Solving Sovereign Debt Crises What international financial architecture do we need?

The international financial architecture continues to have a gaping hole: There is no institution or procedure to solve sovereign debt crises in an orderly and sustainable manner. The policy response to debt crises is often a ‘muddling through’. Debt restructurings come too little - too late. The consequence can be serious and unnecessary damage to the social and economic fabric of affected countries, and higher costs for all parties involved. The Euro crisis, unsustainable debt workouts in many developing countries and lawsuits of vulture funds that undermine voluntary debt restructurings have triggered a new boom in the debate about solving sovereign debt crisis. Think tanks, international organisations such as the IMF and the EU, and governments have revived old and developed new proposals for sovereign debt resolution mechanisms. The issue is set with prominence on the European and international policy-making agenda. This conference, jointly organized by Friedrich-Ebert-Stiftung, and the European Network on Debt and Development, aims to link policy and practice. International experts and senior officers from governments and civil society will assemble to discuss what reforms are needed and how they can be put in practice.