8 Mar 2013 - SUERF/OeNB/BWG Conference - The Future of Sovereign Borrowing in Europe

Oesterreichische Nationalbank

SUERF/OeNB/BWG Conference

Österreichische Bankwissenschaftliche Gesellschaft

The Future of Sovereign Borrowing in Europe

Friday, 8 March 2013

Kassensaal, Oesterreichische Nationalbank, Vienna

Notes on the Conference Topic:

The financial, economic and sovereign debt crisis has fundamentally changed the rules of the game in sovereign debt markets, particularly but not only in the Euro Area. While some countries enjoy a safe‑haven status, other face soaring risk spreads. Sovereign rates of crisis countries have been downgraded dramatically, but also safe-haven countries' prime rating has been lost or is under close scrutiny. Sovereign bonds as a broad category have lost their – previously widely perceived – status as "risk-free" assets. The crisis countries face unsustainably expensive financing costs (or even a loss of access to bond market financing), pushing them towards shorter financing or forcing them to rely on financial support by other countries and the international community or massive intervention by central banks.

The conference was opened by Governor Ewald Nowotny (Oesterreichische Nationalbank) followed by a keynote address. Thereafter three sessions focussed on:

- European sovereign borrowing – adjusting to the new environment
- Sovereign debt, monetary and financial stability
- Towards more prudent sovereign borrowing 


Ulrich Bindseil (European Central Bank)
Hans Blommestein (OECD and Tilburg University)
Juan Pablo Bohoslavsky
Maria Cannata Bonfrate
(Italian Treasury)
Martin Hellwig
(Max Planck Institute for Research on Collective Goods)
Juha Kilponen (Bank of Finland)
Eric Leeper (Indiana University)
Christopher Marks (BNP Paribas) 
Alessandro Missale
(University of Milan and UNCTAD)
Ewald Nowotny
(Oesterreichische Nationalbank)
Guido Sandleris
(Universidad Torcuato Di Tella (UTDT), Buenos Aires)

Conference Programme
Speaker Biographies
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