Angela Capolongo, Barry Eichengreen, Daniel Gros, 23 October 2020

Seeking to internationalise the euro is now an official policy of EU institutions.  But a constraint on wider use of the euro, by central bank reserve managers in particular, is the shortage of safe euro assets – a problem that is being made worse by the ECB’s asset purchase program. This column proposes a solution to this problem: issuance by the ECB of its own certificates of deposit.

Events

CEPR Policy Research