The Covid-19 crisis has radically changed the game for world and EU-economies, and urged for a reappraisal of the guidelines for a healthy management of public expenditure. This requires a deep rethinking of the role of public debt in modern capitalistic economies and of efficient, equitable and politically viable ways of financing it. This paper outlines the main operating framework of a Debt Agency tasked with the management of the Eurozone sovereign debts and the creation of a truly European safe asset. The framework leverages on the potential irredeemable nature of sovereign debts in order to build a common bond. By structurally filtering liquidity risk, the Debt Agency can price the Member States’ funding costs by referring only to their credit risk, as defined by EU agreed rules. The common bond issued by the Debt Agency thus avoids mutualisation by design; hence, it can be directly bought by the ECB. Due to its structural intertemporal sustainability, the Debt Agency’s framework delineated in this paper can serve as a benchmark for institutional and political decisions. In this perspective, a counterfactual exercise has been conducted in order to evaluate the future potential impact of the Debt Agency as well as the past distortions in market pricing of Member States’ fundamental risk due to market mispricing of the liquidity risk.

Covid-19 危机从根本上改变了世界和欧盟经济体的游戏规则，并敦促重新评估健康管理公共支出的指导方针。这需要深刻反思公共债务在现代资本主义经济中的作用，以及有效、公平和政治上可行的融资方式。本文概述了负责管理欧元区主权债务和创建真正欧洲安全资产的债务机构的主要运营框架。该框架利用主权债务潜在的不可赎回性质来建立共同债券。通过结构性地过滤流动性风险，债务机构可以仅参考欧盟商定规则所定义的信用风险来为成员国的融资成本定价。因此，债务机构发行的普通债券通过设计避免了相互化；因此，它可以直接被欧洲央行购买。由于其结构性跨期可持续性，本文中描述的债务机构框架可以作为制度和政治决策的基准。从这个角度来看，为了评估债务机构未来的潜在影响以及过去由于流动性风险的市场错误定价而对成员国基本风险的市场定价造成的扭曲，已经进行了一项反事实工作。