Managing Sovereign Debt Restructurings in the Euro Zone. A Note on Old and Current Debates

25 Pages Posted: 9 Jul 2019

Date Written: July 20, 2018

Abstract

European economic governance is again under the spotlight. Several reform proposals have been put forward in recent years, including new arrangements for the management and resolution of sovereign debt crises. This note purports to: (a) critically review earlier debates on the reform of the international financial architecture, identifying those elements that could be still relevant for Europe today; (b) discuss recent proposals to establish a restructuring scheme in the euro area, drawing some tentative considerations on possible ways forward.

Keywords: sovereign debt crises, euro area, IMF, financial assistance

JEL Classification: F33, F34

Suggested Citation

Committeri, Marco and Tommasino, Pietro, Managing Sovereign Debt Restructurings in the Euro Zone. A Note on Old and Current Debates (July 20, 2018). Bank of Italy Occasional Paper No. 451, July 2018. Available at SSRN: https://ssrn.com/abstract=3415034 or http://dx.doi.org/10.2139/ssrn.3415034

Marco Committeri (Contact Author)

Banca d'Italia ( email )

Via Nazionale 91
Rome, 00184
Italy

Pietro Tommasino

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

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