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L’adoption des clauses d’actions collectives dans les obligations souveraines européennes

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  • Serbini, Bénédicte

    (Université du Sud, Toulon-Var)

Abstract

This article aims to examine the functioning of the third pillar of the future European Stability Mechanism (MES), on the procedure of sovereign debt restructuring with private creditors. We offer an overview on Collective Action Clauses (CAC), mechanism that must quickly achieve an agreement between private creditors and the government, and wonder about the CAC to introduce in European sovereign bonds, in order that this type of mechanism is as efficient as possible. Résumé - – Cet article propose de revenir sur le fonctionnement du troisième pilier du mécanisme européen de stabilité (MES), relatif à la procédure de restructuration de dette souveraine avec les créanciers privés. Nous proposons un état des lieux sur les clauses d’actions collectives (CAC), mécanisme qui doit permettre d’obtenir rapidement un accord entre les créanciers privés et l’État, plus particulièrement nous nous interrogeons sur les formes de CAC à introduire dans les obligations souveraines européennes, afin que ledit mécanisme soit le plus efficient possible.

Suggested Citation

  • Serbini, Bénédicte, 2012. "L’adoption des clauses d’actions collectives dans les obligations souveraines européennes," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(4), pages 479-497, Décembre.
    • Handle: RePEc:ris:actuec:0081
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    1. Barry Eichengreen & Ashoka Mody, 2003. "Is Aggregation a Problem for Sovereign Debt Restructuring?," American Economic Review, American Economic Association, vol. 93(2), pages 80-84, May.
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