The time is ripe to create buffer of a European safe asset

di Paolo Savona
Financial Times, 27 febbraio 2019

While the eurozone has made progress in reform, it so far lacks the ambition necessary to promote growth and jobs, increase economic stability and strengthen the international role of the euro. Results have been achieved on banking union, capital market unions and reform of the European stability Mechanism. However, key elements are still missing, including the existence of a shared financial asset.

The quest to create a genuine safe financial asset in the eurozone may have been going a long time but the need is real. The current set up with German government bonds, or Bunds, at its centre is a destabilising factor for the eurozone’s financial system […]

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