欧元区国债强制引入集体行动条款的可能影响及启示

The impacts and implications of CACs compulsorily introduced into Eurozone sovereign debt

自2013年1月1日起，欧元区各国新发行且期限超过一年的国债，必须引入集体行动条款（CACs）。文章介绍分析了欧元区国债引入CACs条款的历程、CACs条款主要内容，多角度分析了其相关影响。文章指出，此次欧元区国债强制引入CACs条款，开启了发达国家大规模引入该条款先例，对债券市场特别是欧元区国债投融资可能产生重要影响，如未来出现重组，欧央行及成员国央行均可能出现损失。

Since January 1, 2013, the collective action clauses （CACs） should be compulsorily introduced into the newly-issued Eurozone sovereign bonds with a maturity exceeding one year. The article introduces the course and contents of CACs in Eurozone sovereign bonds and analyzes the impacts from various angles. It is the first time for the developed countries to introduce CACs into their sovereign bonds in such a large-scale, which may have an important impact on Eurozone sovereign bond investment and financing. If any debt restructuring with CACs occurred in future, the ECB might take losses as well as its member central banks.