Date: 2011
Type: Book
Life in the Eurozone With or Without Sovereign Default?
Philadelphia, FIC Press, 2011
ALLEN, Franklin, CARLETTI, Elena, CORSETTI, Giancarlo (editor/s), ALLEN, Franklin, CARLETTI, Elena, CORSETTI, Giancarlo, Life in the Eurozone With or Without Sovereign Default?, Philadelphia, FIC Press, 2011
- https://hdl.handle.net/1814/17716
Retrieved from Cadmus, EUI Research Repository
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
Additional information:
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.
Cadmus permanent link: https://hdl.handle.net/1814/17716
ISBN: 9780983646914
External link: http://finance.wharton.upenn.edu/FIC/FICPress/eurozone.pdf
http://www.eui.eu/Personal/Carletti/Life%20in%20the%20Eurozone%20ebook.pdf
http://www.eui.eu/Personal/Carletti/Life%20in%20the%20Eurozone%20ebook.pdf
Publisher: FIC Press
