TAILIEUCHUNG - an analySiS of euro area Sovereign CDS anD their relation With government bonds

As the issuance of Stability Bonds may weaken market discipline, substantial changes in the framework for economic governance in the euro area would be required. Additional safeguards to assure sustainable public finances would be warranted. These safeguards would need to focus not only on budgetary discipline but also on economic competitiveness (see Section 3). While the adoption of the new economic governance package already provides a significant safeguard to be further reinforced by new regulations based on Article 1369 , there may be a need to go still further in the context of Stability Bonds – notably if a pooling of. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1271 I DECEMBER 2010 AN ANALYSIS OF EURO AREA SOVEREIGN CDS AND THEIR RELATION WITH GOVERNMENT BONDS by Alessandro Fontana and Martin Scheicher EUROPEAN CENTRAL BANK EUROSYSTEM In 2010 all ECB publications feature a motif taken from the 500 banknote. WORKING PAPER SERIES NO 1271 DECEMBER 2010 AN ANALYSIS OF EURO AREA SOVEREIGN CDS AND THEIR RELATION WITH GOVERNMENT BONDS 1 by Alessandro Fontana2 and Martin Scheicher3 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1715483. I This paper has been presented at the ECB and at the CREDIT 20Ì0 Greta conference in Venice. We would like to thank participants for helpful comments. 2 Ca Foscari University of Venice. Department of Economics Fondamenta San Giobbe - Cannaregio 873 30121 Venezia Italy e-mail fontana@ 3 European Central Bank Financial Research Division Kaiserstrasse 29 D-603II Frankfurt am Main Germany phone 49 69 I344 8337 fax 49 69 I344 8552 email European Central Bank 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 All rights reserved Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the authors. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB s website http www. pub scientific wps date html ISSN 1725-2806 online

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