It really does depend on what you’re looking for. You can “replace” US Treasuries with comparatively safe assets like British gilts or bonds from large, stable EU countries like France or Germany, but these will be denominated in GBP or EUR respectively, not USD, so they’re not a drop-in replacement. The EU itself also plans to issue some joint debt to pay for Ukraine-related expenses, so that might also be available depending on how they do it.
As for stocks and ETFs, there is the Euronext 100, but a cursory web search didn’t reveal any ETFs that track it. I’m sure there probably is one, but I just didn’t find it.
That being said, the Euronext 100 isn’t a replacement for American indexes like the S&P 500 though. The liquidity on the European side is lower (and for EUR securities in general), and because the American stock market in general performs better than the European stock market, you would give up a lot of financial gain. If you invested $1,000 into an S&P 500 index fund on 1 January 2010, that would now be worth $6,111. But if you instead invested 1 000€ into a Euronext 100 index fund on the same date, it would only be worth 2 548€ today. Even if you cut it off before the AI-led growth in the American stock market, the S&P 500 still would have outperformed the Euronext 100 by nearly double.
It really does depend on what you’re looking for. You can “replace” US Treasuries with comparatively safe assets like British gilts or bonds from large, stable EU countries like France or Germany, but these will be denominated in GBP or EUR respectively, not USD, so they’re not a drop-in replacement. The EU itself also plans to issue some joint debt to pay for Ukraine-related expenses, so that might also be available depending on how they do it.
As for stocks and ETFs, there is the Euronext 100, but a cursory web search didn’t reveal any ETFs that track it. I’m sure there probably is one, but I just didn’t find it.
That being said, the Euronext 100 isn’t a replacement for American indexes like the S&P 500 though. The liquidity on the European side is lower (and for EUR securities in general), and because the American stock market in general performs better than the European stock market, you would give up a lot of financial gain. If you invested $1,000 into an S&P 500 index fund on 1 January 2010, that would now be worth $6,111. But if you instead invested 1 000€ into a Euronext 100 index fund on the same date, it would only be worth 2 548€ today. Even if you cut it off before the AI-led growth in the American stock market, the S&P 500 still would have outperformed the Euronext 100 by nearly double.