Paths to Eurobonds

Arbeitspapier

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain onwhether financial instruments can ever accomplish such goals without bold institutional and political decisions, and,whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Bruegel Working Paper ; No. 2012/10

Classification and Topics

• Classification: Wirtschaft ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Financial Markets and the Macroeconomy ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; International Monetary Arrangements and Institutions ; Financial Aspects of Economic Integration ; National Debt; Debt Management; Sovereign Debt ; Intergovernmental Relations; Federalism; Secession ; Economic History: Financial Markets and Institutions: Europe: 1913-
• Subject: Eurobonds ; eurozone ; fiscal risk-sharing ; European ; Monetary Union ; Eurobond ; Schuldenübernahme ; Eurozone ; Eurozone

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Claessens, Stijn ; Mody, Ashoka ; Vallee, Shahin
• Event: Veröffentlichung
• (who): Bruegel
• (where): Brussels
• (when): 2012

Further information

• Handle: http://hdl.handle.net/10419/78026
• Last update: 10.03.2025, 11:44 AM CET