This paper develops a market-based approach to implement so called Eurobonds, i.e. common sovereign debt securities of European Monetary Union (EMU) countries. By applying an asset-backed security (ABS) approach positive implications of a common bond can be achieved and negative incentives (e.g....

The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for euro area countries. We analyze the costs of the current (suboptimal) refinancing design of the ESM and evaluate an alternative asset-backed securities (ABS) structure under different scenarios. Our...

Die Arbeit geht der Frage nach, ob die bestehenden Instrumente der Krisenprävention und des Krisenmanagements die bestmöglichen Handlungsoptionen darstellen, um der aktuellen Staatsschuldenkrise in der Europäischen Währungsunion zu begegnen und zukünftige Krisen zu vermeiden.Trotz der sich...

We propose Structured Common Project Financing (SCPF) as an stable, beneficial and political feasible financing tool for special purposes, e.g. Corona-Bonds, Green Deal Financing, Common Forces Budget. SCPF is an ABS-based common financing tool managed by a supranational organization like the...