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States, Debt, and Power'Saints' and 'Sinners' in European History and Integration$
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Kenneth Dyson

Print publication date: 2014

Print ISBN-13: 9780198714071

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780198714071.001.0001

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Professional Consensus, Political Silence, and Sovereign Creditworthiness

Professional Consensus, Political Silence, and Sovereign Creditworthiness

(p.355) 12 Professional Consensus, Political Silence, and Sovereign Creditworthiness
States, Debt, and Power

Kenneth Dyson

Oxford University Press

This chapter examines the private governance of public debt and the nature of the world of creditor-debtor state relations. This world comprises a thin political superstructure, in which there is differentiated membership for states, and a thick technical infrastructure. Analysis of the political superstructure at the global level focuses on G7 and G20; at the EU level on the European Council, ECOFIN, and the Euro Group. At the global level the technical infrastructure includes the BIS, FSB, IMF, Paris Club, OECD, IOSC, and IASB; at the EU, the European Commission, Eurostat, the Economic and Financial Committee, ECB, EBA, ESMA, ESM, and SSM. The chapter also looks at the clearing houses, the privileged role of credit rating agencies, the financial-market lobbies, and financial-market journalism and PR. It shows how states seek to insure against markets through their debt management offices/Primary Dealers and central banks. It finishes by looking at the weak link: democratic engagement.

Keywords:   private governance, G7/G20, EU, credit rating agencies, debt-management agencies, central banks, Primary Dealers, financial-market lobbies, journalism/PR, democratic engagement

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