(2019), op. cit. If global demand for safe assets is high, large debts can enhance safety because they offer greater liquidity and so reduce rollover risk. Conversely, if demand for safe 7 / 18  BIS central bankers' speeches  assets is low, large debt may increase rollover risk. This is not just theory.
Monetary Union is now more resilient to shocks thanks to the economic expansion, a reduction in imbalances, as well as the significant institutional reforms that have been adopted in the post-crisis period. Nevertheless, there is more work to be done: the journey ahead to complete the Economic and Monetary Union (EMU) is challenging.