the crisis, but the most straightforward way to address this challenge in the euro-area context would be the establishment … of a euro-area-wide sovereign bond instrument. This Policy Contribution was prepared as a briefing paper for the European …

We study the determinants of sovereign bond spreads in the euro area since the introduction of the euro. We show that …

stronger fiscal rules in euro area members reduce sovereign risk premia, in particular in times of market stress. To do so, we … aversion. Estimation of the model con firms the central predictions. The legal base of the rules and their enforcement … ; sovereign spreads ; sovereign risk ; euro area …

We study the determinants of sovereign bond spreads in the euro area since the introduction of the euro. We show that …