External Representation of the Euro Area

Giovannini, Alessandro; Gros, Daniël; Ivan, Paul; Kaczyński, Piotr; Valiante, Diego

doi:10.2139/ssrn.2149431

Cited by 3 publications

(1 citation statement)

References 11 publications

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“…Various policy-oriented papers discuss pros and cons of common bond issuance in the euro area, and propose different forms of common bonds. Several of these studies stress that, if issued in large scale, a joint debt instrument could reduce market fragmentation and compete, in terms of size and liquidity, with the US bond market (Giovannini, 2000;Hellwig and Philippon, 2011). De Grauwe and Moesen (2009) and Claessens et al (2012) argue that joint debt issuance can reduce borrowing costs for stressed sovereigns, allowing for gains at the aggregate level.…”

Section: Related Literaturementioning

confidence: 99%

Fiscal Limits and the Pricing of Eurobonds

Pallara

Renne

2021

SSRN Journal

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Section: Related Literaturementioning

confidence: 99%

Fiscal Limits and the Pricing of Eurobonds

Pallara

Renne

2021

SSRN Journal

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The (multilevel) articulation of the European participation in international financial fora: the example of the Basel Accords

Fromage

2021

J Bank Regul

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Following the Great Financial Crisis, European Union (EU) rules in the area of banking supervision have become ever more strongly influenced by the (formally non-binding) standards developed by international financial fora, chief of which are the G20 and the Basel Committee on Banking Supervision. European representation in these fora fluctuates, as varying, though, reduced groups of individual Member States are involved directly alongside EU institutions and bodies. Taking the example of the Basel Accords, this article sets forth to examine how the European participation in those fora is articulated, whilst also assessing the existing mechanisms of democratic accountability. Indeed, in view of the important constraints these standards impose on European legislators, it is of utmost importance that they be involved early on when they are defined to avoid any democratic accountability gap from arising.

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An Evolutionary Path Towards a European Monetary Fund

Gros

2018

The Economists’ Voice

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There is no need for Europe to replicate the International Monetary Fund (IMF). The European Stability Mechanism (ESM) can provide the backstop for sovereigns, even without a financial contribution from the IMF. In this sense, the ESM already constitutes to a large extent a ‘European Monetary Fund’. Other IMF activities, such as surveillance and policy coordination should remain with the European Commission, the Eurogroup and other existing bodies. The financial resources of the ESM will be required as a backstop only intermittently, in times of great financial market instability. The need for this will evolve as a function of the nature of financial markets and their cross-border integration. It is not possible to forecast with any precision when the next financial crisis might break out and what form it will take. Any evolution of the ESM should thus aim at enhancing flexibility in its instruments while clarifying its overall mandate (financial stability), rather than changing the details of the rescue mechanism or its institutional structure. The financial stability function of the ESM should be extended to the central institutions of the Banking Union, with an ultimate backstop for the Single Resolution Fund (SRF). Moreover, the ESM should be viewed as the natural instrument for unifying the euro area’s representation in the IMF.

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External Representation of the Euro Area

Cited by 3 publications

References 11 publications

Fiscal Limits and the Pricing of Eurobonds

Fiscal Limits and the Pricing of Eurobonds

The (multilevel) articulation of the European participation in international financial fora: the example of the Basel Accords

An Evolutionary Path Towards a European Monetary Fund

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