This marked a major break with the principle of preferred creditor status of international financial institutions. Looking at the most recent past of the Paris Club, another development worth noting is that the number of countries rescheduling with Paris Club creditors has been declining significantly.
At the same time, individual countries are more vulnerable to economic and financial shocks originating outside their borders. So the need for a coherent international financial system is also much greater today. And our international institutions must evolve to take all of this into account.