Author (Person) | Leblond, Patrick |
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Series Title | Journal of Common Market Studies |
Series Details | Vol.44, No.5, December 2006, p969-990 |
Publication Date | December 2006 |
ISSN | 0021-9886 |
Content Type | Journal | Series | Blog |
Abstract: Euro area countries suspended the excessive deficit procedure (EDP) of the Stability and Growth Pact in November 2003. Surprisingly perhaps, long-term European government bond-holders did not react: yields barely moved. Owing to its political nature, the EDP does not matter for investors. What matters is the implicit economic pact that investors have made with Member State governments. |
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Source Link | Link to Main Source http://onlinelibrary.wiley.com/ |
Subject Categories | Economic and Financial Affairs |
Countries / Regions | Europe |