Looking Beyond the Euro Area Sovereign Debt Crisis
Three years into the euro area sovereign debt crisis, investors continue to shun periphery government bonds, European banks are under severe funding pressures in both the dollar and euro private term markets, and the euro area is facing an anemic growth outlook. On the face of it, the scenario portends gloom. But upon closer examination of the inner workings of the European Union (EU) governance system, the ongoing adjustment in the banking sector, and the rewiring of the landscape of euro sovereign debt markets, the future scenario looks more balanced, particularly following the conclusion of the protracted negotiations on Greek bond exchanges under an EU-backed voluntary private sector involvement (PSI) scheme. As euro area leaders formulate significant structural reforms to deal with the continent's longstanding fiscal and governance shortcomings, this note argues that striking a balance between market disciplines and centralized rule-making is the best way forward.
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America del Norte |
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Biblioteca del Banco Mundial |
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English |
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ADVANCED COUNTRIES ADVANCED ECONOMIES ASSET CLASS ASSET LIQUIDATION ASSET PORTFOLIOS ASSET QUALITY ASSETS BAILOUT BALANCE SHEET BALANCE SHEETS BANK ACTIVITY BANK CREDIT BANK EXPOSURES BANK FAILURE BANK HOLDING BANK HOLDING COMPANY BANK OF GREECE BANK POLICY BANK RECAPITALIZATION BANK REGULATION BANK RISK BANKING AUTHORITY BANKING INDUSTRY BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEM ASSETS BASIS POINTS BOND BOND ISSUANCE BOND ISSUES BOND MARKETS BOND SPREADS BOND YIELD BOND YIELDS BONDHOLDERS CAPITAL MARKET CDS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENTS COLLATERAL COLLECTIVE ACTION COLLECTIVE ACTION CLAUSES COMMON MARKET CORPORATE BOND CORPORATE BONDS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITOR CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT ACCUMULATION DEBT CRISES DEBT CRISIS DEBT HOLDINGS DEBT INSTRUMENTS DEBT MATURITIES DEBT OBLIGATIONS DEBT RATINGS DEBT RESTRUCTURING DEBT SUSTAINABILITY DEBT-SERVICING COSTS DERIVATIVES DEVELOPING COUNTRIES EMERGING ECONOMIES EMERGING MARKETS EMERGING-MARKET EQUITY FLOWS EUROPEAN CENTRAL BANK EXCESSIVE DEBT EXCESSIVE DEBT ACCUMULATION EXCHANGE MARKET EXCHANGE RATE EXCHANGE RATE REGIMES EXPORTERS EXPOSURES EXTERNAL FINANCING FINANCIAL AFFAIRS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL CAPACITY FISCAL DISCIPLINE FLOATING EXCHANGE RATE FOREIGN CAPITAL FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN MARKETS FREE ASSET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL INVESTOR GLOBAL INVESTORS GOOD GOVERNANCE GOVERNANCE SYSTEM GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HARMONIZATION HOLDING HOLDINGS HOME COUNTRY INCOME INDIVIDUAL BANKS INSOLVENT INSURANCE INTERBANK MARKETS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL SETTLEMENTS INVESTMENT FLOWS INVESTOR BASE INVESTOR UNCERTAINTY LIQUIDATION LIQUIDITY LONG-TERM DEBT MACROECONOMIC CONDITIONS MACROECONOMIC POLICY MACROECONOMIC RISKS MANDATES MARKET CONDITIONS MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MARKET PARTICIPANTS MARKET PRACTICE MARKET SIZE MARKET VOLATILITY MATURITY MATURITY SPECTRUM MONETARY