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The Blue Bond Proposal

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  • Jakob von Weizsäcker
  • Jacques Delpla

Abstract

Soaring debt levels and the crisis in Greece has sharpened the focus on fiscal sustainability among eurozone members. The European Union has to tackle high debt levels in vulnerable states which are compounded by a hike in risk premiums on government bonds leading to a debt trap, while designing ways to efficiently finance debt. Furthermore, European solidarity with weaker states should not undermine incentives for individual members to pursue fiscally sustainable policies. This Policy Brief proposes a Blue Bond to resolve these challenges. The authors, Bruegel Non-resident Fellow Jakob von Weizsäcker and Jacques Delpla from Conseil d'Analyse �conomique, Paris, explain the economics behind their proposal, its institutional underpinnings and the implication of it on various participating countries.

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Bibliographic Info

Paper provided by Bruegel in its series Policy Briefs with number 403.

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Date of creation: May 2010
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Handle: RePEc:bre:polbrf:403

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  1. Dette bleue ou dette rouge ? La solution pour mutualiser la dette
    by contact@captaineconomics.fr (Le Captain') in Captain Economics on 2012-07-06 08:14:53
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Cited by:
  1. Peirce, Fabrizia & Micossi, Stefano & Carmassi, Jacopo, 2011. "On the Tasks of the European Stability Mechanism," CEPS Papers 4262, Centre for European Policy Studies.
  2. Zsolt Darvas, 2010. "Fiscal federalism in crisis: lessons for Europe from the US," Policy Contributions 420, Bruegel.
  3. De Grauwe, Paul, 2011. "Governance of a Fragile Eurozone," CEPS Papers 5523, Centre for European Policy Studies.
  4. Jörg Bibow, 2013. "Lost at Sea: The Euro Needs a Euro Treasury," IMK Studies 35-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  5. Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2013. "Granger-causality in peripheral EMU public debt markets: A dynamic approach," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4627-4649.
  6. Mathieu, Catherine & Sterdyniak, Henri, 2011. "Finances publiques, sorties de crise..," Economics Papers from University Paris Dauphine 123456789/12010, Paris Dauphine University.
  7. Christian Fahrholz & Cezary Wójcik, 2012. "The Eurozone Needs Exit Rules," CESifo Working Paper Series 3845, CESifo Group Munich.
  8. Pisani-Ferry, Jean, 2013. "The known unknowns and unknown unknowns of European Monetary Union," Journal of International Money and Finance, Elsevier, vol. 34(C), pages 6-14.
  9. Kopf, Christian, 2011. "Restoring financial stability in the euro area," CEPS Papers 4292, Centre for European Policy Studies.
  10. Keuschnigg, Christian, 2012. "Welche Finanz- und Wirtschaftspolitik braucht Europa?," Economics Working Paper Series 1201, University of St. Gallen, School of Economics and Political Science.
  11. Beetsma, Roel & Mavromatis, Kostas, 2014. "An analysis of eurobonds," Journal of International Money and Finance, Elsevier, vol. 45(C), pages 91-111.
  12. Luca Barbone & Grzegorz Poniatowski, 2013. "Post-Crisis Lesson for EMU Governance from the Principal-Agent Approach," CASE Network Studies and Analyses 0457, CASE-Center for Social and Economic Research.

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