BRUSSELS ? A draft of a European Union study asserts that the joint issuing of eurobonds by the 17 euro nations would be the most effective way to tackle the financial crisis.
The study by the European Commission, the EU's executive branch, will be presented Wednesday and could highlight the rift with Germany, which is already funding the bulk of the existing bailouts and does not consider eurobonds a viable option at the moment.
The draft, published by the Financial Times and confirmed by the Commission, said replacing national bonds with one jointly-backed bond would have to be matched by tight financial and budgetary coordination. It also says discipline woul be needed to make it impossible for profligate nations to live on the back of budget-concious member states.
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