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A practical way to promote the euro

The euro financial “ecosystem” is constrained by the scarcity of euro-denominated liquid short-term safe instruments to serve as “near money” and high-quality collateral available to all.

Euro money
Euro money

It is shown how the ECB could easily eliminate this scarcity by issuing a large volume of its own debt certificates, and thereby strengthen monetary transmission and stability. Establishing a market for such “E-bills” would pave the way for the introduction of European bonds, but be technically and politically much easier. Issuing E-bills would be a dramatic but readily feasible step towards European financial integration.


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