From Breakingviews - Rolling EU debt would boost investment and markets
, but the bloc has never had the kind of joint borrowing clout enjoyed by the United States, and its collective efforts have historically been small.
All this liquidity prompted the European Central Bank to promote the EU to its highest tier of eligible, meaning it can be used on the same terms as the debt of a single member state in monetary policy operations. were higher than that of French and German equivalents. EU-issued 10-year bond yields were at 3.02% as of Monday, compared to 2.43% for Germany and 2.90% for France .The EU could allay investor fears, and reduce its borrowing costs, by setting up a permanent, large-scale programme of debt sales, as well as refinancing outstanding obligations. Contrary to what proponents of Teutonic austerity claim, more EU debt would be safer EU debt.
In the future the EU needs to incorporate a consistent level of joint borrowing into its plans. Member states could choose whether to make this money available for normal EU budget needs, save it in a rainy-day fund or assign it to a dedicated purpose like funding cross-border renewable energy or public transportation.
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