THE INTEGRATION OF THE EUROPEAN GOVERNMENT BOND MARKETS DURING THE CRISIS
DOI:
https://doi.org/10.12775/EiP.2012.014Abstract
Since the financial crisis in Europe, the concept of the integration of the government bond market has returned. The key element of this idea is the creation of Eurobonds. They would be a single debt instrument backed by the joint and several guarantees of all euro-area members states. The creation of Eurobonds in current market circumstances is burdened with serious risks and may lead to the spread of the financial crisis. In particular, it may be doubted whether this instrument would have the highest rank of creditworthiness, and only an AAA rating would reduce speculations against individual countries and costs of debt refinancing.
References
Co-ordinated public debt issuance in the euro area. Report of the Giovannini Group, European Commission, Brussels 2000.
Danish Government Borrowing and Debt 2006, Danmarks Nationalbank, Copenhagen 2007.
Delpla J., von Weizsäcker J., Eurobonds: the blue bond concept and its implications (w:) Brugel Policy Contribution 2011/02.
Klau T., Godement F., Beyond Maastricht: a new deal for the eurozone, ECFR/26, December 2010.
Marchewka-Bartkowiak K., Rynek skarbowych papierów wartościowych w strefie euro (w:) Europejska integracja monetarna od A do Z, NBP, Warszawa 2009.
Panfil P., Prawne i finansowe uwarunkowania długu Skarbu Państwa, Wolters Kluwer, Warszawa 2011.
Strategia zarządzania długiem sektora finansów publicznych w latach 2007-09, Ministerstwo Finansów, Warszaw 2009.
Tracz G., Umowa gwarancji, Zakamycze 1998.
What will Eurobonds cost? IFO Institut für Wirtschaftsforschung and der Universität München, Press release 17.08.2011.
Downloads
Published
How to Cite
Issue
Section
Stats
Number of views and downloads: 698
Number of citations: 0
