Abstract
AbstractThis contribution examines to what extent and under what conditions the various proposals for Eurobonds may be considered to be in accordance with European law (especially Art. 125 TFEU) and the national (constitutional) law of the Member States. It finds that their admissibility primarily depends on the degree to which these proposals would be able to curb debtor moral hazard, which in turn depends on the liability regime chosen: joint and several or pro rata liability. We conclude that most types of Eurobonds would require a Treaty amendment, whose political feasibility is questionable.
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