The EU Architecture to Avert a Sovereign Debt Crisis:

This paper analyses what has been the EU institutional reaction to the Euro-area sovereign debt problems, focusing in particular on the new architecture designed to avert a financial crisis. It analyses i) the European Financial Stabilisation Mechanism (EFSM), an EU financial assistance feature avai...

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1. Verfasser: Olivares-Caminal, Rodrigo (VerfasserIn)
Format: Elektronisch Artikel
Sprache:English
Veröffentlicht: Paris OECD Publishing 2012
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Zusammenfassung:This paper analyses what has been the EU institutional reaction to the Euro-area sovereign debt problems, focusing in particular on the new architecture designed to avert a financial crisis. It analyses i) the European Financial Stabilisation Mechanism (EFSM), an EU financial assistance feature available to all 27 member states; ii) the European Financial Stabilisation Facility (EFSF), a temporary credit-enhanced Special Purpose Vehicle (SPV) with minimal capitalisation created to raise funds from the capital markets (via an investment grade rating) and to provide financial assistance to distressed euroarea Member States (EAMS) at comparatively lower interest rates; and iii) the European Stability Mechanism (ESM), an intergovernmental organisation under public international law. Finally, some concluding remarks are provided.
Beschreibung:1 Online-Ressource (31 p.) 21 x 28cm.
DOI:10.1787/fmt-2011-5k9cswmzvbhh

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