Promised to intensify “efforts to prevent debt crises by enhancing international financial mechanisms for crisis prevention and resolution, in cooperation with the private sector, and by finding solutions that are transparent and agreeable to all”. Recognized that “more efforts are needed through international debt resolution mechanisms to guarantee equivalent treatment of all creditors, just treatment of creditors and debtors, and legal predictability”.
No numerical or additional targets were set.
No actions have been taken to create international debt restructuring mechanism since the unsuccessful outcome of the discussions on this issue since 2003.
The world lacks a comprehensive international debt workout mechanism within which to treat sovereign debt crises adequately.
The Monterrey Concensus in 2002 called for creation of such a mechanism.