FUND MONETARY POLICY MONEY MARKET MORAL HAZARD NATIONAL BANK NATIONAL DEBT NEGOTIATIONS NET EQUITY OUTSTANDING GOVERNMENT DEBT PENSION POLITICAL ECONOMY POLITICAL RISK PORTFOLIO POTENTIAL DEBT PRESENT VALUE PRINCIPAL REPAYMENTS PRIVATE CAPITAL PRIVATE CREDITORS PRIVATE MARKETS PRIVATE SECTOR CREDITORS PUBLIC DEBT PUBLIC DEBT MARKET PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC POLICY RECAPITALIZATION REDEMPTION REPAYMENT REPAYMENT CRISIS RESERVE RESERVE CURRENCY RESERVE HOLDINGS RESOLUTION MECHANISM RESTRUCTURING PLAN RETURNS RISK AVERSION RISK EXPOSURE RISK MANAGEMENT RISK PROFILES SHORT-TERM DEBT SOVEREIGN BOND SOVEREIGN BONDS SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBT CRISES SOVEREIGN DEBT CRISIS SOVEREIGN DEBT MARKET SOVEREIGN DEBT MARKETS SOVEREIGN DEBT RESTRUCTURING SOVEREIGN RATINGS SOVEREIGN RISK SOVEREIGN SECURITIES SOVEREIGN YIELD SYSTEMIC RISK TERM DEPOSITS TIER 1 CAPITAL TRADING TRANSPARENCY TREASURIES TREATY TURNOVER TYPES OF DEBT WHOLESALE FUNDING WORKOUTS WORLD DEVELOPMENT INDICATORS YIELD CURVE YIELD SPREAD YIELD SPREADS ADVANCED COUNTRIES ADVANCED ECONOMIES ASSET CLASS ASSET LIQUIDATION ASSET PORTFOLIOS ASSET QUALITY ASSETS BAILOUT BALANCE SHEET BALANCE SHEETS BANK ACTIVITY BANK CREDIT BANK EXPOSURES BANK FAILURE BANK HOLDING BANK HOLDING COMPANY BANK OF GREECE BANK POLICY BANK RECAPITALIZATION BANK REGULATION BANK RISK BANKING AUTHORITY BANKING INDUSTRY BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEM ASSETS BASIS POINTS BOND BOND ISSUANCE BOND ISSUES BOND MARKETS BOND SPREADS BOND YIELD BOND YIELDS BONDHOLDERS CAPITAL MARKET CDS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENTS COLLATERAL COLLECTIVE ACTION COLLECTIVE ACTION CLAUSES COMMON MARKET CORPORATE BOND CORPORATE BONDS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITOR CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT ACCUMULATION DEBT CRISES DEBT CRISIS DEBT HOLDINGS DEBT INSTRUMENTS DEBT MATURITIES DEBT OBLIGATIONS DEBT RATINGS DEBT RESTRUCTURING DEBT SUSTAINABILITY DEBT-SERVICING COSTS DERIVATIVES DEVELOPING COUNTRIES EMERGING ECONOMIES EMERGING MARKETS EMERGING-MARKET EQUITY FLOWS EUROPEAN CENTRAL BANK EXCESSIVE DEBT EXCESSIVE DEBT ACCUMULATION EXCHANGE MARKET EXCHANGE RATE EXCHANGE RATE REGIMES EXPORTERS EXPOSURES EXTERNAL FINANCING FINANCIAL AFFAIRS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL CAPACITY FISCAL DISCIPLINE FLOATING EXCHANGE RATE FOREIGN CAPITAL FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN MARKETS FREE ASSET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL INVESTOR GLOBAL INVESTORS GOOD GOVERNANCE GOVERNANCE SYSTEM GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HARMONIZATION HOLDING HOLDINGS HOME COUNTRY INCOME INDIVIDUAL BANKS INSOLVENT INSURANCE INTERBANK MARKETS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL SETTLEMENTS INVESTMENT FLOWS INVESTOR BASE INVESTOR UNCERTAINTY LIQUIDATION LIQUIDITY LONG-TERM DEBT MACROECONOMIC CONDITIONS MACROECONOMIC POLICY MACROECONOMIC RISKS MANDATES MARKET CONDITIONS MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MARKET PARTICIPANTS MARKET PRACTICE MARKET SIZE MARKET VOLATILITY MATURITY MATURITY SPECTRUM MONETARY FUND MONETARY POLICY MONEY MARKET MORAL HAZARD NATIONAL BANK NATIONAL DEBT NEGOTIATIONS NET EQUITY OUTSTANDING GOVERNMENT DEBT PENSION POLITICAL ECONOMY POLITICAL RISK PORTFOLIO POTENTIAL DEBT PRESENT VALUE PRINCIPAL REPAYMENTS