Commission proposes ‘eurobonds’
My suggestion call them Kumbaya Bonds and dance around and hold hands as you create them ,you know European style like we Americans long for...Then if you wish upon a star everything will be SWELL..
Wow it must be nice to live in Academia Land .. Kinda like the land of OZ only dreamier...
“This approach would be most effective in delivering the benefits of stability bond issuance,” the report says. “[It] would assure full refinancing for all member states irrespective of the condition of their national public finances.”
The complete substitution of national bonds forso-called “eurobonds” is one of three options outlined in the study. The report acknowledges that the move would require extensive changes in European Union treaties that could delay its implementation for years.
Of course some people are spoil sports like the Germans who have to foot the bill for this fairy land..
In addition, such extensive pooling of sovereign debt has been fiercely resisted in Germany, where officials believe it would relieve market pressure on profligate eurozone countries, allowing weak economies to become “free riders” on Germany’s strong credit rating.
But hey if you just let us run your countries and make you budgets and make the cuts we think nesicary than maybe Germany will think it worth while to finance and rule the E.U. ( personally i am betting they don't want this ( the German People atleast)
Still, senior EU officials believe Germany can be persuaded if the scheme includes strict rules over sovereign spending, and the Commission report includes proposals for vastly expanding Brussels’ authority over national budgets. “That’s what makes it workable and realistic, and that is what is a starter if we want to have a chance of being convincing,” said one senior EU official.
One idea is for EU approval of all 17 eurozone budgets and, in the case of a country in trouble, the possibility of putting it “under some form of ‘administration’ ” by EU authorities.
“Without this framework it is unlikely that this ambitious approach to stability bond issuance would result in an outcome that would be acceptable to member states and investors,” the report says.
BTW Some Countries want their sovereignty back
Marine Le Pen, the leader of France’s far-right National Front, has made abandoning the euro one of the pillars of her presidential election campaign, launching a powerful attack on the ailing single currency as she seeks to bolster her already strong showing in the opinion polls.
Presenting her “presidential project”, Ms Le Pen said Europe should give up the euro, which had “asphyxiated our economies, killed our industries and choked our jobs” for years, as well as causing France to accumulate “Himalayan” debts. In any case, she added, the country should prepare a planned exit from the currency union. “We need to anticipate the collapse of the euro rather than suffer from the collapse of the euro,” she said in a television interview on Sunday.
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