The European Sovereign Debt Crisis av Phoebus L. Athanassiou, Angelos T. Vouldis

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<P><EM>The European Sovereign Debt Crisis: Breaking the Vicious Circle between Sovereigns and Banks</EM> explains why the euro area¿s progress towards reining in the risks arising from the well-documented bi-directional financial contagion transmission mechanism that links sovereigns to commercial banks has been more prominent compared to the channel of contagion moving from banks to sovereigns.</P><P></P><P>Providing an analysis of the legal and regulatory measures that Europe and the euro area have taken to mitigate the exposure of sovereigns to financial crises generated by commercial banks, this book draws attention to areas where improvements to the arsenal of tools hitherto introduced are either desirable or necessary. Chapters further explain ¿ with recourse to economic and legal arguments ¿ why the channel of contagion moving from sovereigns to commercial banks has proven harder to close, and explores ways in which progress could be made in the direction of closing it