PRIVATE CAPITAL PRIVATE CREDITORS PRIVATE MARKETS PRIVATE SECTOR CREDITORS PUBLIC DEBT PUBLIC DEBT MARKET PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC POLICY RECAPITALIZATION REDEMPTION REPAYMENT REPAYMENT CRISIS RESERVE RESERVE CURRENCY RESERVE HOLDINGS RESOLUTION MECHANISM RESTRUCTURING PLAN RETURNS RISK AVERSION RISK EXPOSURE RISK MANAGEMENT RISK PROFILES SHORT-TERM DEBT SOVEREIGN BOND SOVEREIGN BONDS SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBT CRISES SOVEREIGN DEBT CRISIS SOVEREIGN DEBT MARKET SOVEREIGN DEBT MARKETS SOVEREIGN DEBT RESTRUCTURING SOVEREIGN RATINGS SOVEREIGN RISK SOVEREIGN SECURITIES SOVEREIGN YIELD SYSTEMIC RISK TERM DEPOSITS TIER 1 CAPITAL TRADING TRANSPARENCY TREASURIES TREATY TURNOVER TYPES OF DEBT WHOLESALE FUNDING WORKOUTS WORLD DEVELOPMENT INDICATORS YIELD CURVE YIELD SPREAD YIELD SPREADS |
| spellingShingle |
ADVANCED COUNTRIES ADVANCED ECONOMIES ASSET CLASS ASSET LIQUIDATION ASSET PORTFOLIOS ASSET QUALITY ASSETS BAILOUT BALANCE SHEET BALANCE SHEETS BANK ACTIVITY BANK CREDIT BANK EXPOSURES BANK FAILURE BANK HOLDING BANK HOLDING COMPANY BANK OF GREECE BANK POLICY BANK RECAPITALIZATION BANK REGULATION BANK RISK BANKING AUTHORITY BANKING INDUSTRY BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEM ASSETS BASIS POINTS BOND BOND ISSUANCE BOND ISSUES BOND MARKETS BOND SPREADS BOND YIELD BOND YIELDS BONDHOLDERS CAPITAL MARKET CDS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENTS COLLATERAL COLLECTIVE ACTION COLLECTIVE ACTION CLAUSES COMMON MARKET CORPORATE BOND CORPORATE BONDS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITOR CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT ACCUMULATION DEBT CRISES DEBT CRISIS DEBT HOLDINGS DEBT INSTRUMENTS DEBT MATURITIES DEBT OBLIGATIONS DEBT RATINGS DEBT RESTRUCTURING DEBT SUSTAINABILITY DEBT-SERVICING COSTS DERIVATIVES DEVELOPING COUNTRIES EMERGING ECONOMIES EMERGING MARKETS EMERGING-MARKET EQUITY FLOWS EUROPEAN CENTRAL BANK EXCESSIVE DEBT EXCESSIVE DEBT ACCUMULATION EXCHANGE MARKET EXCHANGE RATE EXCHANGE RATE REGIMES EXPORTERS EXPOSURES EXTERNAL FINANCING FINANCIAL AFFAIRS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL CAPACITY FISCAL DISCIPLINE FLOATING EXCHANGE RATE FOREIGN CAPITAL FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN MARKETS FREE ASSET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL INVESTOR GLOBAL INVESTORS GOOD GOVERNANCE GOVERNANCE SYSTEM GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HARMONIZATION HOLDING HOLDINGS HOME COUNTRY INCOME INDIVIDUAL BANKS INSOLVENT INSURANCE INTERBANK MARKETS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL SETTLEMENTS INVESTMENT FLOWS INVESTOR BASE INVESTOR UNCERTAINTY LIQUIDATION LIQUIDITY LONG-TERM DEBT MACROECONOMIC CONDITIONS MACROECONOMIC POLICY MACROECONOMIC RISKS MANDATES MARKET CONDITIONS MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MARKET PARTICIPANTS MARKET PRACTICE MARKET SIZE MARKET VOLATILITY MATURITY MATURITY SPECTRUM MONETARY FUND MONETARY POLICY MONEY MARKET MORAL HAZARD NATIONAL BANK NATIONAL DEBT NEGOTIATIONS NET EQUITY OUTSTANDING GOVERNMENT DEBT PENSION POLITICAL ECONOMY POLITICAL RISK PORTFOLIO POTENTIAL DEBT PRESENT VALUE PRINCIPAL REPAYMENTS PRIVATE CAPITAL PRIVATE CREDITORS PRIVATE MARKETS PRIVATE SECTOR CREDITORS PUBLIC DEBT PUBLIC DEBT MARKET PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC POLICY RECAPITALIZATION REDEMPTION REPAYMENT