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The European Redemption Pact. An illustrative guide

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  • Hasan Doluca
  • Malte Hübner
  • Dominik Rumpf
  • Benjamin Weigert

Abstract

The European Redemption Pact (ERP), a proposal of the German Council of Economic Experts, describes an exit strategy from the debt crisis which currently plagues the euro area. The pact includes a binding commitment of all participating countries to bring public debt ratios below the reference value of 60% within the next 20 to 25 years. To ensure that this objective can be reached with realistic primary balances, participating countries can transfer their excessive debt exceeding the 60% threshold at a certain date, into a redemption fund for which participating member countries are jointly and severally liable. In this technical paper, we describe in detail one possible way of implementing the ERP and the primary balances each country would need to achieve under the proposal. JEL Classification: E40, E43, E44, E47, H62, H63, H68, H77.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): N° 127 (2013)
Issue (Month): 1 ()
Pages: 341-367

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Handle: RePEc:cai:reofsp:reof_127_0341

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

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Keywords: European Redemption Pact; European debt crisis;

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  1. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489maqa474kg is not listed on IDEAS
  2. repec:pra:mprapa:42873 is not listed on IDEAS
  3. Parello, Carmelo Pierpaolo & Visco, Vincenzo, 2012. "The european redemption fund: a comparison of two proposals," MPRA Paper 42874, University Library of Munich, Germany, revised 26 Nov 2012.
  4. Catherine Mathieu & Henri Sterdyniak, 2012. "Faut-il des règles de politique budgétaire ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(7), pages 299-346.
  5. repec:spo:wpecon:info:hdl:2441/eo6779thqgm5r489m6u1i2a0o is not listed on IDEAS
  6. Catherine Mathieu & Henri Sterdyniak, 2012. "Do we need fiscal rules?," Sciences Po publications 2012-08, Sciences Po.
  7. André Grjebine, 2013. "L’Eurosystème: un mécanisme de transferts en faveur des pays déficitaires ? Le débat," Sciences Po publications info:hdl:2441/eo6779thqgm, Sciences Po.

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