The debate has helped in that many EMCs have introduced collective action clauses (CACs) in their sovereign bond contracts and major EMCs and the private sector are discussing a Code of Conduct. BIS Review 40/2004  3  This notwithstanding, I am firmly convinced that we need an international arrangement which would facilitate the orderly resolution of sovereign debt crises.
Competition, standardisation, innovation and the right level of regulation are the key factors contributing to a favourable outcome. BIS Review 84/2009  5