A common euro-bond market in sight, by K. Lannoo, A. Thomadakis and V. Constâncio, European Capital Market Institute (ECMI)

On the 17th of June, the European Capital Market Institute (ECMI) published a Policy Brief by Karel Lannoo, Apostolos Thomadakis and Vítor Constâncio named A common euro-bond market in sight which acknowledged that the ‘Next Generation EU’ budget proposal has brought a common eurozone bond market suddenly and unexpectedly much closer.

To fund the recovery, the EU Commission will go directly to the markets in the next two years and raise €750 billion. This will give an enormous boost to a common euro-bond market, a conditio sine qua non for long-term stability in the eurozone, the European capital markets, and the international role of the euro. It also is an impetus for further joint work on government bond issuance and settlement procedures, and for expanding maturities coverage.

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About the authors

Karel Lannoo has been CEO of CEPS since 2000, a Leading Independent Think Tank on European Policies, ranked among the top 10 think tanks in the world. He is General Manager of the European Capital Markets Institute (ECMI) and the European Credit Research Institute (ECRI), both operated by CEPS.

Dr. Apostolos Thomadakis is a Researcher at the European Capital Markets Institute (ECMI), an independent research institute run by CEPS’ Financial Markets and Institutions Unit.

Vítor Constâncio is Former Vice President of the European Central Bank (ECB), current President of the School Council at ISEG, University of Lisbon, and Professor at the School of Economics & Business Administration, University of Navarra