Sovereign Debt Management
Rosa M Lastra (ed.), Lee Buchheit (ed.)
Published:
2014
Online ISBN:
9780191811937
Print ISBN:
9780199671106
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Sovereign Debt Management
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Antonio Sáinz de Vicuña
Pages
177–194
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Published:
January 2014
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de Vicuña, Antonio Sáinz, ' Restructuring in a Monetary Union: Legal Aspects', in Rosa M Lastra, and Lee Buchheit (eds), Sovereign Debt Management (2014; online edn, Oxford Academic), https://doi.org/10.1093/law/9780199671106.003.0013, accessed 31 Aug. 2024.
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Introduction
The introduction of the euro in 1999 signified a profound change in the history of monetary law. Seventeen member states of the European Union (EU)2 today share a single currency and a single interest rate policy. Until 2012, bonds issued by member states in that currency area were considered to be risk-free assets, weighted zero for the purposes of calculating the capital ratio of credit institutions.3 The global financial crisis that commenced in 2007 mutated into a sovereign debt crisis in 2010 in some member states of the euro area, in part as a result of the fiscal support provided to their respective banking sectors.
2 The seventeen member states, known as the ‘euro area’, are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain, Greece, Slovenia, Cyprus, Malta, Slovakia and Estonia. Other non-EU countries using the euro as legal currency are Andorra, Kosovo, Monaco, Montenegro, San Marino, and the Vatican. Denmark, Latvia, and Lithuania keep their currencies pegged to the euro through the Exchange Rate Mechanism (ERM2), and Bulgaria does so by way of a currency board. Latvia will formally adopt the euro in 2014.
Keywords: Sovereign debt, International Monetary Fund (IMF), Monetary union, Revaluation and devaluation
Subject
Financial Regulation Financial Law Banking Law Macroeconomics and Monetary Economics International Law
Collection: Financial Banking Law
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