A New International Financial Architecture: draft document

A new international financial architecture is required and must include a new set of rules and institutions: 1) a universal legal code that will make sure all creditors have the same rights and all debtors the same duties, with the same enforcement mechanisms; 2) it is clear that the problems of the old financial architecture can recur, and an International Board of Arbitration for Sovereign Debt (IBASD) is required as a new forum for negotiations instead of the Club of Paris and London Club; it should have a small secretariat as a part of the UN system, an international body that will function regularly and be used by UN member countries; 3) the IBASD Secretariat will recommend arbiters that will be selected by creditors and debtors in even proportions, with the presidency decided by both sides in order to have an uneven number of board members; 4) Collective Action clauses must be incorporated into all new instruments in order for the recommendations to operate.