IIEA2011.10.19---Prof. Philip Lane:修復歐元危機

IIEA2011.10.19---Prof. Philip Lane:修復歐元危機
Prof. Philip Lane on Fixing the Euro Crisis
About the Event:

At this meeting of the IIEA Economists Group, Professor Philip Lane presented some of the proposals of the newly established Euro-nomics Group, of which he is a member. The group's objectives are to systematically identify the weaknesses in the design of the Eurozone that have caused the current crisis and to propose remedies to end it.

Among their ideas is a new form of European Safe Bond or 'ESBIE'. The ESBIE is designed to break the 'diabolic loop' that exists beween sovereign debt and the banking system, while simultaneously providing a new safe asset that could act as an anchor in the turbulent European bond market.

The ESBIE would bypass two of the major obstacles faced by proposals for a 'Eurobond', namely the requirement for Treaty change and the requirement of a joint and several guarantee by participating states, with consequent moral hazard.

Under the ESBIE proposal, states would retain full responsibility for their sovereign debt, but debt up to the value of 60% of GDP would be purchased by a European Debt Agency, which would fund its purchases through the issuance of ESBIEs, alongside a riskier junior tranche. The entrance of such a major buyer into the European sovereign debt market would reduce uncertainty and allow for the redistribution of a liquidity premium towards peripheral countries.

Find out more about ESBIEs and the group's other proposals here.

Video of Prof. Lane's presentation will be uploaded here in the coming days.

About the Speaker:

Philip R. Lane is Professor of International Macroeconomics at Trinity College Dublin. In addition, he is a managing editor of the journal Economic Policy and the founder of The Irish Economy blog. He is a research fellow of the Centre for Economic Policy Research (CEPR) and a member of the steering group for its Macroeconomics of Global Interdependence (MGI) working group. His research interests include financial globalisation, the macroeconomics of exchange rates and capital flows, macroeconomic policy design, European Monetary Union, and the Irish economy.

教授菲利普巷修復歐元危機
有關該事件的：

在這個 IIEA經濟學家集團會議上，菲裡教授提出了一些新成立的歐洲組學組，其中他是一個成員的建議。該集團的目標是系統地查明造成當前的危機，並提出補救措施，以結束歐元區的設計中的弱點。

在他們的想法是歐洲安全的債券或ESBIE“的新形式。 ESBIE是旨在打破“惡魔般的循環”，存在beween主權債務和銀行系統，同時提供了一個新的安全的資產，可以作為一個在動盪的歐洲債券市場的錨。

ESBIE會繞過兩個建議，由一個“歐洲債券”，即條約“的變化和由參加國的連帶保證的要求，隨之而來的道德風險，要求所面臨的主要障礙。

根據 ESBIE建議，美國將保留其主權債務的全部責任，但債務高達 GDP的60％的價值將購買由歐洲債務機構，這將通過發行 ESBIEs基金的採購，旁邊一個高風險的初中，批。入口到歐洲主權債務市場的主要買家會減少不確定性，並允許一個流動性溢價對周邊國家的再分配。

ESBIEs和集團的其他建議。

視頻裡的教授介紹，將在未來幾天內上載這裡。

主講人：

菲利普R. Lane是在都柏林三一學院國際宏觀經濟學教授。此外，他的經濟政策“雜誌和愛爾蘭經濟的博客的創始人總編。他是一個全球相互依存（MGI）的工作組，其宏觀經濟經濟政策研究中心（CEPR）和督導組成員中心研究員。他的研究興趣包括：金融全球化的宏觀經濟，匯率和資本流動，宏觀經濟政策的制定，歐洲貨幣聯盟和愛爾蘭經濟。