The debt convention would address the need for multilateral protocols on debt crisis resolution and on the prevention of future debt crises. This would build on the agreement in UN resolution 68/304 for a legal framework on sovereign debt resolution. In this sense, the debt convention would encompass the global consensus on the necessary rules, principles, and structures throughout the different interdependent stages of the debt cycle, to prevent unsustainable and illegitimate debt accumulation, and to offer fair and sustainable solutions to sovereign debt crises when they occur. This could be done by discussing and agreeing on a series of protocols within the debt convention on the different issues and reforms included in the infographic below.

Figure 1: New debt architecture for economic justice

See Eurodad’s policy paper “UN Framework Convention on Sovereign Debt: Building a New Debt Architecture for Economic Justice” for more details on the reforms that such a convention could include.