An important global trend in recent decades is the emphasis on more autonomy for the execution of debt management policies by debt management offices (DMO). DMOs in almost all OECD countries undertake functions other than PDM (for example, cash management, fund management, administration of state guarantees, including PPPs). It is international good practice to create committees for consultation or co-ordination between DMOs, CBs and fiscal authorities on public debt policy. It is generally accepted that operational responsibility within the DMO should be separated between the front (FO) and back office (BO). In addition, a number of key functions, particularly for risk management, may be situated in a separate middle office (MO).