The European Central Bank (ECB) appears to be calling for a permanent, collective debt‑issuance scheme in the form of Eurobonds. In a letter addressed to EU heads of state and government for Thursday’s competitiveness review-reported by Handelsblatt-the ECB argues that the Commission and member states should establish a “Safe Asset”: a highly secure bond that would improve the supply of quality securities while preserving adequate incentives for prudent fiscal policy.

This demand forms part of a “checklist” that outlines broad, far‑reaching reform proposals. The confidential package, titled “Time to Act” not only urges the creation of Eurobonds but also pushes for an EU‑wide deposit‑insurance scheme and the provision of a retirement‑focused savings and investment account for every EU citizen.