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Eurobonds: A Turning Point for Europe

In: European Union and Monetary Union in Permanent Crisis II

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  • Dirk Meyer

Abstract

Government debt securities with joint and several liability, in short: eurobonds, are the key to a politically-normative question. In which direction is or should the eurozone move in the context of the sovereign debt crisis? The contribution focuses on the regulatory perspective. Economically, eurobonds—without a simultaneous surrender of sovereignty by the member states—violate the market economy principle of liability. Market control is replaced by political control. The associated suspension of the interest mechanism is associated with high implicit transfers, leads to capital reallocation to crisis countries and reduces their incentives to undertake necessary structural reforms. The contribution addresses the relationship to the previous rescue instruments and points to legal concerns.

Suggested Citation

  • Dirk Meyer, 2022. "Eurobonds: A Turning Point for Europe," Springer Books, in: European Union and Monetary Union in Permanent Crisis II, chapter 0, pages 7-27, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38646-7_2
    DOI: 10.1007/978-3-658-38646-7_2
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