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Henrik Enderlein

Henrik Enderlein

Henrik Enderlein est Directeur du Jacques Delors Institut – Berlin et professeur ...
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La crise de la zone euro - débat dans le Spiegel entre Henrik Enderlein et Hans-Werner Sinn

Débat entre deux économistes allemands, Henrik Enderlein, chercheur associé à Notre Europe, et Hans Werner Sinn, sur la crise actuelle en Europe, rapporté par le Spiegel le 23 août 2011.

Extraits (en anglais): 

'Euro Bonds Would Destroy the Euro'Many in Europe would like to see the introduction of euro bonds to help indebted euro-zone member states borrow money on international markets. Germany, however, has refused. SPIEGEL listens in as two top German economists debate the issue.

SPIEGEL: Hans-Werner Sinn, Henrik Enderlein, do we need shared sovereign bonds, so-called "euro bonds," to end the financial crisis?

Enderlein: By all means. Correctly construed, euro bonds are the best instrument for preventing the collapse of the euro zone.

Sinn: The opposite is true: Euro bonds would destroy the euro zone. If all countries -- regardless of their creditworthiness -- were to pay the same interest rate, the last impediments to excessive state indebtedness would fall away.

Enderlein: If we were dealing with a functioning economic environment, Mr. Sinn, your assumption would be correct. But we have a crisis, and to end it, we need to swiftly restructure the debts of Greece, Portugal and most likely Ireland, as well. We need to give these countries' creditors a reliable type of security. My suggestion would be having one euro bond for every two Greek sovereign bonds. For investors, that would mean a loss of roughly 50 percent. But, in return, they would get a security that banks could deposit as collateral, including at the central bank and for inter-bank transactions. 

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