REPAYMENT CRISIS RESERVE RESERVE CURRENCY RESERVE HOLDINGS RESOLUTION MECHANISM RESTRUCTURING PLAN RETURNS RISK AVERSION RISK EXPOSURE RISK MANAGEMENT RISK PROFILES SHORT-TERM DEBT SOVEREIGN BOND SOVEREIGN BONDS SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBT CRISES SOVEREIGN DEBT CRISIS SOVEREIGN DEBT MARKET SOVEREIGN DEBT MARKETS SOVEREIGN DEBT RESTRUCTURING SOVEREIGN RATINGS SOVEREIGN RISK SOVEREIGN SECURITIES SOVEREIGN YIELD SYSTEMIC RISK TERM DEPOSITS TIER 1 CAPITAL TRADING TRANSPARENCY TREASURIES TREATY TURNOVER TYPES OF DEBT WHOLESALE FUNDING WORKOUTS WORLD DEVELOPMENT INDICATORS YIELD CURVE YIELD SPREAD YIELD SPREADS ADVANCED COUNTRIES ADVANCED ECONOMIES ASSET CLASS ASSET LIQUIDATION ASSET PORTFOLIOS ASSET QUALITY ASSETS BAILOUT BALANCE SHEET BALANCE SHEETS BANK ACTIVITY BANK CREDIT BANK EXPOSURES BANK FAILURE BANK HOLDING BANK HOLDING COMPANY BANK OF GREECE BANK POLICY BANK RECAPITALIZATION BANK REGULATION BANK RISK BANKING AUTHORITY BANKING INDUSTRY BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEM ASSETS BASIS POINTS BOND BOND ISSUANCE BOND ISSUES BOND MARKETS BOND SPREADS BOND YIELD BOND YIELDS BONDHOLDERS CAPITAL MARKET CDS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENTS COLLATERAL COLLECTIVE ACTION COLLECTIVE ACTION CLAUSES COMMON MARKET CORPORATE BOND CORPORATE BONDS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITOR CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT ACCUMULATION DEBT CRISES DEBT CRISIS DEBT HOLDINGS DEBT INSTRUMENTS DEBT MATURITIES DEBT OBLIGATIONS DEBT RATINGS DEBT RESTRUCTURING DEBT SUSTAINABILITY DEBT-SERVICING COSTS DERIVATIVES DEVELOPING COUNTRIES EMERGING ECONOMIES EMERGING MARKETS EMERGING-MARKET EQUITY FLOWS EUROPEAN CENTRAL BANK EXCESSIVE DEBT EXCESSIVE DEBT ACCUMULATION EXCHANGE MARKET EXCHANGE RATE EXCHANGE RATE REGIMES EXPORTERS EXPOSURES EXTERNAL FINANCING FINANCIAL AFFAIRS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL CAPACITY FISCAL DISCIPLINE FLOATING EXCHANGE RATE FOREIGN CAPITAL FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN MARKETS FREE ASSET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL INVESTOR GLOBAL INVESTORS GOOD GOVERNANCE GOVERNANCE SYSTEM GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HARMONIZATION HOLDING HOLDINGS HOME COUNTRY INCOME INDIVIDUAL BANKS INSOLVENT INSURANCE INTERBANK MARKETS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL SETTLEMENTS INVESTMENT FLOWS INVESTOR BASE INVESTOR UNCERTAINTY LIQUIDATION LIQUIDITY LONG-TERM DEBT MACROECONOMIC CONDITIONS MACROECONOMIC POLICY MACROECONOMIC RISKS MANDATES MARKET CONDITIONS MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MARKET PARTICIPANTS MARKET PRACTICE MARKET SIZE MARKET VOLATILITY MATURITY MATURITY SPECTRUM MONETARY FUND MONETARY POLICY MONEY MARKET MORAL HAZARD NATIONAL BANK NATIONAL DEBT NEGOTIATIONS NET EQUITY OUTSTANDING GOVERNMENT DEBT PENSION POLITICAL ECONOMY POLITICAL RISK PORTFOLIO POTENTIAL DEBT PRESENT VALUE PRINCIPAL REPAYMENTS PRIVATE CAPITAL PRIVATE CREDITORS PRIVATE MARKETS PRIVATE SECTOR CREDITORS PUBLIC DEBT PUBLIC DEBT MARKET PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC POLICY RECAPITALIZATION REDEMPTION REPAYMENT REPAYMENT CRISIS RESERVE RESERVE CURRENCY RESERVE HOLDINGS RESOLUTION MECHANISM RESTRUCTURING PLAN RETURNS RISK AVERSION RISK EXPOSURE RISK MANAGEMENT RISK PROFILES SHORT-TERM DEBT SOVEREIGN BOND SOVEREIGN BONDS SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBT CRISES SOVEREIGN DEBT CRISIS SOVEREIGN DEBT MARKET SOVEREIGN DEBT MARKETS SOVEREIGN DEBT RESTRUCTURING SOVEREIGN RATINGS SOVEREIGN RISK SOVEREIGN SECURITIES SOVEREIGN YIELD SYSTEMIC RISK TERM DEPOSITS TIER 1 CAPITAL TRADING TRANSPARENCY TREASURIES TREATY TURNOVER TYPES OF DEBT WHOLESALE FUNDING WORKOUTS WORLD DEVELOPMENT INDICATORS YIELD CURVE YIELD SPREAD YIELD SPREADS Dailami, Mansoor Looking Beyond the Euro Area Sovereign Debt Crisis |
