The roundtable’s objective was to set forth recommendations for improving the quality of country risk analysis used by creditors, lenders, and policymakers, thereby reducing the economic and social costs of financial volatility and crisis. Participants included leading country risk practitioners from rating agencies, commercial banks, and the investor community, in addition to multilateral organizations and government officials. After the first round of discussions in the fall of 1999, roundtable participants provided recommendations around three principal categories: analytical country risk methods; structure of the country risk profession; and use of country risk analysis in decisionmaking, detailed in the International Monetary Fund's 1999 publication of International Capital Markets. During this fiscal year, the roundtable further redefined these initial recommendations, focusing on how better to define principles and processes for sovereign bond restructurings, and improve the availability and quality of necessary data and analysis for the investor community.