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In my view, a future code of conduct or a set of guidelines must cover two central issues if they are to be effective. First, to quell the concerns of recipient countries with respect to politically motivated investments, a code of conduct must contain governance prescriptions that ensure that the investment decisions of SWFs are not driven by political objectives. I believe the institutional design of modern central banking can offer some clues as to the appropriate form of these governance prescriptions. Central banks and SWFs obviously pursue fundamentally different objectives. But, in principle, they are both at risk of being hijacked by governments for political aims. In the case of central banks, this problem has been successfully addressed by the adoption of an institutional design based on two powerful features. Central banks have a clear mandate, typically focused on or around price stability. Moreover, they have generally been given statutory independence from governments in pursuing their mandate. This simple institutional design has become best practice and has made an important contribution to keeping politics largely out of monetary policy. Second, to preclude a resurgence of state ownership in our economies, SWF guidelines need to spell out upper limits to investment stakes in foreign private companies. It is difficult to determine what such limits should be. As I alluded earlier, it is not just a matter of preempting majority stakes of SWFs in foreign companies. “Cross-border nationalisation” of private companies is simply the most extreme version of a broader unwelcome trend.