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1、SolvingtheFinancialandSovereignDebtCrisisinEuropeby*AdrianBlundell-WignallThispaperexaminesthepoliciesthathavebeenproposedtosolvethefinancialandsovereigndebtcrisisinEurope,againstthebackdropofwhattherealunderlyingproblemsare:extremedifferencesincompetitiveness
2、;theabsenceofagrowthstrategy;sovereign,householdandcorporatedebtathighlevelsintheverycountriesthatareleastcompetitive;andbanksthathavebecometoolarge,drivenbydangeroustrendsin‘capitalmarketsbanking’.Thepaperexplainshowcounterpartyriskspreadsbetweenbanksandhowth
3、esovereignandbankingcrisesareservingtoexacerbateeachother.Ofallthepoliciesproposed,thepaperhighlightsthosethatarecoherentandthemagnitudesinvolvediftheeuroisnottofracture.JELClassification:E58,F32,F34,F36,G01,G15,G18,G21,G24,G28,H30,H60,H63.Keywords:Europecrisi
4、s,structuraladjustment,financialreform,counterpartyrisk,re-hypothecation,collateral,sovereigncrisis,Vickers,ECB,EFSF,ESM,euro,derivatives,debt,cross-borderexposure.*AdrianBlundell-WignallistheSpecialAdvisortotheOECDSecretaryGeneralonFinancialMarketsandDeputyDi
5、rectoroftheDirectorateforFinancialandEnterpriseAffairs(DAF).TheauthorisgratefultoPatrickSlovik,analyst/economistinDAF,whoprovidedthedataforTables2,3,4and5andofferedvaluablecommentsontheissuestherein.ThepaperhasbenefittedfromdiscussionswithPaulAtkinson,SeniorRe
6、searchFellowatGrouped’EconomieMondialedeSciencesPo.Theauthorissolelyresponsibleforanyremainingerrors.ThisworkispublishedontheresponsibilityoftheSecretary-GeneraloftheOECD.Theopinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficialviewsofth
7、eOrganisationorthegovernmentsofitsmembercountries.1SOLVINGTHEFINANCIALANDSOVEREIGNDEBTCRISISINEUROPEI.IntroductionandexecutivesummaryWhilethecurrentfinancialcrisisisglobalinnature,Europehasitsownspecialbrandofinstitutionalarrangementsthatarebeingtestedintheext
8、remeandwhichhaveexacerbatedthefinancialcrisis.Themonetaryunionisbeingsubjectedtoasymmetricrealshocksthroughexternalcompetivenessandtrade.Withtheinabilitytoadjustexchangerates,these
