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Eurobonds jetzt: Das Ende der Dollar-Dominanz als Chance für Europa

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  • Blanchard, Olivier
  • Ubide, Angel

Abstract

• Die Unsicherheit im Markt für US-Staatsanleihen nimmt zu und Investoren suchen nach Alternativen. Für Europa entsteht daraus eine historische Chance, einen großen und liquiden europäischen Anleihenmarkt zu schaffen und dadurch die Finanzierungskosten europäischer Staatsschulden zu senken. • Notwendig dafür ist ein liquider gemeinsamer Markt für Staatsanleihen in Europa. Damit könnte es gelingen, den USA die ökonomischen Vorteile streitig zu machen, die aus der zentralen Stellung von US-Staatsanleihen im globalen Finanzsystem resultieren. • Dazu muss Europa einen Teil der bestehenden Staatsschulden als gemeinsame Anleihen (Eurobonds) ausgeben. Unser Vorschlag zur Umsetzung sind "Blue Bonds". Sie sollen einen Teil des Bestands nationaler Anleihen europäischer Staaten ersetzen. • Ein Austausch nationaler Anleihen gegen Blue Bonds von bis zu 25 Prozent des BIP sollte ausreichen, um Liquiditätszwecke zu erfüllen, ohne die Sicherheit der Anleihen infrage zu stellen.

Suggested Citation

  • Blanchard, Olivier & Ubide, Angel, 2025. "Eurobonds jetzt: Das Ende der Dollar-Dominanz als Chance für Europa," Kiel Policy Brief 192, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkpb:320413
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    References listed on IDEAS

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    1. Jacques Delpla & Jakob von Weizsäcker, 2010. "The Blue Bond Proposal," Bruegel Policy Brief 403, Bruegel.
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