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Mr. V. Sundararajan


The coordination of policy objectives, instruments, and institutional and operational arrangements of public debt and monetary management assumes particular significance in the process of financial sector reform and stabilization of economies in transition.1 In market economies, such coordination can be achieved through either (1) the sharing of common objectives and pursuit of joint actions to achieve those objectives or (2) the work of market forces in cases where there is strict institutional separation of objectives, functions, and instruments. In the latter case, coordination is achieved with the central bank exercising operational autonomy in designing and implementing monetary policy, and the monetary and fiscal authorities operating in different segments of well-developed financial markets, supported by a separation of debt and monetary instruments. In either case, arrangements exist for the sharing of needed information and of responsibilities to support the day-to-day execution of monetary and debt policy and the effective pursuit of stabilization goals.

Michael Horgan


Several legislative provisions govern the Central Bank of” Ireland, the National Treasury Management Agency, and exchange rate policy. The central bank is an independent body, by statute, required by Section 6 of the 1942 Act to take “such steps as the Board may from time to time deem appropriate and advise toward safeguarding the integrity of the currency and ensuring that, in what pertains to the control of credit, the constant and predominant aim shall be the welfare of the people as a whole.” The Minister for Finance has the power under the 1942 Act to request the governor or the board “to consult and advise him” on the central bank’s performance of its general functions and monetary policy in particular, and the board is required to comply with such a request. At the time of the writing, this power had never been exercised by the minister. The central bank is independent in the carrying out of its functions, including the formation and implementation of monetary policy.

Staffan Crona


The Swedish National Debt Office is a government agency responsible for issuing loans on behalf of the Swedish state and managing the state debt. The objective is to fulfill this target as cost-effectively as possible. The debt office borrows in three markets—the domestic money and bond market; the private market; and the Euromarket and foreign capital market.

Mr. Pedro Martínez-Méndez


This chapter describes the Spanish experience with liberalizing its financial system, reorienting its monetary and debt management policies toward the market, and developing deep and sophisticated money and government debt markets. It focuses on operational and institutional issues, in particular interrelations between monetary control and government debt management, with only passing references to policy objectives or general economic developments.

Robin Miller


Typically, the major objectives of debt management policy are to raise the government’s gross borrowing requirements at minimum cost and at an acceptable level of interest rate risk. To achieve these objectives, debt managers need to make important decisions on the optimal structure of the outstanding stock of debt and the design and use of instruments that will determine the character of debt issuance and the composition of the stock over the longer term. Debt management policy can be categorized into tactical and strategic aspects. In a broad sense, tactical policy is aimed at managing the stock of debt by balancing debt service costs with exposures to changes in interest rates, while strategic policy is directed at minimizing costs by promoting more liquid and efficient government securities markets.