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Eurobonds: The blue bond concept and its implications

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Author Info

  • Jakob von Weizsäcker
  • Jacques Delpla

Abstract

The Blue Bond proposal, published in May 2010 (Bruegel Policy Brief 2010/03) suggests that sovereign debt in euro-area countries be split into two parts. The first part, the senior â??Blueâ?? tranche of up to 60 percent of GDP, would be pooled among participating countries and jointly and severally guaranteed. The second part, the junior â??Redâ?? tranche, would keep debt in excess of 60 percent of GDP as a purely national responsibility. This paper revisits the proposal, discusses its implications and addresses some of the comments and criticisms received in response to the proposal. This paper was prepared for the European Parliamentâ??s Economic and Monetary Affairs Committee, session of 21 March 2011 on the interaction between bank and sovereign debt resolution. Copyright remains with the European Parliament at all times.

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Bibliographic Info

Paper provided by Bruegel in its series Policy Contributions with number 509.

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Date of creation: Mar 2011
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Handle: RePEc:bre:polcon:509

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Cited by:
  1. 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.
  2. Győrffy, Dóra, 2014. "Válság és válságkezelés Görögországban. A puha költségvetési korlát szerepe a gazdasági összeomlásban
    [Crisis and crisis management in Greece. The role of soft budget constraints in
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 27-52.
  3. Przemyslaw Panfil, 2012. "The integration of the European government bond markets during the crisis," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 9(2), pages 13-26, June.
  4. repec:cpn:umkeip:2012:v2:p:13-26 is not listed on IDEAS
  5. Spahn, Peter, 2011. "Die Währungskrisenunion: Die Euro-Verschuldung der Nationalstaaten als Schwachstelle der EWU," FZID Discussion Papers 31-2011, University of Hohenheim, Center for Research on Innovation and Services (FZID).
  6. repec:tru:umkeip:2012:v2:p:13-26 is not listed on IDEAS
  7. 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.
  8. John Muellbauer, 2013. "Conditional Eurobonds and the Eurozone Sovereign Debt Crisis," Economics Series Working Papers 681, University of Oxford, Department of Economics.

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