Die schwierigen Beratungen zu dem auf dem EU-Gipfel des Europäischen Rates im Juni beschlossenen Reformvertrag haben einmal mehr die Frage nach einer Europäischen Union der verschiedenen Geschwindigkeiten aufgeworfen. Entwickelt sich die EU bereits in diese Richtung und was wären die Vor- und...

This paper develops a market-based approach to implement so called Eurobonds, i.e. common sovereign debt securities of European Monetary Union (EMU) countries. By applying an asset-backed security (ABS) approach positive implications of a common bond can be achieved and negative incentives (e.g....

Die schwierigen Beratungen zu dem auf dem EU-Gipfel des Europäischen Rates im Juni beschlossenen Reformvertrag haben einmal mehr die Frage nach einer Europäischen Union der verschiedenen Geschwindigkeiten aufgeworfen. Entwickelt sich die EU bereits in diese Richtung und was wären die Vor- und...

This paper develops a market-based approach to implement so called Eurobonds, i.e. common sovereign debt securities of European Monetary Union (EMU) countries. By applying an asset-backed security (ABS) approach positive implications of a common bond can be achieved and negative incentives (e.g....

The European Stability Mechanism (ESM) is the permanent crisis prevention mechanism of the euro area. It was established in 2012 under considerable time pressure in an environment dominated by the financial crisis in the euro area. We analyze the costs of the current (suboptimal) design of the...

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for euro area countries. We analyze the costs of the current (suboptimal) refinancing design of the ESM and evaluate an alternative asset-backed securities (ABS) structure under different scenarios. Our...

This paper develops a market-based approach to implement so called Eurobonds, i.e. common sovereign debt securities of European Monetary Union (EMU) countries. By applying an asset-backed security (ABS) approach positive implications of a common bond can be achieved and negative incentives (e.g....