Let me mention, as an example, the voluntary “principles” to underpin a sustainable and healthy flow of private capital to emerging markets that I suggested myself a few years ago. Now the “Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets” have been set up thanks to a very active participation of emerging economies and the private sector.
The aim of these marketbased and voluntary principles is to provide guidelines for the behaviour of sovereign issuers and their private creditors regarding information sharing, dialogue and close cooperation in times of financial distress. To date, over 30 issuing countries have voiced support for the Principles and expressed particular interest in advancing their implementation.