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The hidden repercussions of public debt in the West
Europe and the U.S. share a common commitment to monetization: their central banks buy much of the debt issued by the government. However, while the share of European bonds in the hands of non-European investors is limited, the portion of U.S. Treasuries held abroad is significant. GIS economic expert Enrico Colombatto answers whether this is a problem that makes American public finance particularly vulnerable.