Rethinking Bretton Woods | Sun, Dec 22, 2013
RBW Project Director Aldo Caliari publishes a paper on legal journal Transnational Law and Contemporary Problems.
More than a decade after the adoption of the euro, the European Monetary Union has come under great strain due to the fiscal and debt sustainability issues faced by some Member States in the aftermath of the 2008-09 global financial crisis.
In an article appeared on the academic journal Transnational Law and Contemporary Problems, Aldo Caliari focuses on the role of debt restructuring mechanisms for sovereign debt and cross-border banking resolution in ensuring the viability of a monetary union. He argues that the limited development of these two aspects in the original design of the Union was one of the reasons leading the Euro members to their current predicament. The article assesses the current debate on incorporating these features to the underpinning legal framework of the European Monetary Union and potential of the measures being considered for heading off problems in the future.
The article, Debt Restructuring and Cross-Border Bank Resolution: Their Place and Features in a Viable European Financial Architecture, appeared on Vol. 22, Number 1, of the Journal, and is based on a paper Caliari delivered at a Symposium convened by the journal at the University of Iowa in 2012.