the behaviour of European government bonds and the euro over the past month suggests the bloc may well be assuming some of the “exorbitant privilege” the United States has enjoyed for decades as a perceived safe haven and owner of the sole reserve currency.
But never at level of the US, which can run on absurd levels of debt without running out of funding. The Eurozone sovereign debt crisis of 2009 wouldn’t have happened if the EU had the same exorbitant privilege the US does.