ideas: (1) to create multitranche "sovereign bond-backed securities" (SBBS), of which the senior tranche would constitute a … safe asset; (2) to create a senior, publicly owned financial intermediary that would issue a bond backed by a diversified … diversified pool of senior sovereign bonds ("multitranche national bond issuance"). Public attention (including public criticism …

potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis … longer capable of issuing bonds under their own exclusive monetary control. Thus, integrating euro area sovereign bond …