Abstract:
In the USA, mortgage-backed securities (MBS) play an important role in monetary policy transmission, with the Federal Reserve and banks as major investors. Europe's MBS market is small by comparison. Could Europe benefit from a standardized and liquid MBS market similar to that in the USA? Could it help create a common safe asset and strengthen Europe's financial autonomy? On June 10, 2025, renowned experts discussed this and related questions at a conference hosted by the Oesterreichische Nationalbank (OeNB). This report provides a summary of the event and selected contributions.