No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Brussels [Belgium]
CEPS Centre for European Policy Studies
2011
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| Schlagworte: | |
| Online-Zugang: | BSB01 |
| Beschreibung: | 'Blue' or Eurobonds guaranteed via joint and several liability by the eurozone member states have been proposed by Bruegel, the Brussels-based think tank, as a key tool to stabilise and structure the eurozone sovereign bond markets. However, as current events show, a second key feature of the proposal - their limitation in volume to 60% of GDP - will be untenable in times of financial crisis. It carries the risk of exploding marginal costs of funds to those sovereigns facing rapidly rising debt levels and forcing them to issue 'red' bonds on their own standing. Rapidly rising fund costs would quickly drive them out of the bond market and into the blue bond-issuing Eurozone Stability Mechanism (ESM). Therefore, under the current proposal, in practice all sovereign bonds issued in the eurozone, regardless of ex-ante GDP limits, would have to be assumed to be blue bonds - an outcome that is fraught with moral hazard |
| Beschreibung: | 1 Online-Ressource (11 Seiten) |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T23:12:48Z |
| indexdate | 2024-07-10T10:07:23Z |
| institution | BVB |
| language | English |
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| spelling | Dübel, Hans-Joachim Verfasser aut No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds Hans-Joachim Dübel Brussels [Belgium] CEPS Centre for European Policy Studies 2011 Frankfurt M. CEEOL 2011 1 Online-Ressource (11 Seiten) txt rdacontent c rdamedia cr rdacarrier 'Blue' or Eurobonds guaranteed via joint and several liability by the eurozone member states have been proposed by Bruegel, the Brussels-based think tank, as a key tool to stabilise and structure the eurozone sovereign bond markets. However, as current events show, a second key feature of the proposal - their limitation in volume to 60% of GDP - will be untenable in times of financial crisis. It carries the risk of exploding marginal costs of funds to those sovereigns facing rapidly rising debt levels and forcing them to issue 'red' bonds on their own standing. Rapidly rising fund costs would quickly drive them out of the bond market and into the blue bond-issuing Eurozone Stability Mechanism (ESM). Therefore, under the current proposal, in practice all sovereign bonds issued in the eurozone, regardless of ex-ante GDP limits, would have to be assumed to be blue bonds - an outcome that is fraught with moral hazard Economic policy Government/Political systems International relations/trade Financial Markets Fiscal Politics / Budgeting Central and Eastern European Online Library Sonstige oth |
| spellingShingle | Dübel, Hans-Joachim No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds Economic policy Government/Political systems International relations/trade Financial Markets Fiscal Politics / Budgeting |
| title | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds |
| title_auth | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds |
| title_exact_search | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds |
| title_exact_search_txtP | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds |
| title_full | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds Hans-Joachim Dübel |
| title_fullStr | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds Hans-Joachim Dübel |
| title_full_unstemmed | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds Hans-Joachim Dübel |
| title_short | No. 252. Partial sovereign bond insurance by the eurozone, A more efficient alternative to blue (Euro-) bonds |
| title_sort | no 252 partial sovereign bond insurance by the eurozone a more efficient alternative to blue euro bonds |
| topic | Economic policy Government/Political systems International relations/trade Financial Markets Fiscal Politics / Budgeting |
| topic_facet | Economic policy Government/Political systems International relations/trade Financial Markets Fiscal Politics / Budgeting |
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