Europäischer Zinslastenausgleich — eine sinnvolle Alternative zu EZB-Anleihekäufen

Hayo Reimers

Wirtschaftsdienst, 2013, vol. 93, issue 2, 120-123

Abstract: The eurozone’s public debt crisis is not over yet - as displayed in the still substantial yield spreads between “northern” and “southern” euro government bonds. Whereas the ECB tried to tackle this problem by announcing (in Sept. 2012) its willingness to conduct unlimited “outright monetary transactions” to the benefit of the southern countries, the German “Institut für Weltwirtschaft (IfW)” offered a less risky option in its “Kiel policy brief” (Jan. 2013): it suggested narrowing this yield spread by establishing a “yield spread compensation fund”, which would balance out interest payments among euro countries. Though this may sound like the first concrete eurozone bailout mechanism, the idea really is a risk-free debt alleviation tool, matching windfall gains with windfall profits without too much of a bailout. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Keywords: E43; G28; H63 (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/s10273-013-1495-3

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