architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable … blueprints for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS … transition towards the new regime. The VIPS proposal comprises two pillars: An insolvency procedure for the long run and a …

of confidence that was rapidly spreading in the global financial markets. It started with Greece, moved to Ireland and … Portugal and the risk of full contagion to Italy and Spain, the euro zone's 4th and 5th largest economies, posed a real threat … that relate directly to the risk of insolvency of a member state; to its prevention, control and avoidance (ex ante …

architecture of the euro area. The introduction of an insolvency proce-dure for sovereigns faces a dilemma: In the foreseeable … for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS … transition towards the new regime. The VIPS proposal comprises two pillars: An insolvency procedure for the long run and a …

states. We show that fiscal insurance and a sovereign insolvency procedure are no contradiction but, on the contrary, are … insolvency regime for sovereigns. And vice versa, a well-defined insolvency procedure reduces the risk that a fiscal capacity …

insurance and a sovereign insolvency procedure are no contradiction but, on the contrary, mutually enforcing: An effective … fiscal insurance helps to limit the stability risks involved in the implementation of an insolvency regime for sovereigns …. And vice versa, a well-defined insolvency procedure reduces the danger that a fiscal capacity motivated as an insurance …