This episode features Paola Subacchi in conversation with former EU Commissioner Paolo Gentiloni. They explore how ageing, climate pressures and, more recently, defence spending are driving public debt higher, while growth remains elusive and interest rates stay relatively high. The discussion revisits Europe’s response to the sovereign debt crisis and Covid, before turning to a largely overlooked challenge in developing countries – “defaulting on development.”

Paolo Gentiloni is Co-Chair of the UN Group of Experts to promote policy solutions to resolve the debt crisis in developing countries. From 2019 to 2024, Mr Gentiloni was European Commissioner for Economy. He served as Prime Minister of Italy from 2016 to 2018 and Minister of Foreign Affairs and International Cooperation (2013-2014).

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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Join Paola Subacchi and Guillaume Arditti for a lively and engaging conversation on financial constraints that developing countries face – and how innovative financial tools can help unlock the funding they need to drive development.

Guillaume Arditti is a founding partner of Belvedere Advisory, a strategic and financial consulting firm dedicated to emerging markets. Since January 2024, he has also been an associate researcher at the Jacques Delors Institute, specializing in EU-Africa relations. He began his career at the Agence Française de Développement (AFD) in South Africa, before holding leadership roles at Natixis and BNP Paribas, where he focused on Natural Resources financing and strategy for Africa. He has also taught in the African Studies program at Sciences Po.

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.

From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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Join Paola Subacchi and Piera Tortora for an in-depth discussion on how international policy cooperation can respond to pressing global challenges, including debt and climate. The episode also explores the Pact for Prosperity, People and the Planet – a global coalition established at the 2023 Summit for the New Global Financing Pact – and its potential to drive meaningful reforms of the international financial architecture.

Piera Tortora serves as Head of the Secretariat of the Paris Pact for People and the Planet (4P), a global alliance of 68 countries advocating for international financial reform. A veteran of the OECD (2011–2024), she previously founded the Sustainable Ocean for All Initiative and led work on development finance and sustainable tourism. Earlier, she conducted economic analysis for the UN-FAO and the UN-ECE. She holds a PhD in Economics from the University of Rome “La Sapienza” and has taught at the Geneva Graduate Institute and Sant'Anna University of Pisa.

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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In this episode DebtTalks departs from our usual long-view approach to engage directly with the latest headlines. Paola and Elina Ribakova explore the financial options available to Ukraine amid intense political uncertainty.

Elina Ribakova is Non-resident Senior Fellow at the Peterson Institute for International Economics and a Director of the International Affairs Program and Vice President for foreign policy at the Kyiv School of Economics.

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.

From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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In this episode Paola Subacchi and Carlo Monticelli explore the transformative role finance can play in driving social change. Carlo shares insights into the Council of Europe Development Bank’s mission to promote investment that empowers communities often left on the margins and helps prevent marginalisation. The conversation highlights how financial tools can be harnessed not merely to generate economic growth, but to foster stronger, more inclusive communities across Europe.

Carlo Monticelli, an Italian national, was elected Governor of the CEB by the Bank’s member states on 11 June 2021 after serving for six years as Vice-Governor for Financial Strategy. He began his five-year mandate on 18 December 2021.
Before joining the CEB, Mr Monticelli worked for more than a decade at the Italian Treasury, representing Italy in international fora and institutions, including as EFC member, G7 Deputy, G8 Financial Sous-Sherpa, G20 Deputy, IMFC Deputy, FSB member and OCDE WP3 member. 

 Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.

From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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This episode features political scientists Layna Mosley and Peter Rosendorff in conversation with Paola Subacchi about the domestic and international politics that surround sovereign finance. Since politics plays a crucial role in development finance, the discussion focus on how domestic politics affects access to credit, how governments manage and repay debt, and how political considerations influence the operations of multilateral financial institutions. 

Hosts & Guests

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. 

From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

Layna Mosley is Professor of Politics and International Affairs at Princeton Affairs, serving as the Interim Director of the Niehaus Center for Globalization and Governance and Associate Chair of the Department of Politics. She also co-founded the Princeton Sovereign Finance Lab. 

