La crise de la zone euro - débat dans le Spiegel entre Henrik Enderlein et Hans-Werner Sinn
Extraits (en anglais):
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.
'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.
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.
Télécharger l'interview en pièce jointe.