A key issue in the debate over reform of the international financial system is whether to adopt a new international bankruptcy regime for sovereign debt, and an important aspect of that debate is the lack of consensus about the problems that such a regime would be designed to solve and whether it would solve them. My remarks are focused on a new bankruptcy regime rather than a new court, because the former does not necessarily entail the latter. The authors of the three papers in this symposium all have quite different conceptions of the problems, as do other important protagonists.