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Staatsanleihen neu ausgestalten – für eine stabilitätsorientierte Währungsunion

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  • Karsten Wendorff
  • Alexander Mahle

Abstract

The financial and sovereign debt crisis revealed major shortcomings in the regulatory framework of the European Monetary Union (EMU), in particular with respect to securing financial stability in case of sovereign debt distress. In order to address these deficiencies, the authors propose to change the contractual terms of the euro area’s sovereign debt instruments. The new terms would include an automatic extension of bond maturities if European Stability Mechanism financial assistance is granted and a division of individual national bonds into first loss and second loss tranches, complementing stricter regulation of financial markets. The authors argue these elements may strengthen financial stability, market discipline, and crisis resolution mechanisms, and hence, the regulatory framework of the EMU. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Karsten Wendorff & Alexander Mahle, 2015. "Staatsanleihen neu ausgestalten – für eine stabilitätsorientierte Währungsunion," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 95(9), pages 604-608, September.
    • Handle: RePEc:spr:wirtsc:v:95:y:2015:i:9:p:604-608
    DOI: 10.1007/s10273-015-1874-z
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Riformare il sistema fiscale europeo: la gestione del debito
      by Massimo Taddei in La Voce on 2022-01-14 23:03:51

    Citations

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    Cited by:

    1. Spyros Alogoskoufis & Sam Langfield, 2020. "Regulating the Doom Loop," International Journal of Central Banking, International Journal of Central Banking, vol. 16(4), pages 251-292, September.
    2. Jochen Andritzky & Désirée I. Christofzik & Lars P. Feld & Uwe Scheuering, 2019. "A mechanism to regulate sovereign debt restructuring in the euro area," International Finance, Wiley Blackwell, vol. 22(1), pages 20-34, May.
    3. van Riet, Ad, 2016. "Safeguarding the euro as a currency beyond the state," Occasional Paper Series 173, European Central Bank.
    4. Anne-Laure Delatte & Clemens Fuest & Daniel Gros & Friedrich Heinemann & Martin Kocher & Roberto Tamborini, 2017. "The Future of Eurozone Fiscal Governance," EconPol Policy Reports 1, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    5. Álvaro Leandro & Jeromin Zettelmeyer, 2019. "Creating a Euro area safe asset without mutualizing risk (much)," Capital Markets Law Journal, Oxford University Press, vol. 14(4), pages 488-517.
    6. Sam Langfield, 2020. "Bridge over Troubled Monetary Union: A Reply to De Grauwe & Ji," Journal of Common Market Studies, Wiley Blackwell, vol. 58(S1), pages 1-10, September.
    7. Jeromin Zettelmeyer & Álvaro Leandro, 2018. "The Search for a Euro Area Safe Asset," Working Paper Series WP18-3, Peterson Institute for International Economics.
    8. Massimo Amato & Everardo Belloni & Paolo Falbo & Lucio Gobbi, 2021. "Europe, public debts, and safe assets: the scope for a European Debt Agency," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(3), pages 823-861, October.

    More about this item

    Keywords

    H12; H30; H63;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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