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The new “safe asset” proposed by Brussels doesn’t solve the euro zone’s problem.

Crucially, however, the proposed new securities wouldn’t be jointly guaranteed by the euro-zone governments.

Without the joint guarantee, the new instrument is largely pointless.

The innovation would have symbolic value, always much prized in EU affairs. 

And it could serve as a prelude to deeper forms of integration.

"I am sure the euro will oblige us to introduce a new set of economic policy instruments.

It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created."

Romano Prodi, EU Commission President. Financial Times, 4 December 2001

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