1. Non-existent euro value chains locked the EU into disastrous dollar denominated fossil fuel imports
2. Wavering and weak ECB swap line policies (limited, conditional, unattractive)
3. That rare beast “a euro denominated safe asset”
1. Non-existent euro value chains locked the EU into disastrous dollar denominated fossil fuel imports
2. Wavering and weak ECB swap line policies (limited, conditional, unattractive)
3. That rare beast “a euro denominated safe asset”