ECB Paper: Little Basis for Euro Zone ‘Solidarity’ When Sovereign Risks Rise
February 25th, 2010 admin
European Central Bank staffers conclude that market-based valuation of sovereign risk is a “valid” way to discipline fiscal policy “especially but not only in times of crisis.” The implication, a trio of economists write, is that there’s “little justification for the claim that governments faced with high risk premiums during the crisis deserve the solidarity of other governments in the euro area.” Two of the authors — Ludger Schuknecht and Guido Wolswijk – are from the ECB. The third, Juergen von Hagen , is from University of Bonn . The timing of the paper, posted on the ECB’s Web site this week , is noteworthy …
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