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E-book

Paths to eurobonds

Claessens, Stijn (author.). Mody, Ashoka, (author.). Vallée, Shahin, (author.). International Monetary Fund. Research Department. (Added Author).

Summary: 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.

Record details

ISBN: 9781475587777
ISBN: 1475587775
ISBN: 9781475567441
ISBN: 1475567448
ISBN: 9781475535297
ISBN: 1475535295
Physical Description: 1 online resource (39 pages)
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Publisher: [Washington, D.C.] : International Monetary Fund, ©2012.

Content descriptions

General Note:	Title from PDF title page (IMF Web site, viewed Jul. 11, 2012). "Research Department." "July 2012."
Bibliography, etc. Note:	Includes bibliographical references.
Formatted Contents Note:	Cover; Contents; I. Introduction; II. Objectives and Motivations; III. Summary of the Proposals Reviewed; IV. Assessment of the Proposals; A. Countries' Incentives; B. Creditors; C. Coverage and Phase-in; D. Legal and Institutional Challenges; V. Possible Paths; VI. Conclusions; Table; 1. Objectives of Common Debt Issuance; 2. Country Incentives; 3. Creditors; 4. Coverage, Phase-in and Transition; Figure; 1. From Eurobills and Project Bonds to Eurobonds; 2. From Redemption Fund to Eurobonds; Annex; 1. Details on Proposals; 2. Monetary Policy, Financial Markets Functioning; Annex Table.
Language Note:	English.