Global debt levels are at historically high levels. Regardless of economic level, countries around the world are now faced with a series of (to varying degrees) difficult choices. If policymakers don't get these choices right, prosperity, further economic development and social cohesion could be at risk. Various entities, including the WBG/IMF, G-20, G-7, have established frameworks to try to address these challenges, including the Debt Service Suspension Initiative, the Common Framework for Debt Treatments, and other ad-hoc approaches like Collective Action Clauses. The efficacy of these approaches remains an open question, as do broader concerns related to lack of transparency and the intentional use of debt as a foreign policy tool. What more can be done by policymakers to tackle these challenges? What role can investors and financial institutions play in fostering a more equitable and efficient sovereign debt architecture?
Founding Director, Digital Innovation and Democracy Initiative; Senior Fellow, German Marshall Fund of the United States; former US Ambassador, OECD
Curtis S. Chin
Chair, Milken Institute Asia Center; Former US Ambassador, Asian Development Bank
US Representative, Arkansas
Anne Fleming Research Professor; Professor of Law, Georgetown University
Executive Vice President, Institute of International Finance