24/05/2018
The Single Safe Asset is an important if under-appreciated element of the on-going debates on the EMU architecture. This Brief first describes the ‘Northern’ and ‘technocratic’ view of safe assets and then proposes three pillars of a progressive standpoint to frame the debate:
(1) Single and national safe assets;
(2) Public not private single safe asset;
(3) ECB, not ESM/EMF, backstop for EMU safe assets.
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In an article in Delo, László Andor criticises Viktor Orbán government's economic policies, such as not allowing Hungary to join the euro area, which he believes would have helped curb inflation. He also criticises the government for blaming external enemies such as the President of the European Commission, to cover up its own failures.