Debt mutualisation: Lessons from the US

Debt mutualisation lessons from the US


Some proponents of mutualising debt through eurobonds, with joint and several liability of all members, point to a famous episode in US history for support. Shortly after the federal constitution replaced the much looser articles of confederation, Alexander Hamilton, first secretary of the Treasury, sought to have the federal government assume the remaining revolutionary war debts of the individual states. He was successful in gaining congressional approval, but only after much controversy.


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