Eurobonds for EMU Stability, Convergence and Growth

Alberto Quadrio Curzio ()

No crn1403, CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale from Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC)

Abstract: The severe crises within the Eurozone, which began in 2009, had (and still have) at least two main aspects. One is the problem of sovereign bonds issued by peripheral Euro-States. The other is the fall in the rate of growth of the Eurozone. Among the many proposals and political choices made to overcome these crises, one concerned the so called «Eurobonds» (EB) which in actual fact covers a wide range of bonds. In this present essay I will consider five types of Eurobonds: the Unionbond (proposed by Jacques Delors in 1993), the Goldeurobond (proposed by myself between 2004-2008), the Stabilitybond (proposed mainly by the European Parliament in 2011-12), the Rescuebond (issued by EFSF and ESM since 2011), the EuroUnionBond (proposed by Romano Prodi and myself in 2011-2012). The conclusion of my analysis is that the opposition to EB or EUB is mainly of political nature, being the economic and historical criticism to them rather weak.

Keywords: Eurobond; EuroUnionBond; Economic and Monetary Union; Stability; Convergence; Growth (search for similar items in EconPapers)
JEL-codes: F G (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-cba
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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