October 16, 2025, World Bank/IMF Annual Meetings, Washington, D.C. Hosted by IPD, Suramericana Visión, and partners

During the 2025 Annual Meetings, Martín Guzmán joined other economists, faith leaders, and policymakers, including Vera Songwe (Liquidity and Sustainability Facility), Msgr. Juan Antonio Cruz Serrano (Holy See to the Organization of American States), Amir Manghali (Islamic Relief Worldwide), Mark Flanagan (IMF), Manuela Francisco (World Bank), Rev. Dr. Kenneth Mtata (WCC), and Rev. Jackline Makena Mutuma (Methodist Church, Kenya) to explore new approaches to debt relief, bailout packages, and austerity policies. The panel examined how these can contribute to building a fairer and more sustainable global debt system. Martín also presented The Jubilee Report, which proposes reforms to the current approach to debt crises. Full video recording.

Roundtable: Who Decides? Developing Countries and the Future of Global Tax Governance

October 16, 2025, World Bank/IMF Annual Meetings, Washington, D.C. Hosted by ICRICT

International tax reform is at a decisive moment. The UN Framework Convention on International Tax Cooperation (UN FCITC) process—initiated by a broad developing-country coalition—is redefining the debate over who sets the rules of global taxation. G-24 member states are actively participating in the negotiations, with the third session of the 2025 talks scheduled to take place in Nairobi in November. Joseph Stiglitz joined a roundtable discussion that examined the political economy of global tax cooperation from a developing-country perspective.

Rockefeller Foundation Finance Forum: International Cooperation to Deliver Finance

October 16, 2025, Washington, D.C. Hosted by The Rockefeller Foundation

Joseph Stiglitz joined a high-level roundtable discussion on debt and innovative financial tools to drive impact amid rising global debt burdens. The event brought together policy experts, decision-makers, and advocates to refine proposals, test solutions, and strengthen a coalition for sustainable debt reform.

Advancing Sovereign Debt Governance: Legislative Pathways to End the Debt Trap

October 17, 2025, World Bank/IMF Annual Meetings, Washington, D.C. Hosted by Friedrich-Ebert-Stiftung (FES)

During the World Bank/IMF Annual Meetings, Martín Guzmán delivered the keynote address at an event examining how legislative pathways and responsible borrowing frameworks can help end destructive debt cycles. The discussion highlighted the importance of progressive taxation in safeguarding democracy and justice, and featured leading voices from the Global South who emphasized transparency, citizen participation, and accountability as pillars of sustainable debt governance.

Martin Guzmán Speaks at the 2025 Berlin Global Dialogue
October 23-25, 2025, ESMT Berlin, Germany. Hosted by Berlin Global Dialogue (BGD)

Martin Guzmán participated in the 2025 Berlin Global Dialogue, themed “Shifting Power, Shaping Prosperity.” The annual forum brings together international leaders from business, politics, and academia to shape the global economy of the twenty-first century. Martin joined Bertrand Dumont (Director General, Treasury, France), Christiane Laibach (KfW), Ludger Schuknecht (Asian Infrastructure Investment Bank), and Aminata Touré (High Representative of the President and former Prime Minister of Senegal) as a panelist in the session “From Debt to Opportunity: Rethinking Investment in the Global South.”

Upcoming Events

New Thinking in Industrial Policy: Perspectives from Developed and Developing Countries

November 6 & 7 2025, Columbia University SIPA. Hosted by Initiative for Policy Dialogue (IPD), the Firms & Industrial Policy Idea Lab of the Center for Political Economy (CPE), the Center for Development Economics and Policy (CDEP), and the Institute of Global Politics (IGP)

Industrial policy is back on mainstream policy agendas in the U.S., Europe, and many developing countries, but the knowledge base to guide industrial policy remains underdeveloped. This conference on “New Thinking in Industrial Policy: Perspectives from Developed and Developing Countries” will convene leading researchers from economics, sociology, political science, and related fields to take stock of what is known and what needs to be learned about the optimal design of industrial policy, the challenges in evaluating interventions empirically, and the difficulties that practitioners face on the ground.

The conference is open to the public and will also be livestreamed. More details and registration can be found here.

The Role of SDRs for Global Stability and Sustainable Economic Transformation

December 5, 2025, Columbia University, SIPA. Hosted by the Initiative for Policy Dialogue (IPD), Institute of Global Politics (IGP), Center for Economic and Policy Research (CEPR), and Global Development Policy Center (GDPC)

Special Drawing Rights (SDRs) are interest-bearing international reserve assets created by the IMF in 1969 to supplement member countries’ reserves and support global liquidity. While their role was expanded in 1978 to serve as the “principal reserve asset,” allocations remained limited until the 2009 financial crisis and again in response to COVID-19. The 2021 allocation was the largest in history, though its use has been constrained by various challenges.

IPD will host a workshop on Special Drawing Rights (SDRs) on Friday, December 5, 2025, at Columbia University’s School of International and Public Affairs (Room 1501). Additional details will be shared on our website closer to the event.

Launch of Report: Breaking the Inequality-Pandemic Cycle – Building True Health Security in a Global Age

November 3, 2025, 8:00 a.m. EST, Virtual Event. Hosted by Mail & Guardian, South Africa

Joseph Stiglitz will join the launch of the Global Council on Inequality, AIDS, and Pandemics’ report Breaking the Inequality-Pandemic Cycle – Building True Health Security in a Global Age. The event takes place ahead of the G20 meetings chaired by South Africa, which have focused global attention on inequality.

The discussion will be moderated by Nozipho Mbanjwa-Tshabalala (Global Moderator and CEO, The Conversation Strategists) and will feature leading voices including Winnie Byanyima (Executive Director of UNAIDS and UN Under-Secretary-General), Monica Geingos (former First Lady of Namibia), Michael Marmot (Institute of Health Equity, University College London), Aaron Motsoaledi (Minister of Health, South Africa), Nísia Trindade (former Minister of Health, Brazil), Javier Padilla Bernáldez (Secretary of State for Health, Spain), Joe Phaahla (Deputy Minister of Health, South Africa), Richard Lusimbo (Director General, Key Populations Consortium, Uganda), and Nomonde Ngema (HIV youth activist, South Africa). You can read read the Mail & Guardian’s preview story here.

The event will be livestreamed by Mail & Guardian here.