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Part III Complicating Factors, 13 Restructuring in a Monetary Union »

Antonio Sáinz de Vicuña
From: Sovereign Debt Management
Edited By: Rosa M Lastra, Lee Buchheit
13.01 The introduction of the euro in 1999 signified a profound change in the history of monetary law. Seventeen member states of the European Union (EU)2 today share a single currency and a single interest rate policy. Until 2012, bonds issued by member states in that currency area were considered to be risk-free assets, weighted zero for the purposes of calculating the capital ratio of credit institutions.3 The global financial crisis that commenced in 2007 mutated into a sovereign debt crisis in 2010 in some member states of the euro area, in part as a result...