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The feasibility of sovereign bond-backed securities for the euro area

Philip Lane and Sam Langfield, (2018) «The feasibility of sovereign bond-backed securities for the euro area», VoxEU, 28 Φεβρουαρίου

The euro area’s macro-financial framework is incomplete and fragile. This column highlights how a market for sovereign bond-backed securities could help to enhance financial stability by providing automatic stabilisation. Drawing on a recent feasibility study published by a High-Level Task Force of the European Systemic Risk Board, it outlines how to pave the way for market development by removing regulatory obstacles.

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