In his 1790 Report on Public Credit, Alexander Hamilton wished “to see incorporated, as a fundamental maxim in the system of public credit of the United States, that the creation of debt should always be accompanied with the means of its extinguishment”. Common funding instruments would require shared decision making on national debts and deficits and probably joint control on fiscal expenditures and taxation.
Specialized laws establishing Debt Recovery Tribunals (DRTs) and empowering secured creditors to enforce security interest without the intervention of court, have been in vogue for several years now. While, such mechanisms have definitely facilitated faster recovery, there can be no doubt that much more needs to be done. In this context, some of the changes made to those laws recently are worth mentioning.