A better approach would be to create a mechanism for orchestrating orderly sovereign default, both to minimize damage when crises do occur, and to discourage lenders from assuming that taxpayers’ money will solve all major problems. The IMF proposed exactly such a mechanism in 2001, and a similar idea has been discussed more recently for the eurozone.
一个更好的方法将则是建立一个精心设计的主权违约机制，一方面减少危机的破坏，另一方面也防止借款人觉得能靠纳税人的钱来解决所有大麻烦。世界货币基金组织早在2001年已经提出了这个机制，欧元区国家最近也讨论了类似的理念。但不幸的是，债务重建机制的理念依然还停留在纯理论层面。