Ando, Sakai; Dell'Ariccia, Giovanni; Gourinchas, … - 2023
the convenience yield on European-wide safe assets, the EDMA could issue up to 15 percent of euro area GDP, helping to put … national debts on a sounder trajectory. The analysis suggests that, without mutualization, some euro area countries are likely …-to-GDP path. For the others, the news is more mixed: while the additional fiscal consolidation is smaller, 1.3 to 2.3 percent of …