Common Euro Bonds: Necessary, Wise or to be Avoided?
INTERECONOMICS, Vol 44, No.3, May/June 2009
Selected articles contributed by CEPS free in PDF; others may be purchased individually (or the entire contents of the journal) from http://www.intereconomics.eu
The sharp widening of yield spreads among EMU sovereign bonds in the course of the economic crisis and concerns that some EMU member countries would encounter difficulties in rolling their existing debt and funding new budget deficits have revived proposals for a common bond issuance by EMU countries. Could these be put into practice without creating a moral hazard issue and conflicts with the no-bail-out clause of the Maastricht Treaty? Would the establishment of a European Monetary Fund offer better prospects of overcoming the present problems?
by Paul De Grauwe, Wim Moesen, Wim Kösters and Thomas Mayer
by Frank Convery
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