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ECB Debt Certificates: the European counterpart to US T-bills

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  • Daniel C. Hardy

Abstract

The role of the euro in financial markets is limited by the scarcity of euro- denominated liquid short-term safe instruments to serve as “near money†and high-quality collateral—a role fulfilled by US Treasury bills in the US dollar financial “ecosystem.†It is argued that the ECB could eliminate this scarcity by issuing a large volume of its own debt certificates, and thereby expand and stabilize demand for the euro. The initiative is shown to be easy to implement and consistent with the monetary implementation framework. The main objections are likely to be political rather than economic.

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  • Daniel C. Hardy, 2020. "ECB Debt Certificates: the European counterpart to US T-bills," Economics Series Working Papers 913, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:913
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    File URL: https://ora.ox.ac.uk/objects/uuid:2f0ae858-270e-42f2-9633-dca81eab8a04
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    Cited by:

    1. Arne Hansen & Dirk Meyer, 2021. "EZB-Schuldverschreibungen — neue Verwendung für ein altes Instrument? [ECB Debt Certificates — New Use for an Old Instrument?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(9), pages 732-739, September.
    2. Gergely Hudecz & Edmund Moshammer & Alexander Raabe & Gong Cheng, 2021. "The euro in the world," Discussion Papers 16, European Stability Mechanism, revised 27 Oct 2021.
    3. Jorge Carrera & Gaspar Maciel & Esteban Rodríguez, 2020. "La flexibilidad de un instrumento de política monetaria: El caso de las LEBAC en Argentina," Asociación Argentina de Economía Política: Working Papers 4325, Asociación Argentina de Economía Política.
    4. Jorge Carrera & Gaspar Maciel & Esteban Rodríguez, 2023. "El rol de los títulos emitidos por el Banco Central en los últimos 20 años de política monetaria argentina," BCRA Working Paper Series 2023107, Central Bank of Argentina, Economic Research Department.

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