The single safe asset: A Progressive view for a "first best EMU"
The Single Safe Asset is an important if underappreciated element of the on-going debates on the EMU architecture. This Brief first describes the ‘Northern’ and ‘technocratic’ view of safe assets and then proposes three pillars of a progressive standpoint to frame the debate:
(1) Single and national safe assets;
(2) Public not private single safe asset;
(3) ECB, not ESM/EMF, backstop for EMU safe assets.
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