This issue was considered in the context of the IMF reform after the Asian crisis. The discussion showed that it is very difficult to design a simple mechanism which would make restructuring mandatory. The reason is simple. The solvency of a state is a different concept from that of a company or a financial institution.
Some financial transactions or products introduced by financial intermediaries may fall within the domain of more than one regulator. There is a need to have a clear, effective and smooth co-ordination among the regulators to deal with issues relating to regulatory arbitrage, tax arbitrage etc. In India the High Level Co-ordination Committee comprising Members from RBI, SEBI, IRDA etc.