16 July
ECB’s Schnabel revives discussion about joint debt
Isabel Schnabel, European Central Bank (ECB) Executive Board member, believes joint debt can bolster the euro’s role in the global economy.
The currency has a unique opportunity to strengthen its international standing, as Donald Trump's tariff policy could have a negative impact on the US economy, the official says.
Besides, Schnabel notes that hedge fund managers are currently seeking alternatives to US assets. Therefore, the official suggests discussing steps to create a sufficiently liquid European bond market. She thinks the bloc has made significant progress in this direction by jointly issuing bonds during the COVID-19 pandemic.
However, Isabel Schnabel acknowledged that Germany and several other European countries consider joint debt controversial.
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