Euro Area Governance - Ideas for Crisis Management Reform

15-09-2010

This compilation study tackles the question of euro area and EU governance reform from the perspective of (sovereign) crisis management. It focuses predominantly on crisis mitigation and resolution mechanisms (rather than crisis prevention). The introduction briefly discusses the origins and effects of the crisis for the euro area as well as the whole of EU27. The study goes on to summarize and compare the contributions and to provide a brief legal evaluation and an extensive chronology. The contributions in chapter 2 analyze the impact and future of the crisis management institutions decided in May 2010 - the European Financial Stability Facility (EFSF) as well as the European Financial Stability Mechanism (EFSM). Chapter 3 considers the market impact and institutional design of sovereign default. Chapter 4 looks at commonly issued bonds (Eurobonds). The compilation study is a collection of contributions from practitioners and academics alike.

This compilation study tackles the question of euro area and EU governance reform from the perspective of (sovereign) crisis management. It focuses predominantly on crisis mitigation and resolution mechanisms (rather than crisis prevention). The introduction briefly discusses the origins and effects of the crisis for the euro area as well as the whole of EU27. The study goes on to summarize and compare the contributions and to provide a brief legal evaluation and an extensive chronology. The contributions in chapter 2 analyze the impact and future of the crisis management institutions decided in May 2010 - the European Financial Stability Facility (EFSF) as well as the European Financial Stability Mechanism (EFSM). Chapter 3 considers the market impact and institutional design of sovereign default. Chapter 4 looks at commonly issued bonds (Eurobonds). The compilation study is a collection of contributions from practitioners and academics alike.

Parlamendiväline autor

Chapter 2 – Assessment of Crisis Management in the EU in 2010, the EFSM and EFSF Sony KAPOOR, Managing Director, Re-Define Stefan GERLACH, Professor, Goethe University of Frankfurt Karl WHELAN, Professor, University College Dublin Chapter 3 – Orderly Sovereign Default Kern ALEXANDER, Professor, University of Cambridge Marco LAMANDINI, Professor, University of Bologna Chapter 4 - Eurobonds Alessandro MISSALE, Professor, Universita degli Studi Milano, and Carlo FAVERO, Bocconi University Milan Association of Financial Markets Europe (AFME), London