Euro Area Governance - Ideas for Crisis Management Reform

Studie 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.