|
European bonds are suggested government bonds issued in Euros jointly by the 19 eurozone nations. Eurobonds are debt investments whereby an investor loans a certain amount of money, for a certain amount of time, with a certain interest rate, to the eurozone bloc altogether, which then forwards the money to individual governments. Eurobonds have been suggested as a way to tackle the European sovereign debt crisis as the indebted states could borrow new funds at better conditions as they are supported by the rating of the non-crisis states. Because Eurobonds would allow already highly indebted states access to cheaper credit thanks to the strength of other Eurozone economies, they are controversial, and may suffer from the free rider problem. ==Blue bond proposal== In May 2010 the two economists Jakob von Weizsäcker and Jacques Delpla published an article proposing a mix of traditional national bonds (red bonds) and jointly issued eurobonds (blue bonds) to prevent debt crises in weaker countries, while at the same time enforcing fiscal sustainability. According to the proposal EU member states should pool up to 60 percent of gross domestic product (GDP) of their national debt under joint and several liability as senior sovereign debt (blue tranche), thereby reducing the borrowing cost for that part of the debt. Any national debt beyond a country's blue bond allocation (red tranche) should be issued as national and junior debt with sound procedures for an orderly default, thus increasing the marginal cost of public borrowing and helping to enhance fiscal discipline. Participating countries must also establish an ''Independent Stability Council'' voted on by member states parliaments to propose annually an allocation for the blue bond and to safeguard fiscal responsibility.〔 The authors argue that while their concept is not a quick fix, their Blue Bond proposal charts an incentive-driven and durable way out of the debt dilemma while "helping prepare the ground for the rise of the euro as an important reserve currency, which could reduce borrowing costs for everybody involved". Smaller countries with relatively illiquid sovereign bonds (such as Austria and Luxembourg) stand to benefit most from the extra liquidity of the blue bond, although even for Germany borrowing costs under the blue bond scheme are expected to fall below current levels. Countries with high debt-to-GDP ratios (such as Italy, Greece, and Portugal) would have a strong incentive for fiscal adjustment.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Eurobonds」の詳細全文を読む スポンサード リンク
|