Many Europeans, with different national histories and cultures, feel that they are not ready for that. So it is important to understand that the agenda facing Europe today is not adequately captured by the phrase “ever closer union”. In my view, it is better encapsulated by wording borrowed from the Constitution of the United States: the establishment of a “more perfect union”.
This official sector demand for safe assets was largely if not entirely focused on U.S. government securities, rather than cash equivalents.