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Eurobonds Beyond Crisis Management, Economic Effects and Legal Requirements for Different Eurobond Proposals in the Eurozone

  • Hans-Bernd Schäfer (Bucerius Law School/Hamburg University)
Wednesday 12 October 2016
Stichthage, The Hague

In his lecture Professor Schäfer will analyze economic features and consequences of those Eurobond proposals, which are in his view the most important and the most diverging ones and require different legal changes. These include all three proposals in the green book of the EU-commission, among them the Delpla von Weizsäcker proposal, the proposal for pro rata bonds and the proposal to mutualize all debts with joint liability, the proposal of the German council of Economic experts to mutualize all debts of member countries above 60 per cent of their GNP and the proposal of Favero & Missale (2012) for Eurobonds without risk shifting.

The following questions will be tackled during the lecture. Are the above proposals suited to reduce the fiscal burden of a distressed country? Do they promote or reduce reckless lending of creditors and debtors? Do they provide more safe assets in the Eurozone thus strengthening the demand from outside the Eurozone and reduce costs for issuers? Which effect has the expectation of a bail out or “ex post solidarity” (Tirole 2015) with a country in distress to avoid conflagration in other countries?

Based on the paper by Hans-Bernd Schäfer and Jochen Bigus. The paper can be accessed here.

Register now.


About the seminars:

Diplomacy and Global Affairs (DGA) Research Seminar Series

The Diplomacy and Global Affairs (DGA) Research Seminar is a series launched by the Research Group on Diplomacy and Global Affairs at the Institute of Security and Global Affairs. The seminars of internationally acknowledged guest researchers and faculty members deal with current research topics in diplomacy, international relations, global affairs, and political economy broadly conceived and target a broad audience through their interdisciplinary focus.

For more information, please contact:

Prof. dr. M.O. Hosli (coordinator)

Dr. J.J. Kantorowicz

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