Until recently, public debt was considered the ultimate safe asset. Indeed, its risk-free status was embedded in the European Union regulatory framework, which allows banks to hold large volumes of any eurozone country’s public debt without having to put aside any capital to cover potential losses.
欧元危机的模式也是一样的。直到最近，公共债务才不再被认为是终极安全资产。事实上，其无风险的地位被写入了欧盟监管框架，银行可以持有大量任意欧元国的公债，而不需要拔备任何资本覆盖潜在损失。