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The integration of the European government bond markets during the crisis

Author

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  • Przemyslaw Panfil

    (University of Gdansk)

Abstract

Since the financial crisis in Europe, the concept of the integration of the government bond market has returned. The key element of this idea is the creation of Eurobonds. They would be a single debt instrument backed by the joint and several guarantees of all euro-area members states. The creation of Eurobonds in current market circumstances is burdened with serious risks and may lead to the spread of the financial crisis. In particular, it may be doubted whether this instrument would have the highest rank of creditworthiness, and only an AAA rating would reduce speculations against individual countries and costs of debt refinancing.

Suggested Citation

  • 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.
    • Handle: RePEc:cpn:umkeip:v:9:y:2012:i:2:p:13-26
    DOI: 10.12775/EiP.2012.014
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    References listed on IDEAS

    as
    1. Jakob von Weizsäcker & Jacques Delpla, 2011. "Eurobonds- The blue bond concept and its implications," Policy Contributions 509, Bruegel.
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    More about this item

    Keywords

    integration; government bond marked; crisis;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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