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Eurobonds for EMU Stability, Convergence and Growth

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  • Alberto Quadrio Curzio

Abstract

The severe crises within the Eurozone, which began in 2009, had (and still have) at least two main aspects. One is the problem of sovereign bonds issued by peripheral Euro-States. The other is the fall in the rate of growth of the Eurozone. Among the many proposals and political choices made to overcome these crises, one concerned the so called «Eurobonds» (EB) which in actual fact covers a wide range of bonds. In this present essay I will consider five types of Eurobonds: the Unionbond (proposed by Jacques Delors in 1993), the Goldeurobond (proposed by myself between 2004-2008), the Stabilitybond (proposed mainly by the European Parliament in 2011-12), the Rescuebond (issued by EFSF and ESM since 2011), the EuroUnionBond (proposed by Romano Prodi and myself in 2011-2012). The conclusion of my analysis is that the opposition to EB or EUB is mainly of political nature, being the economic and historical criticism to them rather weak.

Suggested Citation

  • Alberto Quadrio Curzio, 2014. "Eurobonds for EMU Stability, Convergence and Growth," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn1403, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
    • Handle: RePEc:crn:wpaper:crn1403
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    File URL: http://centridiricerca.unicatt.it/cranec_crn1403.pdf
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    References listed on IDEAS

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    1. Romano Prodi & Alberto Quadrio Curzio, 2012. "Gold in the Past and EuroUnionBond for the Future," Economia politica, Società editrice il Mulino, issue 3, pages 295-304.
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    Cited by:

    1. Daniele Archibugi & Andrea Filippetti & Marion Frenz, 2018. "Investment in innovation for European recovery: a public policy priority," Management Working Papers 16, Birkbeck Department of Management, revised Feb 2021.

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    More about this item

    Keywords

    Eurobond; EuroUnionBond; Economic and Monetary Union; Stability; Convergence; Growth;
    All these keywords.

    JEL classification:

    • F - International Economics
    • G - Financial Economics

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