Resolving the European Debt Crisis: 21 (Special Report) - Softcover

Cline, William; Wolff, Guntram

Softcover

ISBN 10: 0881326429 ISBN 13: 9780881326420

Publisher: Peterson Inst Int Economics, 2012

Synopsis

<p>This book investigates policy approaches to resolving the sovereign debt crisis. The first section examines the political-economic context of the crisis in these five countries facing sovereign debt difficulties as well as in their key partner economies, France and Germany. In the second section, lessons from past sovereign debt restructurings are reviewed for implications in the current European crisis. The third section considers the sustainability of debt in the countries in difficulty and reviews the main options for restructuring and debt buybacks. It also considers broader institutional changes: shifting to government borrowing in Eurobonds jointly and severally guaranteed by eurozone member countries, greatly expanding the size of the European Financial Stability Facility (EFSF), and exit from the euro by weak countries or strong countries. The volume concludes with a brief description of a policy simulation game played on the second day of the conference by participants representing the roles of governments, banks and political sectors of the seven eurozone nations as well as the European Central Bank (ECB), International Monetary Fund (IMF), G-7, and credit-rating community. Special attention is given to an approach to leveraging the financial support capacity of the EFSF through arrangements with the ECB. In addition to comments by formal discussants, the volume includes a summary of participant discussion on a non-attribution basis. </p> <p>Chapter authors include George Soros, Steven R. Weisman, Alan Ahearne, Jeromin Zettelmeyer, Lee Buchheit, Zaki Laidi, and Daniela Schwarzer. </p>

About this title

About the Author

William R. Cline has been a senior fellow at the Peterson Institute for International Economics since 1981. During 1996-2001 while on leave from the Institute, Cline was deputy managing director and chief economist of the Institute of International Finance (IIF) in Washington, DC. From 2002 through 2011 he held a joint appointment with the Peterson Institute and the Center for Global Development, where he is currently senior fellow emeritus. Before joining the Peterson Institute, he was senior fellow, the Brookings Institution (1973-81); deputy director of development and trade research, office of the assistant secretary for international affairs, US Treasury Department (1971-73); Ford Foundation visiting professor in Brazil (1970-71); and lecturer and assistant professor of economics at Princeton University (1967-70). Guntram Wolff is the Director of Bruegel. His research focuses on the European economy and governance, on fiscal and monetary policy and global finance. He regularly testifies at the European Finance Ministers' ECOFIN meeting, the European Parliament, the German Parliament (Bundestag) and the French Parliament (Assemblee Nationale) and is a member of the French prime minister's Conseil d'Analyse Economique. Guntram Wolff is also a member of the Solvay Brussels School's international advisory board of the Brussels Free University. He joined Bruegel from the European Commission, where he worked on the macroeconomics of the euro area and the reform of euro area governance. Prior to joining the Commission, he was coordinating the research team on fiscal policy at Deutsche Bundesbank. He also worked as an adviser to the International Monetary Fund.

About this edition

• Publisher: Peterson Inst Int Economics
• Publication date: 2012
• ISBN 10: 0881326429
• ISBN 13: 9780881326420
• Binding: Paperback
• Number of pages: 304