Jeffrey Frankel
Which Eurobonds?
OSLO – Any solution to the eurozone crisis must meet a short-run objective and a long-run goal. Unfortunately, the two tend to conflict.The …
As Europe’s sovereign-debt crisis deepens, many argue that only pooling eurozone members' debt by issuing Eurobonds can save the single currency. But Germany and other northern European countries are reticent to underwrite what they view as distressed countries’ irresponsible borrowing. Are Eurobonds the answer, or would they simply reward profligate behavior? Project Syndicate's economists have their say.