next economy


The single safe asset: A Progressive view for a "first best EMU"

May 24, 2018
Author: Daniela Gabor

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.

Read the policy brief

Photo: symbiot /

related publications