The EU aims to finance common priorities in defence, energy transition, and digital infrastructure with supranational EU bonds. This column argues that the current exclusion of these supranational bonds from main sovereign indices limits their investor base and translates into worse behaviour during crises. Coordination problems among countries and the reliance on perceived ECB support create further structural challenges for EU bonds. A more coherent approach would involve a European Debt Agency that consolidates the existing issuance of multiple EU institutions and would lead to lower borrowing costs on these EU bonds. […]