TAILIEUCHUNG - THE INTERNATIONAL ROLE OF THE EURO EVIDENCE FROM BONDS ISSUED BY NON-EURO AREA RESIDENTS

While common issuance has typically been regarded as a longer-term possibility, the more recent debate has focused on potential near-term benefits as a way to alleviate tension in the sovereign debt market. In this context, the introduction of Stability Bonds would not come at the end of a process of economic and fiscal convergence, but would come in parallel with further convergence and foster the establishment and implementation of the necessary framework for such convergence. Such a parallel approach would require an immediate and decisive advance in the process of economic, financial and political integration within the euro. | EUROPEAN CENTRAL BANK OCCASIONAL PAPER SERIES NO. 18 I JULY 2004 THE INTERNATIONAL ROLE OF THE EURO EVIDENCE FROM BONDS ISSUED BY NON-EURO AREA RESIDENTS by André Geis Arnaud Mehl and Stefan Wredenborg EUROPEAN CENTRAL BANK In 2004 all ECB publications will feature a motif taken from the 100 banknote. OCCASIONAL PAPER SERIES NO. 18 I JULY 2004 THE INTERNATIONAL ROLE OF THE EURO EVIDENCE FROM BONDS ISSUED BY NON-EURO AREA RESIDENTS by André Geis Arnaud Mehl and Stefan Wredenborg This paper can be downloaded from the ECB s website http . The authors wish to thank Carsten Detken Pierre van der Haegen Francesco Mazzaferro Georges Pineau Pierre Sola Emilia Simeonova Christian Thimann Adalbert Winkler and an anonymous referee for helpful comments and support. Comments on an earlier version of this paper from participants in an informal seminar at the European Central Bank ECB as well as from Vincent Brousseau Baron Frankal Vítor Gaspar Philipp Hartmann Niall Lenihan Francesco Papadia and Nikolaus Siegfried are also gratefully acknowledged. The authors would moreover like to thank Jérôme Busca and Hervé Bourquin for fruitful discussions. Sandrine Corvoisier kindly provided some of the data. European Central Bank 2004 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 Telex 411 144ecbd All rights reserved. Reproduction for educational and non-commercialpurposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily reflect those of the European Central Bank. ISSN 1607-1484 print ISSN 1725-6534 online

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