Staatsanleihen neu ausgestalten – für eine stabilitätsorientierte Währungsunion

Karsten Wendorff () and Alexander Mahle ()

Wirtschaftsdienst, 2015, vol. 95, issue 9, 604-608

Abstract: The financial and sovereign debt crisis revealed major shortcomings in the regulatory framework of the European Monetary Union (EMU), in particular with respect to securing financial stability in case of sovereign debt distress. In order to address these deficiencies, the authors propose to change the contractual terms of the euro area’s sovereign debt instruments. The new terms would include an automatic extension of bond maturities if European Stability Mechanism financial assistance is granted and a division of individual national bonds into first loss and second loss tranches, complementing stricter regulation of financial markets. The authors argue these elements may strengthen financial stability, market discipline, and crisis resolution mechanisms, and hence, the regulatory framework of the EMU. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Keywords: H12; H30; H63 (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://hdl.handle.net/10.1007/s10273-015-1874-z (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:wirtsc:v:95:y:2015:i:9:p:604-608

Ordering information: This journal article can be ordered from
http://www.springer. ... policy/journal/10273

DOI: 10.1007/s10273-015-1874-z

Access Statistics for this article

Wirtschaftsdienst is currently edited by Christian Breuer

More articles in Wirtschaftsdienst from Springer, ZBW - Leibniz Information Centre for Economics Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().