This work presents an original proposal for the reform of the Eurozone architecture according to an approach based on … risk sharing (aiming to reach in the long-term the mutualization of public debt). The proposal envisages a new role for the … new ESM would support the full transition from national debts to a single Eurozone public debt (e.g. Eurobonds) with a …

highlighted. For instance, there is by and large no transfer of credit risk between high risk/low risk countries, losses are borne …

highlighted. For instance, there is by and large no transfer of credit risk between high risk/low risk countries, losses are borne …

risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial … risk-sharing among sovereigns, to introduce synthetic euro bonds that work without debt mutualization. …

sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and … Markets Programme and the Outright Monetary Transactions are found to be effective in affecting the perceived sovereign risk …

and survey results related to general trust. We find evidence that these preference indicators have an influence on risk …

cross-border exposures.The analysis of the data shows that sovereign risk mainly concentrates in the EU countries. The EWMA … the Eurozone. The adjusted correlation analysis confirms that Greece and other PIIGS (even Spain and Italy) have lower …

The paper analyses the drivers of sovereign risk for 31 advanced and emerging economies during the European sovereign … markets. Finally, empirical models with economic fundamentals generally do a poor job in explaining sovereign risk in the pre …-crisis period for European economies, suggesting that the market pricing of sovereign risk may not have been fully reflecting …

exposures significantly amplified the transmission of risk from the sovereign and its impact on lending. This amplification of …