LEADER 06495oam 22015854 450 001 9910786483103321 005 20230801225334.0 010 $a1-4755-6744-8 010 $a1-4755-8777-5 035 $a(CKB)2670000000278879 035 $a(EBL)1606828 035 $a(SSID)ssj0000943237 035 $a(PQKBManifestationID)11985088 035 $a(PQKBTitleCode)TC0000943237 035 $a(PQKBWorkID)10977689 035 $a(PQKB)10607360 035 $a(MiAaPQ)EBC1606828 035 $a(Au-PeEL)EBL1606828 035 $a(CaPaEBR)ebr10627100 035 $a(OCoLC)798864182 035 $a(IMF)WPIEE2012172 035 $a(IMF)WPIEA2012172 035 $a(EXLCZ)992670000000278879 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPaths to Eurobonds /$fAshoka Mody, Stijn Claessens, Shahin Vallée 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (40 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/172 300 $a"July 2012." 311 $a1-4755-3529-5 311 $a1-4755-0520-5 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Objectives and Motivations; Table; 1. Objectives of Common Debt Issuance; III. Summary of the Proposals Reviewed; IV. Assessment of the Proposals; A. Countries' Incentives; 2. Country Incentives; B. Creditors; 3. Creditors; C. Coverage and Phase-in; 4. Coverage, Phase-in and Transition; D. Legal and Institutional Challenges; V. Possible Paths; Figure; 1. From Eurobills and Project Bonds to Eurobonds; 2. From Redemption Fund to Eurobonds; VI. Conclusions; Annex; 1. Details on Proposals; 2. Monetary Policy, Financial Markets Functioning; Annex Table 327 $a1. Monetary Policy and Financial MarketsReferences 330 3 $aThis paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain on whether financial instruments can ever accomplish such goals without bold institutional and political decisions, and, whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/172 606 $aEuro-bond market 606 $aInternational finance 606 $aFinance: General$2imf 606 $aInvestments: Bonds$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aPolicy Objectives$2imf 606 $aPolicy Designs and Consistency$2imf 606 $aPolicy Coordination$2imf 606 $aInternational Monetary Arrangements and Institutions$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aIntergovernmental Relations$2imf 606 $aFederalism$2imf 606 $aSecession$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aFiscal Policy$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aPublic finance & taxation$2imf 606 $aInvestment & securities$2imf 606 $aFinance$2imf 606 $aBonds$2imf 606 $aGovernment asset and liability management$2imf 606 $aPublic debt$2imf 606 $aFiscal union$2imf 606 $aLiquidity$2imf 606 $aFinancial institutions$2imf 606 $aPublic financial management (PFM)$2imf 606 $aFiscal policy$2imf 606 $aAsset and liability management$2imf 606 $aFinance, Public$2imf 606 $aDebts, Public$2imf 606 $aEconomics$2imf 607 $aGermany$2imf 615 0$aEuro-bond market. 615 0$aInternational finance. 615 7$aFinance: General 615 7$aInvestments: Bonds 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aFinancial Markets and the Macroeconomy 615 7$aPolicy Objectives 615 7$aPolicy Designs and Consistency 615 7$aPolicy Coordination 615 7$aInternational Monetary Arrangements and Institutions 615 7$aFinancial Aspects of Economic Integration 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aIntergovernmental Relations 615 7$aFederalism 615 7$aSecession 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aFiscal Policy 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aPublic finance & taxation 615 7$aInvestment & securities 615 7$aFinance 615 7$aBonds 615 7$aGovernment asset and liability management 615 7$aPublic debt 615 7$aFiscal union 615 7$aLiquidity 615 7$aFinancial institutions 615 7$aPublic financial management (PFM) 615 7$aFiscal policy 615 7$aAsset and liability management 615 7$aFinance, Public 615 7$aDebts, Public 615 7$aEconomics 700 $aMody$b Ashoka$0888386 701 $aClaessens$b Stijn$0282431 701 $aVallée$b Shahin$01578643 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786483103321 996 $aPaths to Eurobonds$93858218 997 $aUNINA