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

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

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    Abstract

    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.

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    Item Type: Working Paper
    Uncontrolled Keywords: Eurobonds; eurozone; fiscal risk-sharing; European Monetary Union.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    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: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 04 Jul 2012 15:20
    Number of Pages: 40
    Last Modified: 04 Jul 2012 15:20
    URI: http://aei.pitt.edu/id/eprint/35703

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