There is a multi-trillion dollar shortage of safe assets today. Safe Asset meaning a risk-free asset that maintains purchasing power. This is why the U.S. can i

There is a multi-trillion dollar shortage of safe assets today. Safe Asset meaning a risk-free asset that maintains purchasing power. This is why the U.S. can issue more debt, U.S. government debt is perceived to be a Safe Asset. Specific to the EU, I expect them to implement a tiered interest rate policy where bank deposits receive positive yields from the Government. The plumbing on it will be wonky but something needs to change.