EC pushes forward on sovereign ABS plan
The European Commission is moving ahead with plans to develop sovereign bond-backed securities — which some market watchers have dubbed a “common eurozone safe asset”. The efforts come despite the idea being met with disdain from sovereign debt management offices (DMOs) earlier this year.
A draft communication seen by GlobalCapital from the European Commission to the European Parliament and other European bodies on completing the Banking Union outlines plans for an “enabling framework for the development of sovereign bond-backed securities (SBBS)”.
The Commission wants to increase the diversity of banks’ sovereign holdings,
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