The purpose of this study is to outline the peculiarities arising from debt restructuring in the context of a monetary union. The current legal framework on sovereign debt is rather fragmented, with applicable rules being envisaged by many bodies of law, both at domestic and at international level. In Europe, the following strategies have been pursued: the ECB started to intervene in the public debt securities market; the Greek debt was restructured; and collective action clauses are to be included in all new Eurozone government securities starting from 2013. The paper analyzes the many questions left open.
The Impact of Sovereign Debt on EU Monetary Affairs
VITERBO, Annamaria
2014-01-01
Abstract
The purpose of this study is to outline the peculiarities arising from debt restructuring in the context of a monetary union. The current legal framework on sovereign debt is rather fragmented, with applicable rules being envisaged by many bodies of law, both at domestic and at international level. In Europe, the following strategies have been pursued: the ECB started to intervene in the public debt securities market; the Greek debt was restructured; and collective action clauses are to be included in all new Eurozone government securities starting from 2013. The paper analyzes the many questions left open.
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