Eurobonds: The Right Time for the Trojan Horse?

Paul Mortimer-Lee

No 48, National Institute of Economic and Social Research (NIESR) Policy Papers from National Institute of Economic and Social Research

Abstract: The Blanchard/Ubide proposal would convert debt equivalent to 25 per cent of each EU member state's GDP into jointly issued 'blue bonds', backed by individual rather than joint guarantees and without requiring treaty change. While the timing appears opportune ‐ amid US policy uncertainty, a weakening dollar, surging European defence spending and growing appetite for integration ‐ the proposal contains serious structural flaws.

Date: 2026-03
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