| description |
Three years into the euro area sovereign
debt crisis, investors continue to shun periphery government
bonds, European banks are under severe funding pressures in
both the dollar and euro private term markets, and the euro
area is facing an anemic growth outlook. On the face of it,
the scenario portends gloom. But upon closer examination of
the inner workings of the European Union (EU) governance
system, the ongoing adjustment in the banking sector, and
the rewiring of the landscape of euro sovereign debt
markets, the future scenario looks more balanced,
particularly following the conclusion of the protracted
negotiations on Greek bond exchanges under an EU-backed
voluntary private sector involvement (PSI) scheme. As euro
area leaders formulate significant structural reforms to
deal with the continent's longstanding fiscal and
governance shortcomings, this note argues that striking a
balance between market disciplines and centralized
rule-making is the best way forward. |
| topic_facet |
ADVANCED COUNTRIES ADVANCED ECONOMIES ASSET CLASS ASSET LIQUIDATION ASSET PORTFOLIOS ASSET QUALITY ASSETS BAILOUT BALANCE SHEET BALANCE SHEETS BANK ACTIVITY BANK CREDIT BANK EXPOSURES BANK FAILURE BANK HOLDING BANK HOLDING COMPANY BANK OF GREECE BANK POLICY BANK RECAPITALIZATION BANK REGULATION BANK RISK BANKING AUTHORITY BANKING INDUSTRY BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEM ASSETS BASIS POINTS BOND BOND ISSUANCE BOND ISSUES BOND MARKETS BOND SPREADS BOND YIELD BOND YIELDS BONDHOLDERS CAPITAL MARKET CDS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENTS COLLATERAL COLLECTIVE ACTION COLLECTIVE ACTION CLAUSES COMMON MARKET CORPORATE BOND CORPORATE BONDS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITOR CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT ACCUMULATION DEBT CRISES DEBT CRISIS DEBT HOLDINGS DEBT INSTRUMENTS DEBT MATURITIES DEBT OBLIGATIONS DEBT RATINGS DEBT RESTRUCTURING DEBT SUSTAINABILITY DEBT-SERVICING COSTS DERIVATIVES DEVELOPING COUNTRIES EMERGING ECONOMIES EMERGING MARKETS EMERGING-MARKET EQUITY FLOWS EUROPEAN CENTRAL BANK EXCESSIVE DEBT EXCESSIVE DEBT ACCUMULATION EXCHANGE MARKET EXCHANGE RATE EXCHANGE RATE REGIMES EXPORTERS EXPOSURES EXTERNAL FINANCING FINANCIAL AFFAIRS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL CAPACITY FISCAL DISCIPLINE FLOATING EXCHANGE RATE FOREIGN CAPITAL FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN MARKETS FREE ASSET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL INVESTOR GLOBAL INVESTORS GOOD GOVERNANCE GOVERNANCE SYSTEM GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HARMONIZATION HOLDING HOLDINGS HOME COUNTRY INCOME INDIVIDUAL BANKS INSOLVENT INSURANCE INTERBANK MARKETS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL SETTLEMENTS INVESTMENT FLOWS INVESTOR BASE INVESTOR UNCERTAINTY LIQUIDATION LIQUIDITY LONG-TERM DEBT MACROECONOMIC CONDITIONS MACROECONOMIC POLICY