Olivier Blanchard (PIIE) and Ángel Ubide (Citadel)
We argued last year that it was time to create a deep, large, and liquid market for Eurobonds (Blanchard and Ubide 2025). Since then, there has been growing support for the initiative, not just from think tanks and academics (Hildebrand, Rey, and Schularick 2025) but notably from the European Central Bank (ECB) (Lane 2026), the Bundesbank (Nagel, Politico, February 2026), and some EU governments (Cuerpo, in the Financial Times, February 2026, and at PIIE event).
In this update, we discuss why the urgency to issue Eurobonds in large quantities has grown, clarify our proposal, and address the main questions and criticism that we have received.
Πηγή: PIIE