How to order
IMF Publications

Working Papers in full text
2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 All


Other research-related activities and publications of the IMF can be found at IMF Research

Free Email Notification

Receive emails when we post new items of interest to you.

Subscribe or Modify your profile



Paths to Eurobonds

Author/Editor: Claessens, Stijn | Mody, Ashoka | Vallée, Shahin
Authorized for Distribution: July 1, 2012
Electronic Access: Free Full Text (PDF file size is 705KB)
Use the free Adobe Acrobat Reader to view this PDF file.
 
Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

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.
 
Order a print copy
Series: Working Paper No. 12/172
Subject(s): Bonds | Capital markets | Euro Area | Europe | Financial stability | Fiscal policy | Fiscal risk | Monetary transmission mechanism | Sovereign debt
Author's keyword(s): Eurobonds; eurozone; fiscal risk-sharing; European Monetary Union
 
English  
    Published:   July 1, 2012        
            Format:   Paper
    Stock No:   WPIEA2012172   Pages:   38
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
Please address any questions about this title to publications@imf.org.