EMU and Public Debt Management: One Money, One Debt?

Carlo A. Favero · Alessandro Missale · Gustavo Piga

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European Monetary and Fiscal Policies Global Financial Crisis and Policies Fiscal Policies and Political Economy

Abstract

This paper discusses changes in public debt management under economic and monetary union (EMU) and its implications for monetary policy. With the advent of EMU, government securities have been redenominated in euros. The speculative demand and the demand for portfolio diversification related to exchange rate variation have disappeared. Common euro denomination has made liquidity and default-risk the distinguishing dimensions of government securities issued by EMU member states.

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2004Government–Financial Market Relations after EMU 2008The European Bond Markets Under Emu 2001The Vulnerability of Banks to Government Default Risk in the EMU 2000The impact of the euro on money and bond markets 2002Defining Benchmark Status: An Application using Euro-Area Bonds

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