An important initiative which the IMF started to discuss in 2001 proposed the establishment of an international bankruptcy procedure for unsustainable sovereign debt. However, the time may not have been right yet to establish such a comprehensive framework for the restructuring of sovereign debt.
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.