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European Safe Bonds: Pooling at a Snail’s Pace

In: European Union and Monetary Union in Permanent Crisis II

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  • Dirk Meyer

Abstract

In view of political and legal reservations against eurobonds, the Expert Council (2016) in its Annual Report 2016/2017 and the EU Commission (2017) in its “Reflection Paper on Deepening the Economic and Monetary Union” take up a topic that was already discussed by the EU Commission Green Paper (2011) on the basis of a group of European economists under Markus Brunnermeier (2011, 2016)—sovereign bond-backed securities. With these Sovereign Bond-Backed Securities (SBBS), also known as European Safe Bonds (ESBies), two objectives are pursued: they should take into account the need for safe investments and at the same time contribute to financial stability by helping to break the vicious circle between state risks and bank risks. The contribution analyses the functioning of these securitisations, points out possible problem areas and draws a direct connection to eurobonds in order to finally give a short outlook on target- and problem-oriented alternatives.

Suggested Citation

  • Dirk Meyer, 2022. "European Safe Bonds: Pooling at a Snail’s Pace," Springer Books, in: European Union and Monetary Union in Permanent Crisis II, chapter 0, pages 29-40, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38646-7_3
    DOI: 10.1007/978-3-658-38646-7_3
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