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Banking Union

OECD Sovereign Borrowing Outlook 2019

Date of Editorial Board meeting: 
Publication date: 
Tuesday, April 23, 2019
Abstract in English: 
More than a decade on from the Global Financial Crisis, while debt-to-GDP ratios are back around pre-crisis levels in some countries, debt burdens have continued to climb in others, exceeding 100% of GDP in some cases. The challenges sovereign debt managers are confronting in an environment of high debt burdens and relatively tighter financial conditions have been compounded by recent political uncertainties. OECD governments will also need to refinance around 40% of their outstanding marketable debt over the next three years. This means that most countries are focused on mitigating refinancing risk, maintaining flexibility in funding programmes, and broadening the investor base. In countries where financing requirements are limited and declining, sovereign debt managers face a “positive” set of challenges. For example, the minimal optimal size of outstanding sovereign debt required to maintain a vibrant government bond market and facilitate the implementation of monetary policy is currently under discussion in a few countries.
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Mapping the Cost of Non-Europe, 2014 -19

Date of Editorial Board meeting: 
Publication date: 
Monday, April 13, 2015
Abstract in English: 
This study brings together work in progress on a long-term project to identify and analyse the 'cost of non-Europe' in a number of policy fields. This concept, first pioneered by the European Parliament in the 1980s, is used here to quantify the potential efficiency gains in today's European economy from pursuing a series of policy initiatives recently advocated by Parliament - from a wider and deeper digital single market to better coordinated national and European policies for defence and development. The benefits may be measured principally in additional GDP generated or a more rational use of public resources. The latest analysis suggests that the European economy could be boosted by almost 1.6 trillion euro per year - or 12 per cent of EU-28 GDP (2014) - by such measures over time. The study is intended as a contribution to the on-going discussion about the European Union’s policy priorities over the current five-year institutional cycle, from 2014 to 2019.
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Number of pages: 
88
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