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The European Redemption Pact: Implementation and macroeconomic effects

Author

Listed:
  • Hasan Doluca
  • Malte Hübner
  • Dominik Rumpf
  • Benjamin Weigert

Abstract

One possible solution to the sovereign debt crisis is the European Redemption Pact (ERP) proposed by the German Council of Economic Experts. The ERP provides sustainable financing conditions for participating sovereigns to facilitate bringing public debt ratios below the reference value of 60% within the next 20 to 25 years. In this paper, we describe one possible way of implementing the ERP and analyse the fiscal effects of participating in the ERP. The macroeconomic impact of the proposal is illustrated with the multi-country model NiGEM. Copyright ZBW and Springer-Verlag 2012

Suggested Citation

  • Hasan Doluca & Malte Hübner & Dominik Rumpf & Benjamin Weigert, 2012. "The European Redemption Pact: Implementation and macroeconomic effects," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 47(4), pages 230-239, July.
    • Handle: RePEc:spr:intere:v:47:y:2012:i:4:p:230-239
    DOI: 10.1007/s10272-012-0423-x
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    1. repec:pra:mprapa:42873 is not listed on IDEAS
    2. repec:spo:wpmain:info:hdl:2441/pm9j25k5p9bc8fsjhn1ov51ca is not listed on IDEAS
    3. Carmelo Pierpaolo Parello & Vincenzo Visco, 2012. "The European Redemption Fund: A Comparison of Two Proposals," Politica economica, Società editrice il Mulino, issue 3, pages 273-306.
    4. Catherine Mathieu & Henri Sterdyniak, 2014. "In search of a better governance in the euro area," SciencePo Working papers Main hal-01053901, HAL.
    5. Catherine Mathieu & Henri Sterdyniak, 2019. "Euro Area Macroeconomics. Where Do We Stand 20 Years Later?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(HS), pages 55-88.
    6. repec:hal:wpspec:info:hdl:2441/f6h8764enu2lskk9p503i2pp3 is not listed on IDEAS
    7. Catherine Mathieu & Henri Sterdyniak, 2014. "Redemption?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 51-91.
    8. Buch, Claudia M. & Körner, Tobias & Weigert, Benjamin, 2013. "Towards deeper financial integration in Europe: What the Banking Union can contribute," Working Papers 02/2013, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    9. Michaela Ševčíková, 2014. "Proposals And Selected Measures Of European Union How To Deal With Financial And Debt Crisis," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 8(1), pages 1083-1096.
    10. repec:hal:spmain:info:hdl:2441/7gjmt2p0l896bo3oar8rqd4vvr is not listed on IDEAS
    11. Bofinger, Peter & Buch, Claudia M. & Feld, Lars P. & Franz, Wolfgang & Schmidt, Christoph M., 2012. "From the internal market to a banking union: A proposal by the German Council of Economic Experts," Working Papers 08/2012, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    12. Christoph M. Schmidt & Benjammin Weigert, 2013. "Weathering the Crisis and Beyond: Perspectives for the Euro Area," Ruhr Economic Papers 0409, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    13. repec:hal:spmain:info:hdl:2441/f6h8764enu2lskk9p503i2pp3 is not listed on IDEAS
    14. PASCOAL Fabian Buddy & JUWANA Hikmahanto & KARUNIASA Mahawan & DJOJOKUSUMO Himawan Hariyoga, 2023. "Sovereign Esg Integration: A Bibliometric And Systematic Literature Review," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 18(1), pages 231-260, April.
    15. repec:hal:spmain:info:hdl:2441/299ncu2o1b92c9773ttpt45gsn is not listed on IDEAS
    16. Christoph Schmidt & Benjamin Weigert, 2013. "Weathering the crisis and beyond: perspectives for the Euro area," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(4), pages 564-595, August.
    17. repec:hal:spmain:info:hdl:2441/pm9j25k5p9bc8fsjhn1ov51ca is not listed on IDEAS
    18. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p503i2pp3 is not listed on IDEAS
    19. Catherine Mathieu & Henri Sterdyniak, 2019. "On public debt in the euro area," Sciences Po publications info:hdl:2441/pm9j25k5p9b, Sciences Po.
    20. repec:zbw:rwirep:0409 is not listed on IDEAS
    21. Bofinger, Peter & Buch, Claudia M. & Feld, Lars P. & Franz, Wolfgang & Schmidt, Christoph M., 2012. "Vom Binnenmarkt zur Bankenunion: Ein Vorschlag des Sachverständigenrates zur Begutachtung der gesamtwirtschaftlichen Entwicklung," Working Papers 09/2012, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.

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