Path to eurobonds. Bruegel Working Paper 2012/10, July 2012


Autoria(s): Mody, Ashoka; Claessens , Stijn; Vallée, Shahin
Data(s)

01/07/2012

Resumo

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.

Formato

application/pdf

Identificador

http://aei.pitt.edu/35703/1/Paths_to_eurobonds_(English)_(English).pdf

Mody, Ashoka and Claessens , Stijn and Vallée, Shahin (2012) Path to eurobonds. Bruegel Working Paper 2012/10, July 2012. [Working Paper]

Relação

http://www.bruegel.org/publications/publication-detail/publication/733-paths-to-eurobonds/

http://aei.pitt.edu/35703/

Palavras-Chave #EMU/EMS/euro #financial crisis 2008-on/reforms/economic governance
Tipo

Working Paper

NonPeerReviewed