Commission president Barroso to put forward eurobonds

The EU commission head urge the 17 eurozone nations to issue joint bonds, allowing them to borrow money collectively.

The head of the European Union wants all European states to guarante for each others debts.

European Commission president Jose Manuel Barroso has said he will put forward moves to tackle the eurozone debt crisis, which he called “the most serious challenge of a generation”.

He said he would urge the 17 eurozone nations to issue joint bonds, allowing them to borrow money collectively.
Eurobonds have been backed by Italian Finance Minister Giulio Tremonti and investor George Soros.
However, Germany has repeatedly expressed its opposition to the idea.

“I want to confirm that the Commission will soon present options for the introduction of eurobonds,” he said.
“Some of these could be implemented within the terms of the current treaty, and others would require treaty changes.”
However, Mr Barroso emphasised that the measure on its own was not enough to solve the eurozone debt crisis.

He said Europe needed a “federalist moment” to rescue it.

China’s president, Wen Jiabao, said that his country stood ready to help, but only if the eurozone got its act together.
“The governments of all countries must truly shoulder their responsibilities and deal properly with their own affairs,” he said, speaking at the World Economic Forum at Dalian in China.

Source: The BBC

My comment:

The demand for a Eurobond is based on desire to se a pan-European economy. To demolish all national borders, the national control over their economical future must be broken.

It is amazing that the Europeans buy this proposal by the EU leadership. The demand is a result of the default by Greece, who have broken all fiscal rules of the European Union. If the Lawlessness of Greece shall set the standards for the whole continent, what makes you feel that lawlessness will not spread to the EU leadership too?

Germany is the last frontier in regards to the Eurobond. If the Germans have to guaranty for the economical lawlessness in the Catholic strongholds of Portugal, Italy, Ireland and Greece, the last and final bailout will also fail. The next suggestion will be a World bond, and a One World currency.

Written by Ivar

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