Skip to content
Licensed Unlicensed Requires Authentication Published by De Gruyter October 4, 2016

Introduction: Eurobonds beyond Crisis Management

Thomas Eger EMAIL logo and Hans-Bernd Schäfer
From the journal Review of Law & Economics


Eurobonds, i.e. the mutualization of (some) of the Eurozone member states debts, remain a promising tool not as a remedy for the ongoing debt crisis but for a number of other, more long-term reasons. This introduction to the present special issue of the Review of Law and Economics lays the ground for the subsequent in-depth analyses by providing a framework comprised of, on the one hand, the most prominent proposals for Eurobonds and, on the other hand, the legal and economic criteria against which the suitability of these proposals may be judged.

JEL Classification: G01; G15; H63; K33; F34


We wish to thank Sönke Häseler and Axel Kämmerer for valuable comments.


Basu, K., and J. Stiglitz. 2015. Sovereign Debt and Joint Liability: An Economic Theory Model for Amending the Treaty of Lisbon, 125 The Economic Journal F115–F130.10.1111/ecoj.12300Search in Google Scholar

Claessens, S., A. Mody, and S. Vallée. 2012. Paths to Eurobonds, IMF Working Paper WP/12/172.10.2139/ssrn.2169717Search in Google Scholar

Cooter, R.D., and H.-B. Schäfer. 2012. Solomons Knot, How Law Can End the Poverty of Nations. Princeton, NJ: Princeton University Press.10.1515/9781400839681Search in Google Scholar

De Grauwe, P., and W. Moesen. 2009. Gains for All: A Proposal for a Common Euro Bond, 44(3) Intereconomics 132–135.Search in Google Scholar

Delpla, J., and J. von Weizsäcker. 2011. Eurobonds: The Blue Bond Concept and Its Implications, Bruegel Policy Contribution, Issue 2011/02.Search in Google Scholar

Eger, T., and H.-B. Schäfer. 2014. Rettungsschirme für die Eurozone – Cui Bono?, in W.A. Kaal, M. Schmidt, and A. Schwartze, eds. Festschrift zu Ehren von Christian Kirchner: Recht im ökonomischen Kontext. Tübingen: Mohr Siebeck. 713–733.Search in Google Scholar

EU Commission. 2011. Green Paper on the Feasibility of Introducing Stability Bonds, Brussels, 23 November 2011.Search in Google Scholar

German Council of Economic Experts. 2011. Annual Report 2011/12, 106–114.Search in Google Scholar

Giovanni Group. 2000. Co-ordinated Public Debt in the Euro Area. Report of the Giovanni Group, Brussels, 8 November 2000.Search in Google Scholar

Hellwig, C., and T. Philippon. 2011. Eurobills, not Eurobonds, CEPR Policy Portal, 2 December 2011, in Google Scholar

Issing, O. 2009. Why a Common Eurozone Bond Isn’t Such a Good Idea, 12 Europe’s World 77–79.Search in Google Scholar

Muellbauer, J. 2013. Conditional Eurobonds and the Eurozone Sovereign Debt Crisis, University of Oxford, Dept. of Economics, Discussion Paper Series, Number 681, October 2013.Search in Google Scholar

Sinn, H.-W. 2015. Der Euro: Von der Friedensidee zum Zankapfel. München: Hanser.10.3139/9783446444690Search in Google Scholar

Tirole, J. 2014. Country Solidarity in Sovereign Crises, 105(8) American Economic Review 2333–2363.10.1257/aer.20121248Search in Google Scholar

Published Online: 2016-10-4
Published in Print: 2016-11-1

©2016 by De Gruyter

Downloaded on 8.12.2022 from
Scroll Up Arrow