In this juncture, we are arriving at the point why domestic economic strength needs to be increased, and the effective way to do it is by rising its own growth potential. Monetary and fiscal policies are mainly aimed at supporting demand, but demand cannot be optimized if structural problems are not addressed well.
A well-designed European safe asset could also help in fostering the Capital Markets Union. If a common safe asset existed, it would be possible to price newly issued securities against it. Deep capital markets require an abundance of risk-free assets as their backbone. And all this would be essential for a stronger global role of the euro in future.