MACROECONOMIC RISKS MANDATES MARKET CONDITIONS MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MARKET PARTICIPANTS MARKET PRACTICE MARKET SIZE MARKET VOLATILITY MATURITY MATURITY SPECTRUM MONETARY FUND MONETARY POLICY MONEY MARKET MORAL HAZARD NATIONAL BANK NATIONAL DEBT NEGOTIATIONS NET EQUITY OUTSTANDING GOVERNMENT DEBT PENSION POLITICAL ECONOMY POLITICAL RISK PORTFOLIO POTENTIAL DEBT PRESENT VALUE PRINCIPAL REPAYMENTS PRIVATE CAPITAL PRIVATE CREDITORS PRIVATE MARKETS PRIVATE SECTOR CREDITORS PUBLIC DEBT PUBLIC DEBT MARKET PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC POLICY RECAPITALIZATION REDEMPTION REPAYMENT REPAYMENT CRISIS RESERVE RESERVE CURRENCY RESERVE HOLDINGS RESOLUTION MECHANISM RESTRUCTURING PLAN RETURNS RISK AVERSION RISK EXPOSURE RISK MANAGEMENT RISK PROFILES SHORT-TERM DEBT SOVEREIGN BOND SOVEREIGN BONDS SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBT CRISES SOVEREIGN DEBT CRISIS SOVEREIGN DEBT MARKET SOVEREIGN DEBT MARKETS SOVEREIGN DEBT RESTRUCTURING SOVEREIGN RATINGS SOVEREIGN RISK SOVEREIGN SECURITIES SOVEREIGN YIELD SYSTEMIC RISK TERM DEPOSITS TIER 1 CAPITAL TRADING TRANSPARENCY TREASURIES TREATY TURNOVER TYPES OF DEBT WHOLESALE FUNDING WORKOUTS WORLD DEVELOPMENT INDICATORS YIELD CURVE YIELD SPREAD YIELD SPREADS |
| author |
Dailami, Mansoor |
| author_facet |
Dailami, Mansoor |
| author_sort |
Dailami, Mansoor |
| title |
Looking Beyond the Euro Area Sovereign Debt Crisis |
| title_short |
Looking Beyond the Euro Area Sovereign Debt Crisis |
| title_full |
Looking Beyond the Euro Area Sovereign Debt Crisis |
| title_fullStr |
Looking Beyond the Euro Area Sovereign Debt Crisis |
| title_full_unstemmed |
Looking Beyond the Euro Area Sovereign Debt Crisis |
| title_sort |
looking beyond the euro area sovereign debt crisis |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012-03 |
| url |
http://documents.worldbank.org/curated/en/2012/03/15908672/looking-beyond-euro-area-sovereign-debt-crisis https://hdl.handle.net/10986/10050 |
| work_keys_str_mv |
AT dailamimansoor lookingbeyondtheeuroareasovereigndebtcrisis |
| _version_ |
1807154572582453248 |
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dig-okr-10986100502024-08-08T15:21:00Z Looking Beyond the Euro Area Sovereign Debt Crisis Dailami, Mansoor ADVANCED COUNTRIES ADVANCED ECONOMIES ASSET CLASS ASSET LIQUIDATION ASSET PORTFOLIOS ASSET QUALITY ASSETS BAILOUT BALANCE SHEET BALANCE SHEETS BANK ACTIVITY BANK CREDIT BANK EXPOSURES BANK FAILURE BANK HOLDING BANK HOLDING COMPANY BANK OF GREECE BANK POLICY BANK RECAPITALIZATION BANK REGULATION BANK RISK BANKING AUTHORITY BANKING INDUSTRY BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEM ASSETS BASIS POINTS BOND BOND ISSUANCE BOND ISSUES BOND MARKETS BOND SPREADS BOND YIELD BOND YIELDS BONDHOLDERS CAPITAL MARKET CDS CENTRAL BANK CENTRAL BANKS CENTRAL GOVERNMENTS COLLATERAL COLLECTIVE ACTION COLLECTIVE ACTION CLAUSES COMMON MARKET CORPORATE BOND CORPORATE BONDS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITOR CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT ACCUMULATION DEBT CRISES DEBT CRISIS DEBT HOLDINGS DEBT INSTRUMENTS DEBT MATURITIES DEBT OBLIGATIONS DEBT RATINGS DEBT RESTRUCTURING DEBT SUSTAINABILITY DEBT-SERVICING COSTS DERIVATIVES DEVELOPING COUNTRIES EMERGING ECONOMIES EMERGING MARKETS EMERGING-MARKET EQUITY FLOWS EUROPEAN CENTRAL BANK EXCESSIVE DEBT EXCESSIVE DEBT ACCUMULATION EXCHANGE