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Public finances in Euro Area Member States: selected indicators - November 2019

08-11-2019

This document presents selected indicators on public finance for the Euro Area Member States and the Euro Area as a whole. For each indicator, it gives a short explanation and the employed sources. A final section provides a summary on how the sustainability of public finances is assessed by the European and other international institutions.

This document presents selected indicators on public finance for the Euro Area Member States and the Euro Area as a whole. For each indicator, it gives a short explanation and the employed sources. A final section provides a summary on how the sustainability of public finances is assessed by the European and other international institutions.

Sovereign debt restructuring Main drivers and mechanism

28-02-2017

This briefing provides an overview of the main issues relating to the restructuring of sovereign debt, and outlines the factors which impact the decision as to whether or not to proceed with debt restructuring. Restructuring is a complex issue – it involves positive and negative aspects, which need to be analysed in order to be able to determine whether it can deliver any added value. ‘A sovereign debt restructuring can be defined as an exchange of outstanding sovereign debt instruments, such as ...

This briefing provides an overview of the main issues relating to the restructuring of sovereign debt, and outlines the factors which impact the decision as to whether or not to proceed with debt restructuring. Restructuring is a complex issue – it involves positive and negative aspects, which need to be analysed in order to be able to determine whether it can deliver any added value. ‘A sovereign debt restructuring can be defined as an exchange of outstanding sovereign debt instruments, such as loans or bonds, for new debt instruments or cash through a legal process’. The current situation in the euro area, characterised by high levels of debt and the continuing trend of many Member States to run budget deficits, combined with a low growth environment, raises the issue of debt sustainability. In addition, the low level of inflation recorded in recent years (and deflation in some cases) has played an important role in the increase of debt burdens. The lack of an EU - level transparent framework for sovereign debt restructuring could potentially entail higher additional costs. As part of the EU’s financial stability management instruments, sovereign debt restructuring could form a part of the EU toolbox.

THE INSTRUMENTS PROVIDING MACRO-FINANCIAL SUPPORT TO EU MEMBER STATES

12-01-2017

This paper revises the European instruments for macro-financial stability providing financial support to member states. Three instruments, created on an ad-hoc basis during the crisis, are temporary and should gradually disappear. One instrument reserved for non-euro area member states, and others targeted at euro area countries remain in place. In the long term, the European Stability Mechanism is likely to become the only instrument for macro-financial assistance, but its current standing outside ...

This paper revises the European instruments for macro-financial stability providing financial support to member states. Three instruments, created on an ad-hoc basis during the crisis, are temporary and should gradually disappear. One instrument reserved for non-euro area member states, and others targeted at euro area countries remain in place. In the long term, the European Stability Mechanism is likely to become the only instrument for macro-financial assistance, but its current standing outside the EU legal framework needs to be addressed.

External author

Cinzia ALCIDI, David Rinaldi, Jorge Núñez Ferrer, Danel Gros, Centre for European Policy Studies (CEPS)

Building a Comprehensive Crisis Management Framework for the EU and Extinguishing the Raging Fire

14-01-2011

The on-going discussion on Crisis Management in the EU is incomplete and on particular issues misguided and ill-informed. This is true both of the longer term discussion on designing a Crisis Management Framework for the EU as well as the immediate and on-going efforts to put the fire out. This Policy Paper has three parts: Part I maps out the structure of a complete Crisis Management framework for the EU. Part II offers detailed suggestions on improving the current Crisis Mitigation framework in ...

The on-going discussion on Crisis Management in the EU is incomplete and on particular issues misguided and ill-informed. This is true both of the longer term discussion on designing a Crisis Management Framework for the EU as well as the immediate and on-going efforts to put the fire out. This Policy Paper has three parts: Part I maps out the structure of a complete Crisis Management framework for the EU. Part II offers detailed suggestions on improving the current Crisis Mitigation framework in the form of the European Financial Stabilization Mechanism. Part III sketches an optimal detailed design of what the permanent European Stabilization Mechanism should look like.

External author

Sony KAPOOR (Managing Director Re-Define) ; additional research by Linda OKSNES (Research Associate Re-Define)

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