Macroeconomic Relevance of Insolvency Frameworks in a High-debt Context: An EU Perspective

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Series Details Number 32
Publication Date June 2016
ISBN 978-92-79-54436-1
ISSN 2443-8022
EC KC-BD-16-032-EN-N
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This paper discusses the economic relevance of insolvency frameworks in the current EU context. In particular, it discusses the macroeconomic effects of excessive debt and how insolvency frameworks can help address it. It then illustrates the main elements and features of insolvency frameworks and discusses the main trade-offs relevant in designing effective systems. Last, it presents the main characteristics of insolvency frameworks in selected EU countries, recent reforms undertaken in a context of high and widespread indebtedness, and discusses reform priorities looking forward from a macroeconomic perspective.

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