Link to the University of Pittsburgh
Link to the University Library SystemContact us link
AEI Banner

Creating a common safe asset without eurobonds. ECMI Policy Brief no 29 10 Dec 2020.

Thomadakis, Apostolos and Boonstra, Jos (2020) Creating a common safe asset without eurobonds. ECMI Policy Brief no 29 10 Dec 2020. [Policy Paper]

[img] PDF - Published Version
Download (861Kb)

    Abstract

    Europe needs a capital market that is sustainably integrated and as single as possible. This will not be achieved without a broad and solid foundation. The international position of the euro is stagnating close to historical lows, while the lack of a European-wide common safe asset highlights the fragmented nature of national government bond markets. Although collective issuance of government debt by member states through eurobonds seems to be unattainable for political reasons, there are other ways to arrive at a common safe asset. Debt issuance by the European Central Bank (ECB) and the European Union could play a constructive role here. By financing the European budget through bond issues and at the same time allowing the ECB to issue short-term money-market paper, Europe could tackle multiple challenges in one fell swoop.

    Export/Citation:EndNote | BibTeX | Dublin Core | ASCII (Chicago style) | HTML Citation | OpenURL
    Social Networking:
    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > EU institutions & developments > European Central Bank
    EU policies and themes > Policies & related activities > economic and financial affairs
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > Single Market
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Policy Briefs
    Depositing User: Daniel Pennell
    Official EU Document: No
    Language: English
    Date Deposited: 22 Mar 2021 10:12
    Number of Pages: 11
    Last Modified: 22 Mar 2021 10:12
    URI: http://aei.pitt.edu/id/eprint/103335

    Actions (login required)

    View Item

    Document Downloads