They would also improve the handling of debt restructurings, if they become unavoidable. Discussions are currently taking place between emerging market issuers and private sector representatives on the main elements of such a Code. I would like to encourage all parties to be as active and constructive as possible.
It is clear that this initiative can only lead to improvements in crisis prevention and resolution if the main stakeholders, i.e. emerging market issuers and private sector representatives, fully “buy into” the process. The official sector would play a catalysing role in that context.