edited by Morten Balling, Peter Egger and Ernest Gnan, Vienna, 2013
On 5-6 September 2012, SUERF held its 30th Colloquium "States, Banks, and the Financing of the Economy" at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the chapters in this publication discuss from different angles the complex interrelations between states and financial systems, which have developed in recent years with economic, financial and sovereign debt crises. While the contributions included here primarily look at fiscal policy and sovereign risk perspectives, papers on the monetary policy and regulatory perspectives, which were also dealt with in the Zürich Colloquium, are published in SUERF Study 2012/3 "States, Banks, and the Financing of the Economy: Monetary Policy and Regulatory Perspective".
Morten Balling, Peter Egger & Ernest Gnan
2. The Global Economic Outlook – Challenges ahead and Implications for the Financial Industry
Axel A. Weber
3. Economic Governance in a Multi-Speed Variable-Geometry Europe
Harald W. Stieber
4. The New EU Framework for Fiscal Surveillance: Hard Policy Coordination in the Shadow of the Crisis
5. Fiscal Composition and Long-term Growth
António Afonso and João Tovar Jalles
6. Curing and Preventing Euroarea's Sovereign Debt Crises: some Issues and a Recipe
7. Banking Weakness and Sovereign Debt Build-Up in the Euro Area: Implications for Debt Sustainability
André Van Poeck & Maartje Wijffelaars
8. Can Eurobonds Save the Euro?
9. Conditional Euro T-Bills as a Transitional Regime
Wim Boonstra & Allard Bruinshoofd
10. The Role of Government Interventions in Restoring the Banking Sector Stability
Keywords: By Chapters: 2: Recession, cross-border banking, corporate bonds 3: Economic governance; Political integration; Enhanced cooperation 4: Fiscal Policy Coordination, Stability and Growth Pact, European Semester, Economic Governance Six-Pack, Fiscal Compact 5: budget deficit, budget decomposition, panel analysis, panel causality 6: Sovereign debt, Italy, bank resolution 7: Sovereign debt, Banking Crises, Debt Sustainability 8: Eurobonds, Economic and Monetary Union, Public debt, Interest rate 9: Financial markets, bond market fragmentation 10: Government interventions, crisis financial stability, credit supply.
JEL Codes: By chapters 2: G15, G21; 3: F5, H1, H7; 4: E62 5: C23, E62, H50; 6: G21, G33 7: E43, E62, G01; 8: F33, G12, H63; 9: G1 10: G21, G28
ISBN No.: 978-3-902109-67-5
Authors: Axel A. Weber, Harald W. Stieber, Stavros Vourloumis, António Afonso and João Tovar Jalles, Franco Bruni, André van Poeck and Maartje Wijffelaars, Séverine Menguy, Wim Boonstra and Allard Bruinshoofd, Aneta Hryckiewicz
Editors: Morten Balling, Peter Egger and Ernest Gnan