Eurobond

On Wednesday, European Commission President Jose Manuel Barroso said the commission will propose creating "eurobonds. "

The only difference was that pictures of screaming popes rather than eurobonds were on sale.

But to unleash the ECB or to embrace eurobonds could precipitate a domestic crisis that would be almost as catastrophic.

Germany, in particular, has been allergic to any notion of Eurobonds that would bring it a step closer to a "transfer union" .

More ambitiously, the credit rating of the entire area might be used to issue Eurobonds, which would be less vulnerable to speculation.

The board should be able to impose its will, because denying the right to issue additional eurobonds ought to be a powerful deterrent.

Although she said that "political union" was necessary to save the euro, she also ruled out the use of Eurobonds.

So Eurobonds inexorably lead back to the question of fiscal, and hence political, union.

The alternative to a bigger EFSF would be the issuance of Eurobonds that are jointly and severally underwritten by euro-zone members.

In my view, new issues should be entirely in eurobonds, up to a limit set by the board.

First, it is possible that if Germany finally agrees to joint debt issuance through "eurobonds" , credit risk will rise.

A more robust idea from an economic perspective would be the ability to issue Eurobonds collectively backed by all the zone's members.

China wasn't linking its purchase of Eurobonds and resolving trade disputes, he said.

Eurobonds are the latest panacea, recommended by many of the same people who assured us years ago that the euro would be a secure currency.

A sensible compromise would be to impose greater discipline now, in exchange for the eventual introduction of conditional Eurobonds.

Another reason to introduce Eurobonds is that the existing defences drawn up to contain the crisis are starting to look too flimsy.

Long-term Eurocurrency funds can also be raised by an issue of Eurobonds on the Eurobond market.

"States that use Eurobonds would have to agree to give up a degree of sovereignty over their own budgets, " Gabriel said.

Eurobonds and treaty change together just might make for a better vessel, but they would take years to put into effect.

Both also urge fiscal integration within the euro zone, as well as the introduction of Eurobonds.

Since the total interest costs would fall because of low rates on the eurobonds, the pressure on their budgets would recede.

Foes of jointly guaranteed Eurobonds are happy: they say the court's ruling blocks their introduction. The rescue operation can proceed.

They need to assume some form of joint liability for debts, with only the well-behaved benefiting from the shelter of Eurobonds.

Her own very public opposition to eurobonds has now become a real obstacle to a deal.

So if neither eurobonds nor ECB bond purchases are going to solve the crisis, what are the alternatives?

If not actual money, the Eurobonds proposal would mean extending part of Germany's hard-won credit-worthiness to all European countries.

Presumably the eurobonds would be under eurozone finance ministers' control.

Striving to regain the initiative, the commission will soon push for Eurobonds and greater decision-making autonomy in its rescue fund.

Soon though the euro zone may well have to expand the EFSF and allow it to issue jointly guaranteed "Eurobonds" .

The loss of sovereignty would be more acceptable to debtors if the creditors were to accept the need, eventually, to issue joint Eurobonds.

Meanwhile, there is no guarantee that the new eurobonds would attract enough investors to fund the buybacks.

"Now it seems that the fathers are numerous, " said Mr Juncker, "The same fate is reserved for the Eurobonds. "

That means strengthening the eurozone, probably by wider use of Eurobonds and a eurozone deposit insurance scheme.

Renaming Eurobonds as stability bonds, the green paper is almost an act of insubordination against Angela Merkel, Germany's chancellor.

Pooling risks through Eurobonds would tempt dodgy southern European governments to greater profligacy.

Inability to issue eurobonds could then result in a disorderly default or devaluation.

Money for rescues is being raised with joint guarantees, yet Germany will not accept common Eurobonds.

This could be accomplished by converting the bulk of their sovereign debt into Eurobonds.

Some have argued for a system of Eurobonds in which every country's debt is backed by all.

One way forward is to introduce Eurobonds, which would pledge "joint and several" liability.

Similarly, Germany could agree to introduce Eurobonds, but only for countries that meet exacting criteria.

The complete substitution of national bonds for so-called "eurobonds" is one of three options outlined in the study.

This is best accomplished through eurobonds, which would be jointly guaranteed by all the member states.

If there are eurobonds coupled with a much more liberal European Central Bank, then yes.

Bruegel, the Brussels-based think-tank, has proposed that eurobonds constitute 60 per cent of eurozone members' outstanding external debt.

Mr Bofinger wants outstanding euro-zone public debt converted into "Eurobonds" with collective responsibility.

Ms Merkel's hostility to eurobonds certainly resonates with the public.

Once the Eurobonds are in place, EFSF liabilities would simply be transformed into Eurobonds.

Perhaps a fiscal union that would supervise the issuance of common Eurobonds?

Or it could mean restructuring the euro area through common Eurobonds and fiscal transfers.

The new Eurobonds could be serviced by revenues from such co-finance of projects.

The higher the volume of eurobonds a country seeks to issue, the more severe the conditions the board would impose.

In the end, it may even necessitate mutually guaranteed Eurobonds (see article).

They have put forward bold plans, such as Eurobonds issued jointly by the entire euro zone, combined with a leap in fiscal integration.

Underwriting the debt by issuing Eurobonds would end the panic in financial markets.

Bailly said Wednesday that eurobonds are an interesting idea but are not on the agenda right now.

Perhaps a Social Democrat-led German government would accept eurobonds after elections scheduled for 2013.

An alternative model envisages the issuing of joint Eurobonds.

From 1985 to 1987, he was the head of sales for Eurobonds.

On November 23rd the European Commission laid out three approaches for issuing Eurobonds, two of which imply mutual guarantees.

Proponents of Eurobonds have an ingenious answer to both these objections.

Can a limited version of Eurobonds help solve the euro crisis?

The Kazakh government this year cancelled a plan to sell as much as $750m of Eurobonds after it secured a $1bn loan from the World Bank.

The formal answer is that since eurobonds require joint and several guarantees, they are politically unfeasible.

In the same way, the EU need not do so to issue Eurobonds.

Would you buy eurobonds?

Take, for example, eurobonds.

The European Commission has promised to study how countries might issue common Eurobonds.

or the danger that a new treaty may open the way for the joint Eurobonds that Germany resists.

Banking and related financial services; securities; format of Eurobonds