Nevertheless, I am still firmly convinced that we need an international treaty which would facilitate the orderly resolution of sovereign debt crises. Ladies and Gentlemen: I have the impression that very often, the strong track record the IMF as well as the World Bank have established in transition countries is overlooked.
At the beginning of the 1990s, all of those countries, apart from Slovenia, had some form of IMF involvement via a fully fledged IMF program or technical assistance. The IMF together with the World Bank and the country authorities concerned have worked hard to stabilize the economies of those countries, devise economic policies and build up modern institutions.