Journal article
M. Balling, Ernest Gnan, J. Holler, U. Bindseil, Nicolas Sauter, H. Blommestein, M. Cannatà, J. Kilponen, A. Missale, E. Nowotny, Guido Sandleris, Mark L. J. Wright
2013
2013
Semantic Scholar
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APA
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Balling, M., Gnan, E., Holler, J., Bindseil, U., Sauter, N., Blommestein, H., … Wright, M. L. J. (2013). The Future of Sovereign Borrowing in Europe.
Chicago/Turabian
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Balling, M., Ernest Gnan, J. Holler, U. Bindseil, Nicolas Sauter, H. Blommestein, M. Cannatà, et al. “The Future of Sovereign Borrowing in Europe” (2013).
MLA
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Balling, M., et al. The Future of Sovereign Borrowing in Europe. 2013.
BibTeX Click to copy
@article{m2013a,
title = {The Future of Sovereign Borrowing in Europe},
year = {2013},
author = {Balling, M. and Gnan, Ernest and Holler, J. and Bindseil, U. and Sauter, Nicolas and Blommestein, H. and Cannatà, M. and Kilponen, J. and Missale, A. and Nowotny, E. and Sandleris, Guido and Wright, Mark L. J.}
}
Abstract
In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to discuss “The Future of Sovereign Borrowing.” The financial, economic and sovereign debt crisis has fundamentally changed the rules of the game in sovereign debt markets, particularly in the euro area, but also beyond its borders. Sovereign bonds are no longer widely perceived as ‘risk-free’ assets. Even the sovereign bonds of safe-haven countries have come under close scrutiny or lost some of their prime ratings. Yet crisis countries have seen dramatic downgrades of their sovereign debt ratings so that they face soaring risk spreads and unsustainably high financing costs (or even a loss of access to bond market financing), pushing them towards shorter financing or forcing them to rely on financial support from other countries and the international community or massive intervention by central banks.