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Gains for All: A proposal for a common Eurobond. CEPS Commentaries, 3 April 2009

Grauwe, Paul De and Moesen, Wim. (2009) Gains for All: A proposal for a common Eurobond. CEPS Commentaries, 3 April 2009. [Policy Paper]

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    Abstract

    Until the eruption of the credit crisis in August 2007 financial markets were gripped by a ‘flight to risk’. The perception was that risks were very low. This perception was fed by the rating agencies that liberally distributed top ratings to dubious assets. Dulled by this low risk perception, investors and financial institutions accumulated vast amounts of risky assets on their balance sheets. Today the markets have moved to the other extreme and perceive risks everywhere. They are now gripped by a ‘flight to safety’. This has profound implications for the workings of the government bond markets in the eurozone. In this new CEPS Commentary, Paul De Grauwe and Wim Moesen explain how authorities can attempt to offset the distorting effects these cycles produce.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 02 Jun 2009
    Page Range: p. 4
    Last Modified: 15 Feb 2011 18:12
    URI: http://aei.pitt.edu/id/eprint/11091

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