International monetary stability: a coordination among central banks or a global central bank of central banks?

«[…] As the Fed tapers back on its purchases of US treasury securities, it is a perfect time for the ECB to step in, and buy some itself.» (Jeffrey Frankel, Considering QE, Mario? Buy US bonds, not Eurobonds, 24 March 2014, Voxeu.org)

In this article it is proposed a sort of international quantitative easing for ECB. The author proposes a new expansive monetary politics: a central banks should have some advantage in realizing a quantitative easing acquiring bond issued by foreign government. In particular the author proposes that ECB should acquire t-bills issued by US government.

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