Against the backdrop of the sovereign debt crisis in the Euro Area, and particularly following the voluntary debt exchange for Greece, it is vital for the international financial community to work to strengthen the framework for crisis prevention and resolution. Towards that end, a report just issued by the public-private sector Joint Committee on Strengthening the Framework for Sovereign Debt Crisis Prevention and Resolution strongly recommends that sovereign issuers take a voluntary approach to pursuing good-faith negotiations with creditors to achieve agreement on fair debt restructuring, should it prove to be unavoidable, in accordance with the well established Principles for Stable Capital Flows and Fair Debt Restructuring.