This paper reviews the first five years of experience with Collective Action Clauses (CACs) for European sovereign debt, focusing on both the legal and the economic dimension. First, we present a chronology of the legislative acts to incorporate CACs in European sovereign debt contracts alongside landmark lawsuits that have challenged their viability in the context of the Greek government debt restructuring of 2012. Second, we find in an empirical analysis that the introduction of CACs and related lawsuits had limited effects on sovereign bond pricing, both around the time of their announcement as well as in the time since. Based on this treatment of CACs in European courts and on financial markets, we conclude that the gradual and ex-ante reform approach was less risky than relying on potential ex-post action.

中文翻译：

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欧元区的集体行动条款：前五年的法律和经济分析

本文回顾了欧洲主权债务集体行动条款 (CAC) 的前五年经验，重点关注法律和经济层面。首先，我们展示了将 CAC 纳入欧洲主权债务合同的立法法案的年表，以及在 2012 年希腊政府债务重组背景下挑战其可行性的里程碑式诉讼。 其次，我们在实证分析中发现CAC 和相关诉讼对主权债券定价的影响有限，无论是在宣布之时还是之后。基于欧洲法院和金融市场对 CAC 的这种处理方式，我们得出结论，渐进的事前改革方法比依赖潜在的事后行动风险更小。