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The added value of a Central Agency of European Debt
Hübner, Georges; Joliet, Robert
2011In Sapir, André; Estache, Antonio; Hübner, Georges et al. (Eds.) La crise économique et financière: quelles conséquences?
 

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Abstract :
[en] In this paper, we examine the opportunity to create a Central Agency of European Debt (CAED) to improve the coordination between the issuances of sovereign debt in the EMU, by allowing the Agency to issue euro – bonds and determine the optimal proportion of foreign currency denominated debt and the corresponding maturity at the EMU level. We argue that this Agency could decrease both the overall cost of sovereign debt at the EMU level and the cost of sovereign debt of the individual EMU countries, including the strongest members (Germany, the Netherlands). Such a mechanism requires four economic conditions: a collective guarantee by members for the euro-bonds, a marking-to-market process for each individual member, a seniority of existing sovereign debt, and an internal sovereign swap market between the members of this Agency.
Disciplines :
Finance
Author, co-author :
Hübner, Georges  ;  Université de Liège - ULiège > HEC-Ecole de gestion : UER > Gestion financière
Joliet, Robert
Language :
English
Title :
The added value of a Central Agency of European Debt
Publication date :
2011
Event name :
19ème Congrès des Economistes Belges de Langue Française
Event organizer :
CIFOP
Event place :
Namur, Belgium
Event date :
17 novembre 2011
By request :
Yes
Audience :
International
Main work title :
La crise économique et financière: quelles conséquences?
Editor :
Sapir, André
Estache, Antonio
Hübner, Georges  ;  Université de Liège - ULiège > HEC Recherche > HEC Recherche: Financial Management for the Future
Pirotte, Hugues
Platteau, Jean-Philippe
Vandenbussche, Hylke
Husson, Jean-François
Publisher :
CIFOP
Pages :
23-41
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since 10 April 2012

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