Structure: Presentation and an ensuing plenary debate
Content: The sovereign debt levels increased in particular in the events of the crisis. The Reflection Paper emphasises the need to tackle high public debt levels, because among others they prevent actions necessary for support of public investment and leave the countries concerned vulnerable to the financial markets. There was and is a call for creating a European sovereign default or restructuring mechanism. So far, no rules under the EU legal framework exist on how to deal with the bankruptcy of Euro/EU member states. In this regard, the workshop aims to bring in the historical background of ideas and mechanisms from the international legal level, which may serve as example for a similar mechanism at EU level.
- Introductory note: sovereign debt management in the EU with Elisabeth Lentsch, University of Salzburg
- Sovereign default or restructuring: an international law perspective with Michael Waibel, University of Cambridge