As the European Union continues to advance the Savings and Investment Union project, creating a true European safe asset becomes increasingly urgent. There are two paths to increase the supply of European safe assets: Europe can either increase collective borrowing, or it can use its existing debt stock in new ways. From a markets perspective, the best solution would be debt issuance at the European level to finance collective investment in the energy transition, defence and other underfunded European public goods. Such a solution would, over time, expand the stock of safe assets. It would also alleviate the under-provision of European public goods arising when investments with EU-wide benefits depend mainly on national fiscal decisions taken by governments with different degrees of fiscal space. […]