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Eurobonds: Legal Design Features

Michael Waibel ()

Review of Law & Economics, 2016, vol. 12, issue 3, 635-657

Abstract: In light of proposals for Eurobonds, this article explores central legal features of the Eurobond proposals. Section 2 focuses on the development of the law governing sovereign bonds and assesses the potential, but limited role of international law for Eurobonds. Section 3 considers the equal treatment of bondholders, looking at the two potential sources of non-discrimination obligations for sovereign bonds and their relevance to Eurobonds. Section 4 turns to two crucial design features of Eurobonds which existing proposals mostly address only in passing: (i) which legal entity issues Eurobonds; and (ii) what form of debt mutualization Eurobonds involve.

Keywords: Eurobonds; legal design; law; issuer; European Monetary Union; sovereign debt; European Debt Management Agency (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1515/rle-2016-0046

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