Norbert Gaillard is economist and independent consultant (norbertgaillard.com). His PhD dissertation, completed in 2008 and supervised by Professor Marc Flandreau, dealt with sovereign rating methodologies. Norbert Gaillard was a Fulbright Fellow at Princeton University. He has served as consultant to the IFC, the World Bank, the Caisse des Dépôts et Consignations (France), the State of Sonora (Mexico), the OECD, and the European Parliament. He has published several books, book chapters, and research articles on sovereign risk, subnational risk, and credit rating agencies. His latest book is A Century of Sovereign Ratings (Springer, New York, October 2011; Chinese translation forthcoming).