A/HRC/4/10 page 19 among other measures, include an agreed definition of illegitimate debt and pay particular attention to such debt. The independent expert calls upon all multilateral, bilateral and commercial creditors to assume a moral obligation to define own transparent criteria for the illegitimacy of debt and to proceed to the cancellation of such debt. 73. Conditionality links between debt relief and economic reform policies should be revised and streamlined. Conditionality for debt relief should be limited to the macroeconomic and structural framework directly relevant for the core objectives of debt relief, i.e. the re-establishment of a comprehensively defined debt sustainability criteria and contribution to the achievement of MDGs. 74. While it is widely recognized that broad macroeconomic stability lays the basis for economic growth, there is not yet any consensus on an optimal level of stability and on whether the extent of stability promoted by Bretton Woods institutions (e.g. in the case of IMF inflation thresholds) can even damage growth. Economic reform programmes should not be based on one-size-fits-all macroeconomic solutions and should instead take the situation of the individual country into account. 75. Privatization of State enterprises can often improve the quantity and quality of available goods and services, and lower their prices. In the case of goods and services subject to economic, social and cultural rights (e.g. access to drinking water) the privatization can lead to better availability. However, privatization decisions should not only be based on narrow and purely economic considerations, but also on a sound analysis of all the functions that publicly-owned enterprises serve, in particular with regards to accessibility to goods and services that result in the realization of pertinent human rights. Such detailed assessment should consider, inter alia, the advantages of different forms of ownership, including public, private and mixed forms, based on each country’s set of social, economic, political and cultural circumstances. In the case of basic services, such analysis should be guided by the objective to best ensure the provision of affordable quality services to all segments of the population. In any event, decisions regarding ownership structure should be made locally, and foreign loans and aid/assistance should not be tied to any preconditions in this regard. 76. Trade reform can be a powerful tool for improving availability and access to goods and services that are essential to the realization of basic human rights. In order to fulfil this function, trade liberalization must be based on sound economic and social impact assessments, allowing for a careful design and scheduling of reform steps. Adequate transition periods with temporary or permanent exclusion of strategic products or subsectors from liberalization should be defined with a view to maximizing human rights and development benefits. Human rights-inspired safeguard clauses in trade agreements should also be considered. Trade liberalization in poor developing countries should not be conducted without putting in place adequate safety nets for the most vulnerable population. It should always be combined with measures to improve the productive capacity of such country’s economy and to strengthen its competitiveness on the global market. This requires not only an adequate policy by the concerned countries but also improved donor aid in all trade related areas.