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Governance for the Eurozone: Integration or Disintegration?

This book contains the proceedings of the conference “Governance for the Eurozone: Integration or Disintegration?” that was held in 2012. In three sections, the individual chapters consider the role of public financial institutions in...

This book summarizes the views presented during the first Annual Conference in 2011. 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.

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