They would also improve the handling of debt restructurings, if they become unavoidable. Discussions are currently taking place between emerging market issuers and private sector representatives on the main elements of such a Code. I would like to encourage all parties to be as active and constructive as possible.
By the end of the 1990s, a large body of research had emerged pointing out the conflict between intervention in foreign exchange markets and the commitment of monetary policy to price stability. In the United States, the doubts about the effectiveness of sterilized interventions prompted their abandonment some time after the Mexican crisis.