ECB debt certificates: The available euro-safe asset

safe bond

ECB debt certificates: The available euro-safe asset

Monday, 2 November 2020 - 5:00pm to 6:15pm
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Venue: 
Zoom webinar
Speaker(s): 
Daniel C. Hardy (St Antony’s College, Oxford)
Gabriele Giudice (European Commission)
Demos Ioannou (European Central Bank)
Chair: 
Tim Vlandas (St Antony’s College, Oxford)
Convenor: 
Daniel C. Hardy (St Antony’s College, Oxford)
Series: 
European Studies Seminar

Development of the euro financial “ecosystem” is dampened by the scarcity of euro-denominated liquid short-term safe instruments to serve as “near money” and high-quality collateral available to all. It will be argued that the ECB has the means and the mandate to eliminate this scarcity by issuing a large volume of its own debt certificates, thereby strengthening monetary transmission and stability. Issuing such “E-bills” would avoid many of the technical, economic, and political obstacles that stymied other proposals for common euro securities. However, the E-bills proposal may still face political resistance related to the balance of power between member states and common European institutions.

Daniel C. Hardy  was on the staff of the International Monetary Fund for most of his career to date. Recently he led work on European financial integration and the banking union; debt management; and sovereign debt restructurings. He has undertaken research on such topics as cross-border policy coordination, sovereign debt design, and regulatory capture. He has also worked at the Austrian Financial Market Authority and the German Bundesbank. He studied at the universities of Oxford and Princeton.

Gabriele Giudice is Head of the unit for Croatia and Spain at the European Commission (Directorate General for Economic and Financial Affairs). Since he joined the Commission in 1994, he has worked, among others, on the design and implementation of the Economic and Monetary Union, its fiscal rules, economic policy coordination, policy analysis and the surveillance of EU Member states. Until July 2020, he headed the unit working on EMU Deepening and the Macroeconomy of the Euro Area. Previously, he was EU Deputy Mission Chief for the financial assistance programme for Greece, and EU Mission Chief for the programme for Latvia, and headed the units carrying out the surveillance of Greece, the UK, Sweden and the Baltic countries. Between 2004 and 2008 he was member of the Cabinet of the Commissioner for Economic and Monetary Affairs, JoaquÌn Almunia.

Demos Ioannou has worked at the ECB since 2000, in the Directorate General International and European Relations, DG-Economics, and as Head of the ECB Representative Office in Brussels. He has represented the ECB as Member in the Economic Policy Committee (EPC) of the EU, and as observer participant in the ECOFIN Council and the EU Macroeconomic Dialogue. His tasks have covered EMU governance, the ECB’s interaction with the other EU institutions, the ECB’s macroeconomic projections, structural policies, EU economic convergence, and the ERM II. He has led teams at the ECB dealing with the European Parliament's monetary dialogue and the inter-institutional relations of the Single Supervisory Mechanism (SSM) and banking union more generally. He worked in the economic office of Greek Prime Minister Lucas Papademos. He is currently a Lead Economist in the DG-Monetary Policy of the ECB.

Tim Vlandas (St Antony's College, Oxford) will Chair.


This event is taking place online using Zoom. The link to REGISTER will be available HERE as soon as possible.

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