Hellwig, Christian, Philippon, Thomas.
Fiscal union is now officially on the European agenda, but the issue of Eurobonds remains controversial. This column argues that the Eurozone needs Eurobills, ie debt of maturities less than a year. Issuing Eurobills – up to 10% of Eurozone GDP – would help with crisis management as well as financial regulation, and monetary policy, while minimising the risks of moral hazard.
Πηγή: Voxeu