Europe needs to issue community bonds and create its own sovereign debt management agency. This is what the 'plan for stability bonds', to be presented on Wednesday by the President of the European Commission, Jose Manuel Barroso. The establishment of Eurobonds it would require some though amendments to the European treaties.
The Portuguese "green book" proposes three options in this regard: the most radical envisages the total replacement of national bonds with securities issued by the Eurozone, guaranteed by all the countries of the Eurozone; the second possibility is that of a change to the mandates to arrive at the coexistence of Eurobonds and national government bonds; the third, on the other hand, would not require changes to the European mandate and would aim at the creation of community securities guaranteed by individual states in proportion to their participation.
Among the supporters of the Eurobond project there is also the new Italian premier, Mario Monti, who is expected this week first in Brussels and then in Strasbourg to meet EU leaders and the leaders of France and Germany.
from Germany however, yet another warning arrives: the Community titles "they would not be a miracle cure” to the public debt crisis in the euro area, said Steffen Seibert, spokesman for Chancellor Angela Merkel.
