THE INTERNATIONAL ROLE OF THE EURO EVIDENCE FROM BONDS ISSUED BY NON-EURO AREA RESIDENTS
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While common issuance has typically been regarded as a longer-term possibility, the more recent debate has focused on potential near-term benefits as a way to alleviate tension in the sovereign debt market. In this context, the introduction of Stability Bonds would not come at the end of a process of economic and fiscal convergence, but would come in parallel with further convergence and foster the establishment and implementation of the necessary framework for such convergence. Such a parallel approach would require an immediate and decisive advance in the process of economic, financial and political integration within the euro...
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