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Ein Staatsinsolvenzverfahren für den Euroraum

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  • Busch, Berthold
  • Matthes, Jürgen

Abstract

In der Folge der Euro-Schuldenkrise sind vielfältige Reformen im institutionellen Regelwerk der Europäischen Währungsunion erfolgt. Doch nicht zuletzt der Fall Griechenland hat deutlich gemacht, dass im reformierten EWU-Regelwerk noch eine wesentliche Lücke klafft. Diese Studie spricht sich daher, nach eingehender Abwägung von Vor- und Nachteilen, für die Schaffung eines Staatsinsolvenzverfahrens für Euro-länder aus. Eine Schuldenrestrukturierung darf aber nur die Ultima Ratio sein. Um die No-Bailout-Klausel des EU-Vertrags und die Disziplinierungsfunktion der Fi-nanzmärkte zu stärken, muss ein Staatsinsolvenzverfahren glaubwürdig durchgeführt werden können. Dabei sind Ansteckungseffekte auf andere Euroländer zu begrenzen und vor allem Banken im Euroraum weniger verletzbar gegenüber Staatsbankrotten zu machen. Dazu sollten Anforderungen an die Eigenkapitalbasis der Banken weiter erhöht und die Bevorzugung von Staatsanleihen in der Bankenregulierung abgeschafft werden. Zudem muss ein Staatsinsolvenzverfahren möglichst effektiv, schnell, fair und rechtssicher sein, darf aber keine Einladung zu einer zu leichten Entschuldungsmöglichkeit sein. Um diese Anforderungen möglichst gut zu erreichen, unterbreiten die Autoren (unter Rückgriff, Kombination und Abwandlung bestehender Vorschläge) einen konkreten Vorschlag für ein Staatsinsolvenzverfahren. [...]

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  • Busch, Berthold & Matthes, Jürgen, 2015. "Ein Staatsinsolvenzverfahren für den Euroraum," IW policy papers 23/2015, Institut der deutschen Wirtschaft (IW) / German Economic Institute.
    • Handle: RePEc:zbw:iwkpps:232015
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    References listed on IDEAS

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    1. Michael Clauss & Stefan Remhof, 2016. "Die Etablierung eines gemeinsamen Euro-Finanzministers: Ausweg aus der europäischen Schuldenkrise oder ordnungspolitischer Irrweg?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(20), pages 29-35, October.

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