Research Seminar

ECB Debt Certificates: the available euro safe asset — Daniel C. Hardy

29 Sep 2020


Daniel C. Hardy (Academic Visitor, Vienna University of Economics and Business)


Development of the euro financial “ecosystem” is dampened by the scarcity of euro-denominated liquid short-term safe instruments to serve as “near money” and high-quality collateral available to all. It will be argued that the ECB has the means and the mandate to eliminate this scarcity by issuing a large volume of its own debt certificates, thereby strengthening monetary transmission and stability while also enhancing the monetary, banking, and capital market union. Now is an opportune time to issue such “E-bills.” Doing so would be technically easier and better targeted than the alternatives that have been proposed, but may still face political resistance.

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