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Chapter Summary

The international financial architecture, namely the area of sovereign debt reorganisation is undergoing major changes. The pace of change has accelerated significantly in recent years. Various proposals have been made as to how the gap in the international financial architecture may be bridged. This discussion was enlivened after Anne Krueger suggested the establishment of a Sovereign Debt Restructuring Mechanism (SDRM). In a general sense, the proposals can be divided into a contractual approach and a statutory approach. The proposal discussed here analyses whether general principles of law might provide a resource for the establishment of a Reorganisation System for Sovereign Debt (RSSD). Implementation of the system discussed to reorganise the debt of defaulting states should follow a gradual, multiple-track approach.

Keywords: Anne Krueger; contractual approach; international financial architecture; multiple-track approach; Reorganisation System for Sovereign Debt (RSSD); sovereign debt reorganisation; Sovereign Debt Restructuring Mechanism (SDRM); statutory approach



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