A European mechanism for sovereign debt crisis resolution: a proposal

by Jürgen von Hagen, Jean Pisani-Ferry, André Sapir, Francois Gianviti and Anne O. Krueger on 9th November 2010

This Bruegel Blueprint argues that Europe should take the lead in defining a solution to the problem of excessive public debts and create a European Crisis Resolution Mechanism (ECRM).The authors, Francois Gianviti, Anne O. Krueger, Jean Pisani-Ferry, André Sapir and Jürgen von Hagen, present the rationale for such a mechanism in the euro area and details of how an ECRM would work. The ECRM would be a permanent tool to deal with sovereign debt crises in an effective and predictable way.

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