Emerging Markets at a Crossroad and the Continuing Debate Over Crisis Resolution

Brussels, Belgium

September 12-13, 2002



The seminar dealt with the challenge of resolving sovereign debt crises. Participants reviewed the need to develop mechanisms for a predictable and orderly restructuring of debt in order to strengthen the international financial system. Discussions emphasized how such mechanisms should address problems that can delay and prolong restructuring, eroding the value of the claim and increasing the hardships of debtors.  Consensus emerged regarding the importance of creating fair and transparent workout procedures that are effective in eliminating the threat of rogue creditors. The impact that such reforms can have on the accurate pricing of risk were also reviewed in details during the course of this meeting.



  • Amit GUPTA: Portfolio Manager, MN Services
  • Arnab DAS: Managing Director, Emerging Markets Research, Dresdner Kleinwort
  • Christian KOPF: Portfolio Manager, International Fixed Income, DWS Investments
  • Christophe KELLER: Legal Services, Deutsche Bundesbank
  • David WALL: Member of the G10 Working Group, Bank of England
  • Diane ROBERTS: Partner, Orrick Herrington & Sutcliffe
  • Didier REYNDERS: Minister of Finance, Belgium and Chairman of the G10
  • Edmond ALPHANDERY: Chairman of the Supervisory Board, CNP
  • Gazi ERCEL: Former Governor, Central Bank of Turkey
  • Guy QUADEN: Governor, National Bank of Belgium
  • Jean Dominique BUTIKOFER: Vice President, Emerging Markets Fixed Income, Julius Baer Asset Management
  • Jihad AZOUR: Senior Advisor, Ministry of Finance, Republic of Lebanon
  • Kasper BARTHOLDY: Chief Economist, Emerging Markets, Credit Suisse First Boston
  • Ludek NIEDERMAYER: Member of the Board, Czech National Bank
  • Manfred BALZ: Legal Counsel, Deutsche Telekom
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Mark ALLEN: Deputy Director, Policy Review Department, IMF
  • Peter PRAET: Executive Director, National Bank of Belgium
  • Ryszard WILCZYNSKI: Advisor to the Minister of Finance, Poland
  • Sean HAGAN: Assistant General Counsel, IMF
  • Seven YUCEL: Director, International Capital Markets, department of Treasury, Turkey
  • William LEDWARD: Portfolio Manager, Fiduciary Trust and Member of the Board of the Emerging Markets Creditors Association

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