본문 바로가기 주메뉴 바로가기
22대 대한민국 국회 국회정보길라잡이 국회의원검색
회원가입 로그인
HOME

정보검색

소장정보 검색

국회도서관 홈으로 정보검색 소장정보 검색
결과 내 검색 동의어 포함
결과 내 검색 동의어 포함

-

목차보기

Title page

Contents

ABSTRACT 3

ACKNOWLEDGEMENTS 3

1. INTRODUCTION 7

2. WHY IS THE EURO STILL PUNCHING BELOW ITS WEIGHT? 8

3. THE EU'S POLICY TOWARDS THE INTERNATIONAL ROLE OF THE EURO 14

4. THE SAFE ASSET SHORTAGE PROBLEM 16

4.1. THE GLOBAL CONTEXT 16

4.2. THE EUROPEAN DEBATE ON CREATING A COMMON SAFE ASSET 21

5. THE EU'S RESPONSE TO THE PANDEMIC: POSITIVE EFFECTS ON THE EURO'S GLOBAL ROLE 26

5.1. FISCAL RESPONSE AT NATIONAL LEVEL AND THE SUPPLY OF SAFE ASSETS 26

5.2. THE NEW SUPRANATIONAL FACILITIES 28

5.2.1. Description of the new facilities 28

5.2.2. How big are the new facilities? 29

5.2.3. Implementation, and reception by international investors 32

5.3. OTHER RELEVANT ASPECTS OF THE EU'S RESPONSE TO THE PANDEMIC 34

6. A LESS OPTIMISTIC VIEW 36

7. A MORE COMPREHENSIVE STRATEGY 40

8. TOWARDS A MULTIPOLAR CURRENCY SYSTEM? 43

REFERENCES 47

ANNEX I 53

Tables

Table 2.1. Key characteristics of major economies, 2020 9

Table 4.1. Euro area sovereign credit ratings 19

Table 4.2. Estimated Impact of Selected Common Safe Asset Proposals on the Supply of Safe Assets 23

Table 4.3. Share of non-euro area investors in sovereign bonds 25

Table 5.1. How big are the NGEU and SURE programmes? 31

Table 6.1. Eurosystem's purchases of public securities under PSPP and PEPP 38

Figures

Figure 2.1. International roles of the euro and the US dollar: a snapshot 9

Figure 2.2. Composite Index of the International Role of the Euro 10

Figure 2.3. Financial structure: banks versus securities markets, 2017 11

Figure 2.4. Trends in financial integration in the euro area 12

Figure 4.1. Trends in global reserves excluding gold, 1995-2020 17

Figure 4.2. Market capitalisation of Bloomberg Barclays Global Aggregate of AAA assets 18

Figure 4.3. Stock of euro area sovereign debt securities, 1999-2020 20

Figure 4.4. Safe and other assets: euro area versus other large economies, 2019 20

Figure 4.5. Share of non-euro area investors in EFSF and ESM bonds 25

Figure 4.6. Trends in foreign official holdings of outstanding sovereign debt 25

Figure 5.1. Fiscal response to COVID-19 crisis, 2020-2021 26

Figure 5.2. General government deficit, euro area 26

Figure 5.3. Trends in euro area public debt prior to and after the pandemic 27

Figure 5.4. Potential issuance under pandemic-related facilites 30

Figure 5.5. EU supranational debt denominated in euros 30

Figure 5.6. Gross issuance by German federal government 30

Figure 5.7. Gross issuance by AAA/AA euro area goverments 30

Figure 5.8. Geographical breakdown of investors in SURE and NGEU syndicated bonds 33

Figure 5.9. SURE and NGEU bonds: maturities and participation of central banks and foreign investors 33

Figure 5.10. Currency composition of international green bond issuance 34

Figure 6.1. Cumulative purchases of public securities under the PSPP and PEPP 38

Figure 8.1. Currency composition of global FX reserves 44

Figure 8.2. Trends towards a multi-polar world economy 44

Figure 8.3. Currency composition of Russia's reserves 45

Annex Tables

Table A.1. Outstanding stock of debt issued in euros by EU supranational institutions, 2002-2021 53

Table A.2. SURE and NGEU bond syndications - Role of central bank and foreign investors 54

추천서가 (다양한 추천 자료를 만나보세요)

권호기사보기

권호기사 목록 테이블로 기사명, 저자명, 페이지, 원문, 기사목차 순으로 되어있습니다.
기사명 저자명 페이지 원문 기사목차