Others argue that EMU needs to focus on public risk-sharing, be it through introducing a central euro area fiscal capacity or creating safe assets. In reality, separating these two channels of risk-sharing is far from the obvious solution. Is private risk-sharing a substitute for public risk-sharing? Or do they complement each other?
We also expect the IMF and the W B to work in a complementary and effective manner, making the most of their respective areas of expertise to facilitate concrete application 1/3  BIS central bankers' speeches  of the Common Framework, whose success strongly depends on improving the quality and availability of debt information in both debtor and creditor countries.