Nevertheless, public and academic awareness has been raised; the debate has helped prompt many EMCs to introduce Collective Action Clauses (CACs) in their sovereign bond contracts, as the EU, Canada and Switzerland have. Also, this awareness has induced the Paris Club to change its debt restructuring procedures for insolvent countries.
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.