This volume, published by Oxford University Press and edited by Rosa M. Lastra and Lee Buchheit, contains a contribution by CEPS Director Daniel Gros entitled “Restructuring in a Monetary Union: Economic Aspects”. His chapter discusses the economic aspects of sovereign debt restructuring by first showing how economic and monetary union changes the usual concordance between foreign debt and foreign currency debt. He then shows how financial market integration should lead to most sovereign debt being held abroad and presents a concrete proposal for how the euro area’s financial system could be made more resilient to a sovereign restructuring.
This book brings together contributions from world leading practitioners, scholars and regulators and represents a new main reference book on a complex and highly topical area of law. The primary market consists of legal practitioners, academics, and regulators and there is a secondary market amongst economists and policy-makers interested in sovereign debt.
Publisher: Oxford University Press