REUTERS/Ints Kalnins - Germany's Minister of Finance Wolfgang Schauble speaks at a news conference at the end of an informal meeting of Ministers for Economic and Financial Affairs (ECOFIN) in Riga, Latvia, April 25, 2015.

Opinion

Mr. Schäuble's ultimate weapon: The restructuring of European public debts

December 15, 2015, Carlo Bastasin

A German plan for revamping the euro-area proposes an automatic mechanism for sovereign debt-restructuring. Carlo Bastasin writes that from the perspective of debt defaults, the plan could enforce more discipline, but it also risks dramatizing any future episode of financial instability.

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