Debt Transparency: The Essential Starting Point for ...

THE BRETTON WOODS COMMITTEEWORKING GROUP MEMBERSJANUARY 2022 Debt Transparency: The Essential Starting Point for Successful ReformPREFACEThis article addressing the basic issue of market transparency is the second publication in a series being prepared by the Bretton Woods Committee s Sovereign Debt Working Group (SDWG). The goal of the SDWG is to develop concrete reform proposals for the sovereign debt market. The two motivations for the work of the SDWG are (1) the sharp, Covid-19-related buildup in sovereign borrowing that likely will require relief and restructuring during the next few years and (2) the significant reforms that are needed to improve the efficiency, inclusiveness, and effectiveness of sovereign liability discussed in this analysis, establishing a broadly accepted and consistent information base regarding existing debt obligations is a foun-dational requirement for successful systemic reform a need heightened by the dramatic shift in the number of funding sources since the Global Financial Crisis.

for their drafting and support. We also thank the Bretton Woods Committee secretariat, Emily Slater, Elena Tosana, and Robin Muthig for their coordi-nation and support. We look forward to receiving your comments regarding this publication, as …

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