Sovereign debt more ‘enforceable’ – ECB paper


An erosion of legal standards has made sovereign default more “enforceable”, according to a paper published by the European Central Bank.

In their paper, Julian Schumacher, Christoph Trebesch and Henrik Enderlein use the first systematic collection of lawsuits filed against defaulting countries between 1976 and 2010 in the US and UK. 

“We show that legal disputes in the US and the UK disrupt government access to international capital markets, as foreign courts can impose a financial embargo on

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: