This latest contribution by Stefano Micossi, Director General Assonime, Visiting Professor at the College of Europe and member of the CEPS Board of Directors, assesses the new decisions on economic governance taken at the European Council on December 8-9 and questions whether they are truly...

In this analytical policy brief, CEPS Director Daniel Gros explores whether there is a fundamental difference between a formal sovereign default with a haircut and debt monetization, which reduces the purchasing power for investors by the same amount. He argues that there is indeed a difference...