The Treasury bills would be assigned a zero-risk rating by the authorities and treated as the highest-quality collateral for repo operations at the ECB.&nbsp;The banking system has an urgent need for risk-free liquid assets. Banks are currently holding more than €700 billion of surplus liquidity at the ECB, earning only one quarter of 1% interest.&nbsp;This assures a large and ready market for the bills at 1% or less.
欧洲债券将获得当局的零风险评级，成为欧洲央行回购操作最高质量抵押品。银行系统急切需要无风险资产。目前银行在欧洲央行存有持有着超过7000亿欧元的剩余流动性，每年只能获得0.25%的利息。这保证了利率在1%或以下的欧洲债券已经有了现成的大规模市场。