Madariaga - College of Europe Foundation

21 March 2013, Brussels, 13:00 - 14:30

Despite the Council's attempts to address the negative feedback loops between sovereign and banking crises, borrowing costs remain volatile so that schemes of common bond issuance persistently remain on the institutions' agendas. What kinds of measures and sequencing could be adopted to overcome the triple obstacle of moral hazard, legal constraints, and increasing borrowing costs for AAA countries? Should a common bond issuance scheme be targeted at the short term (Eurobills) or the long term (Eurobonds)? What can be done with or without a Treaty change? In case an integrated and liquid bond market emerges, is Europe politically ready to take on the international responsibilities stemming from the issuance of a global reserve currency?  

A Citizen’s Controversy with Sylvie Goulard, Member of the European Parliament (ALDE), and Ansgar Belke, Professor of Macroeconomics at the University of Duisburg-Essen.  

The debate was be moderated by Pierre Defraigne, Executive Director, Madariaga - College of Europe Foundation.

A report is under preparation.