architecture of the euro area. The introduction of an insolvency proce-dure for sovereigns faces a dilemma: In the foreseeable … for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS … transition towards the new regime. The VIPS proposal comprises two pillars: An insolvency procedure for the long run and a …

architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable … blueprints for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS … transition towards the new regime. The VIPS proposal comprises two pillars: An insolvency procedure for the long run and a …

states. We show that fiscal insurance and a sovereign insolvency procedure are no contradiction but, on the contrary, are … insolvency regime for sovereigns. And vice versa, a well-defined insolvency procedure reduces the risk that a fiscal capacity …

insurance and a sovereign insolvency procedure are no contradiction but, on the contrary, mutually enforcing: An effective … fiscal insurance helps to limit the stability risks involved in the implementation of an insolvency regime for sovereigns …. And vice versa, a well-defined insolvency procedure reduces the danger that a fiscal capacity motivated as an insurance …

states. We show that fiscal insurance and a sovereign insolvency procedure are no contradiction but, on the contrary, are … insolvency regime for sovereigns. And vice versa, a well-defined insolvency procedure reduces the risk that a fiscal capacity …

Using data from a unique survey of members of parliaments in France, Germany and Italy in 2018, we estimate the effects …