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C Greater Emphasis on Continuity of Rights and Obligations
Debt negotiations and the decisions of the EBRD, the IMF and the World Bank affirm the principle of continuity of rights and obligations. The expansion of communications, globalization and greater interdependence between states means that it is increasingly in the interest of states to maintain the stability of their legal rights and obligations. This is best served by adopting the universal succession approach. Furthermore, the increased importance of international capital markets as a source of state finance has meant that, in order to establish their creditworthiness and obtain access to the financial markets, newly established states are more willing to enter into debt allocation arrangements. Therefore, greater emphasis will be given to the continuity of rights and obligations in future cases of state succession than in the past.