
In the FfD4 final outcome document, the first point to address public debt accumulation and rising vulnerabilities is the principle of responsible sovereign borrowing and lending. These are usually defined as a set of non-legislative rules applicable to all market participants, could play a key role in preventing and resolving debt crises. There are two main obstacles to the effective adoption of such principles. Firstly, different institutions (United Nations, the G20, Institute of International Finance and the OECD) have developed [...]