Die Staatsschuldenkrise in Der Europaischen Wahrungsunion

This analysis provides an overview and assessment of the existing instruments of sovereign debt crisis prevention and management in the euro area. Even though the newly created mechanisms have strengthened the framework of crisis prevention and management and have improved the situation for euro area Member States, the question remains whether the measures taken so far are the best possible options. The author analyses whether alternative approaches are feasible in times of crisis and whether these might be more effective. More specifically two tools are developed to improve euro-area crisis management by applying securitization techniques to set-up structured Eurobonds and structured ESM-bonds.