At present, the IMFC is for example engaged in drawing up the fundaments for a sovereign debt restructuring mechanism (SDRM) which should allow for a better resolution of external sovereign debt crises. Central bank governors of the Group of Ten (G10) advanced industrial countries have met regularly at Basle at the BIS since 1962 to discuss monetary and financial matters of mutual concern.
Unfortunately Austria is not a direct member of this group, but we surely have profited from their initiatives. Most important for international financial governance has been the Group of Seven (G7) summits, held annually since 1975. From time to time, G7 leaders have given orientation for important policy initiatives.