MARKET EXCHANGE RATE EXCHANGE RATE REGIMES EXPORTERS EXPOSURES EXTERNAL FINANCING FINANCIAL AFFAIRS FINANCIAL CRISIS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL CAPACITY FISCAL DISCIPLINE FLOATING EXCHANGE RATE FOREIGN CAPITAL FOREIGN DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKETS FOREIGN MARKETS FREE ASSET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL INVESTOR GLOBAL INVESTORS GOOD GOVERNANCE GOVERNANCE SYSTEM GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEFICITS GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HARMONIZATION HOLDING HOLDINGS HOME COUNTRY INCOME INDIVIDUAL BANKS INSOLVENT INSURANCE INTERBANK MARKETS INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL SETTLEMENTS INVESTMENT FLOWS INVESTOR BASE INVESTOR UNCERTAINTY LIQUIDATION LIQUIDITY LONG-TERM DEBT MACROECONOMIC CONDITIONS MACROECONOMIC POLICY MACROECONOMIC RISKS MANDATES MARKET CONDITIONS MARKET DISCIPLINE MARKET ECONOMIES MARKET FAILURE MARKET PARTICIPANTS MARKET PRACTICE MARKET SIZE MARKET VOLATILITY MATURITY MATURITY SPECTRUM MONETARY FUND MONETARY POLICY MONEY MARKET MORAL HAZARD NATIONAL BANK NATIONAL DEBT NEGOTIATIONS NET EQUITY OUTSTANDING GOVERNMENT DEBT PENSION POLITICAL ECONOMY POLITICAL RISK PORTFOLIO POTENTIAL DEBT PRESENT VALUE PRINCIPAL REPAYMENTS PRIVATE CAPITAL PRIVATE CREDITORS PRIVATE MARKETS PRIVATE SECTOR CREDITORS PUBLIC DEBT PUBLIC DEBT MARKET PUBLIC DEBT MARKETS PUBLIC FINANCES PUBLIC POLICY RECAPITALIZATION REDEMPTION REPAYMENT REPAYMENT CRISIS RESERVE RESERVE CURRENCY RESERVE HOLDINGS RESOLUTION MECHANISM RESTRUCTURING PLAN RETURNS RISK AVERSION RISK EXPOSURE RISK MANAGEMENT RISK PROFILES SHORT-TERM DEBT SOVEREIGN BOND SOVEREIGN BONDS SOVEREIGN BORROWERS SOVEREIGN DEBT SOVEREIGN DEBT CRISES SOVEREIGN DEBT CRISIS SOVEREIGN DEBT MARKET SOVEREIGN DEBT MARKETS SOVEREIGN DEBT RESTRUCTURING SOVEREIGN RATINGS SOVEREIGN RISK SOVEREIGN SECURITIES SOVEREIGN YIELD SYSTEMIC RISK TERM DEPOSITS TIER 1 CAPITAL TRADING TRANSPARENCY TREASURIES TREATY TURNOVER TYPES OF DEBT WHOLESALE FUNDING WORKOUTS WORLD DEVELOPMENT INDICATORS YIELD CURVE YIELD SPREAD YIELD SPREADS Three years into the euro area sovereign debt crisis, investors continue to shun periphery government bonds, European banks are under severe funding pressures in both the dollar and euro private term markets, and the euro area is facing an anemic growth outlook. On the face of it, the scenario portends gloom. But upon closer examination of the inner workings of the European Union (EU) governance system, the ongoing adjustment in the banking sector, and the rewiring of the landscape of euro sovereign debt markets, the future scenario looks more balanced, particularly following the conclusion of the protracted negotiations on Greek bond exchanges under an EU-backed voluntary private sector involvement (PSI) scheme. As euro area leaders formulate significant structural reforms to deal with the continent's longstanding fiscal and governance shortcomings, this note argues that striking a balance between market disciplines and centralized rule-making is the best way forward. 2012-08-13T10:16:15Z 2012-08-13T10:16:15Z 2012-03 http://documents.worldbank.org/curated/en/2012/03/15908672/looking-beyond-euro-area-sovereign-debt-crisis https://hdl.handle.net/10986/10050 English Economic Premise; No. 76 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain World Bank, Washington, DC |