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Vers une agence européenne de la dette ?

Author

Listed:
  • Laurent Daniel
  • Pavel Diev

Abstract

The Greek and Irish crises have highlighted the shortcomings of Economic and Monetary Union, namely that there is no mechanism for preventing and dealing with public debt crises in the euro area (EA). In this context, we analyse the possibility of joint issuance of debt securities by euro area governments managed by a European Debt Agency (EDA). This would be a way to implement an effective mechanism of supervision and coordination of fiscal policies within the EA. Moreover, being de facto a crisis support mechanism, the EDA would improve EA financial stability; it would also increase the liquidity of EA sovereign bonds pushing down participating countries financial costs. The interest rates paid by countries would have to depend on their credit risk so as to limit moral hazard. JEL Classification codes: H63, E62, G12.

Suggested Citation

  • Laurent Daniel & Pavel Diev, 2011. "Vers une agence européenne de la dette ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 253-275.
    • Handle: RePEc:cai:reofsp:reof_116_0253
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    More about this item

    Keywords

    public debt crisis; debt agency; Economic and Monetary Union;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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