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Paths to eurobonds /
This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal disciplin...
| Cote: | Libro Electrónico |
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| Auteurs principaux: | , , |
| Collectivité auteur: | |
| Format: | Électronique eBook |
| Langue: | Inglés |
| Publié: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Collection: | IMF working paper ;
WP/12/172. |
| Sujets: | |
| Accès en ligne: | Texto completo |
| Résumé: | This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain on whether financial instruments can ever accomplish such goals without bold institutional and political decisions, and, whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards. |
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| Description: | Title from PDF title page (IMF Web site, viewed Jul. 11, 2012). "Research Department." "July 2012." |
| Description matérielle: | 1 online resource (39 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 1475535295 9781475535297 1475567448 9781475567441 1475587775 9781475587777 |