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Briefing papers: “Debt Sustainability Assessment: the State of the Art”

19-12-2018

In November 2018, the EGOV unit published two external briefing papers on “Debt Sustainability Analysis: the State of the Art”, upon request of the ECON Committee. Authors were Cinzia Alcidi and Daniel Gros (CEPS) and Giancarlo Corsetti (University of Cambridge). This note presents some background information and provides the summaries of these two papers.

In November 2018, the EGOV unit published two external briefing papers on “Debt Sustainability Analysis: the State of the Art”, upon request of the ECON Committee. Authors were Cinzia Alcidi and Daniel Gros (CEPS) and Giancarlo Corsetti (University of Cambridge). This note presents some background information and provides the summaries of these two papers.

Enabling sovereign bond-backed securities

05-12-2018

This briefing analyses the IA accompanying the legislative proposal of the Commission to enable market-led sovereign bond-backed securities (SBBS). The problem definition and the objectives of the IA do not follow entirely the better regulation guidelines. Nevertheless, the policy options, including the baseline scenario, seem logical and pertinent, lacking, however, necessary specification and precision. The assessment focusses on direct effects on the euro-area sovereign bonds market, expecting ...

This briefing analyses the IA accompanying the legislative proposal of the Commission to enable market-led sovereign bond-backed securities (SBBS). The problem definition and the objectives of the IA do not follow entirely the better regulation guidelines. Nevertheless, the policy options, including the baseline scenario, seem logical and pertinent, lacking, however, necessary specification and precision. The assessment focusses on direct effects on the euro-area sovereign bonds market, expecting no direct social or environmental impacts. The IA does not include the mandatory 12-week public consultation nor a comprehensive cost and benefit assessment of the initiative. It also omits, without explanation, a number of relevant issues, so that it seems like a missed opportunity to provide comprehensive and transparent support to evidence-based policy making.