In a context of increasingly complex sovereign debt situations coupled with the inadequacy of instruments currently used to tackle them, Eurodad has published a briefing analysing recent reform proposals to manage future debt crises by international organisations. Written primarily for the attention of European parliamentarians and focusing of the UN and the IMF, the note makes recommendations as to the role of Parliaments and steps that legislators and decision-makers can take to ensure that Europe influences future effective debt workout mechanisms that are responsible and fair.

With the opportunity presented by the forthcoming UN Financing for Development Conference in 2015 in mind, the briefing highlights the necessity of debt crisis management to avoid forced ‘defaults’ or financial collapse. It finds that a responsible debt workout mechanism integrated into the international financial architecture is vital and that UNCTAD's proposals for debt workouts based on human rights and responsible financing currently represent the best chance of ensuring that countries can restructure their debts in an effective, sustainable and humane way.