Dear all,

The Department of Economics of the Vienna University of Economics and Business cordially invites you to the (online) Economic Research Seminar (Department Seminar) on Wednesday, June 10, with

Daniel C. Hardy

(Academic Visitor at the Vienna University of Economics and Business)

on

ECB Debt Certificates: the European counterpart to US T-bills

The euro is popular but its role in financial markets is limited. One reason for this weakness is the scarcity of euro-denominated liquid short-term safe instruments to serve as “near money” and high-quality collateral available to all—a role fulfilled by US Treasury bills in the US dollar financial “ecosystem.” It will be argued in the presentation that the ECB could eliminate this scarcity by issuing a large volume of its own debt certificates, and thereby expand and stabilize demand for the euro. As will be shown, the initiative would be easy to implement and consistent with the monetary implementation framework. Establishing a market for debt certificates would pave the way for the introduction of European bonds. The main objections are likely to be political rather than economic.

Wednesday, June 10, 4.30 – 6.00 p.m.

If you want to attend the seminar, write an email to jcrespo@wu.ac.at for the Microsoft Teams link.

Best,

Jesús

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Jesus Crespo Cuaresma
Professor of Economics
Vienna University of Economics and Business

Welthandelsplatz 1

1020 Vienna (Austria)

T: +43(1)31336-4530
F: +43(1)31336-728
E: jcrespo@wu.ac.at

H: http://www.wu.ac.at/vw1/m/crespo

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Jesus Crespo Cuaresma
Professor of Economics
Vienna University of Economics and Business

Welthandelsplatz 1

1020 Vienna (Austria)

T: +43(1)31336-4530
F: +43(1)31336-728
E: jcrespo@wu.ac.at

H: http://www.wu.ac.at/vw1/m/crespo