Rehn says European safe asset ‘deserves further examination’
ESRB vice-chair says jointly issued bond could help fund defence and energy, but design is the hurdle
A European safe asset should be examined as a way to channel the continent’s savings into defence, energy and productivity, Olli Rehn has argued.
In a speech on October 2, the governor of the Bank of Finland and first vice-chair of the European Systemic Risk Board (ESRB) said Europe had the savings but lacked “a sufficiently integrated financial market” in which to invest them. European households saved nearly 15% of their income and held about €10 trillion ($11.3 trillion) – 70% of their savings
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