Life in the Eurozone With or Without Sovereign Default?
Title: Life in the Eurozone With or Without Sovereign Default?
Publisher: FIC Press
Citation: Philadelphia, FIC Press, 2011
External link: http://finance.wharton.upenn.edu/FIC/FICPress/eurozone.pdf
The European University Institute and the Wharton Financial Institutions Center held a conference in Florence, Italy in April 2011 that brought together leading economists, lawyers, historians and policy makers to discuss the current economic situation in the Eurozone with particular emphasis on the issue of sovereign default. This book summarizes the views presented there. The first part considers the current situation including the situations in Greece, Ireland, Portugal, Spain, the German constitution, EU law, the constraints on the ECB to buy up Eurozone government debt, and the European Financial Stability Fund. The second part covers how Eurozone sovereign bankruptcy might work, including collective action clauses, banking regulation given risky sovereign debt, the prevention of banking crises, and the sovereign equivalent of debtor-in-possession financing. The final part considers alternatives to sovereign bankruptcy including the possibility of leaving the Eurozone temporarily, an historical comparison of suspension of the Gold Standard, Argentina and other recent defaults, and the long run solution of Eurozone wide bonds and fiscal authority.
Table of Contents:
The Contributors vii Acknowledgments xvii FOREWORD xix by Josep Borrell Fontelles PREFACE xxiii by Franklin Allen, Elena Carletti & Giancarlo Corsetti 1 The Current Situation: The Euro Crisis: A Crisis of PIGS? 1 Ramon Marimon 2 Life in the Eurozone With or Without Sovereign Default? 9 Fabio Panetta 3 Life in the Eurozone With or Without Sovereign Default? —The Current Situation— 13 Helmut Siekmann 4 Ireland’s Sovereign Debt Crisis 41 Karl Whelan 5 Quo vadis, Euroland? European Monetary Union Between Crisis and Reform 59 Martin Hellwig 6 Sovereign Debt and Banks: Need for a Fundamental View on the Structure of the Banking Industry 77 Arnoud W.A. Boot vi Contents 7 Greek Debt -- The Endgame Scenarios 83 Lee C. Buchheit & Mitu Gulati 8 Rules-Based Restructuring and the Eurozone Crisis 97 David A. Skeel, Jr. 9 The Economic Consequences of the Euro Pact 103 Edmond Alphandéry 10 Exiting the Euro Crisis 115 Charles W. Calomiris 11 Life With and Without Sovereign Defaults: Some Historical Reflections 125 Youssef Cassis 12 The European Crisis: A View from the Market 133 Erik F. Nielsen 13 How the EU Wants to Solve the Crisis – and Why This is Not Going to Work 139 Wolfgang Münchau POSTSCRIPT The EU in 2013: Debt Defaults and More? 145 Janet Kersnar
The European University Institute (EUI) and the Wharton Financial Institution Center (FIC) organized a conference entitled 'Life in the Eurozone With or Without Sovereign Default?' The event, which was held at the EUI in Florence, Italy, on 14 April 2011, was financed by the PEGGED project (Politics, Economics and Global Governance: The European Dimension) and a Sloan Foundation grant to the FIC. The conference brought together leading economists, historians, lawyers and policy makers to discuss the current economic situation in the Eurozone with particular emphasis on the issue of sovereign default. The aim was to have an open discussion on this timely and important topic to achieve a better understanding of the future development of the Eurozone.
Type of Access: openAccess