Ist die Währungsunion zu retten? Für einen anreizeffizienten Krisenmechanismus
Are the measures of the European Stability Mechanism sufficient for preventing further debt crises similar to those in Greece and Portugal? Definitively not, because private investors still enjoy rather high interest rates of dubious government bonds without being adequately involved in bearing the risks. The paper argues that government bonds of indebted countries should undergo a substantial haircut at the expense of private investors. In turn, the devaluated bonds should be guaranteed by the community of Euro countries. An essential precondition for these measures to work is an appropriate banking regulation which prevents systemic banks from destabilizing entire economies when going bust. Neither the provisional nor the permanent European Stability Mechanism meet these requirements of an incentive efficient rescue plan
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- Wolfgang Schäuble & Jürgen Stark & Clemens Fuest & Christian Fahrholz & Michael Eilfort & Verena Mertins, 2011. "EU-Rettungsschirm: Folgt der Einstieg in eine Transferunion?," Ifo Schnelldienst, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(03), pages 03-20, 02.
- Wolfgang Franz & Clemens Fuest & Martin Hellwig & Hans-Werner Sinn, 2010.
"A Euro Rescue Plan,"
Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(2), pages 101-104, 07.
- Rainer Maurer, 2010. "Die Verschuldungskrise der Europäischen Währungsunion: fiskalische Disziplinlosigkeit oder Konstruktionsfehler?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 79(4), pages 85-102.
- Baumgarten, Matthias & Klodt, Henning, 2010. "Die Schuldenmechanik in einer nicht-optimalen Währungsunion," Open Access Publications from Kiel Institute for the World Economy 45568, Kiel Institute for the World Economy (IfW).
- Hans-Werner Sinn & Kai Carstensen, 2010. "Ein Krisenmechanismus für die Eurozone," Ifo Schnelldienst, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63, pages 01-17, November.
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