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Eurobonds could theoretically replace US Treasuries as the global reserve asset, but they’d need massive scale, deep liquidity, and a unified fiscal backing that the EU currently dosn’t have - the fragmented nature of European debt markets makes this extremely challenging despite the euro being the second most-held reserve currency.
Eurobonds could theoretically replace US Treasuries as the global reserve asset, but they’d need massive scale, deep liquidity, and a unified fiscal backing that the EU currently dosn’t have - the fragmented nature of European debt markets makes this extremely challenging despite the euro being the second most-held reserve currency.