Commentary: Radical risk-sharing rethink
By Marcello Minenna in Milan
Now that the ECB’s four-year €2.6tn bond-buying programme is coming to an end, there are other ways, more overt and effective, to stabilise monetary union, through a more concentrated form of risk-sharing. The first step would be to remove the capital key criterion and to concentrate future NCBs’ reinvestments only on highly indebted countries. A second step would be to remodel the programme so that interest received on...