Peter Rosendorff is Professor of Politics at New York University where he serves as the Director of the NYU Sovereign Debt Network. He is also the Director of Research at the Princeton Sovereign Finance Lab. Professor Rosendorff is a current member of the editorial team at the International Organization journal and was the previous editor of Economics and Politics. In addition, he currently sits on the editorial board of the American Journal of Political Science and previously for the Journal of Politics and International Interactions.


Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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How can countries in critical debt positions secure the financing they need to invest in critical infrastructure? And when should they rely on grants instead of loans – even at concessional rates? In this episode Paola Subacchi hosts Pablo Saavedra from the World Bank to explore tools such as debt-for-development swaps, designed to lower debt-servicing costs and extend maturities – giving countries more breathing space.

Hosts & Guests

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. 

From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

Pablo Saavedra is the Vice President for the Prosperity vertical at the World Bank, working on issues related to economic policy, poverty, finance, institutions, competition, and investment. Prior to serving in this position, he was also the Country Director for Mexico and Practice Manager of the Macroeconomic, Trade, and Investment unit in the Latin America and Caribbean Region at the Bank. 

In these positions, he provides significant technical knowledge and operational experience across regions on topics related to economic growth, macroeconomics and fiscal policy, and finance.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique et Réalisation Nils Bertinelli

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In this episode, Paola sits down with Nicole Kearse to explore the intricacies of debt management. Drawing on Nicole’s extensive experience at the African Legal Support Facility (ALSF), they discuss debt sustainability, capacity building, and the strategies to help countries prevent debt crises.

Hosts & Guests

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. 

From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

Nicole Kearse is the head of sovereign finance for the ALSF since 2022 and previously served as the organization’s senior legal counsel. Through this role, she uses her expertise on the African region and emerging markets to aid the organization in providing legal advice and technical assistance to countries in the negotiation of complex commercial transactions, creditor litigation, and other sovereign transactions.

Prior to servicing in her roles at the ALSF, Nicole Kearse co-founded the Krescent Consulting firm, providing strategic consulting and organizational and IT consulting services to law firms, SMEs, not-for profits, and African start-ups

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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In this episode, reflecting on the past five years – marked by crises that have left many countries struggling to manage their debt – Paola Subacchi and Ceyla Pazarbasioglu discuss multilateral policy initiatives such as the Debt Service Suspension Initiative (DSSI), the Common Framework and the Global Sovereign Debt Roundtable. They also examine the role of the International Monetary Fund as the lender of last resort.

Hosts & Guest

Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.

Ceyla Pazarbasioglu is the Director of the Strategy, Policy, and Review Department (SPR) at the IMF, serving in this role since 2020. Through this role, she has launched a variety of programmes including the Debt Service Suspension Initiative (DSSI) and the Global Sovereign Debt Roundtable, as well as playing a key role in operationalizing the G-20 Common Framework for Debt Treatments.

Prior to serving as the SPR Director, Ceyla Pazarbasioglu served as the Vice President for Equitable Growth, Finance, and Institutions at the World Bank Group from 2015 to 2020, where she managed a portfolio of $30 billion in operational and policy work and advisory engagements. She also served in a variety of different positions with the IMF from 1992-1998 and 2003-2015, including as Deputy Director of the Monetary and Capital Markets Department, Assistant Director in the European Department, and Mission Chief for Ukraine. Earlier in her career, she helped Türkiye’s government contain and resolve the 2001 economic crisis — first as a member of the government’s crisis management team, then as the Vice President of the Banking Regulation and Supervision Agency.

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In this episode Paola Subacchi and Thomas Melonio examine the future of the Sustainable Development Goals (SDGs) and the likelihood of achieving them by 2030. They discuss how to navigate trade-offs and shape a realistic transition path – one that may be more manageable in the long term, but more complex in the short term. The conversation also highlights the critical need to ensure that developing countries are not left behind in accessing the opportunities provided by AI. 

Hosts & Guests

Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. 

Thomas Melonio is Chief Economist at Agence Francaise de Development.

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