Euro Bond Discord

WHILE JOINTLY GUARANTEED DEBT MIGHT CALM THE CRISIS IN THE EURO ZONE, AS OF LATE JUNE THE IDEA MOSTLY HAD STIRRED DIVISIONS AMONG THE REGION’S LEADERS.

MICHELE TANTUSSI/BLOOMBERG

NEIN!

German Chancellor ANGELA MERKEL said June 15 that she remained steadfastly opposed:

“GERMANY WILL NOT BE PERSUADED OF ALL THOSE QUICK SOLUTIONS SUCH AS EURO BONDS, STABILITY BONDS, A EUROPEAN DEBT INSURANCE FUND.”

Finnish Prime Minister JYRKI KATAINEN, as of June 12, stood with Merkel:

“A RELEVANT QUESTION IS WHETHER IT IS REASONABLE TO TAKE THE MARKET PRESSURE AWAY FROM THE SOVEREIGN-BOND MARKET.”

IT’S COMPLICATED

European Union Economic and Monetary Commissioner OLLI REHN expressed support on June 15, with caveats:

“THIS PROCESS HAS TO PROVIDE AN ANSWER TO THE CONCERNS ABOUT MORAL HAZARD.”

J’ADORE!

French President FRANCOIS HOLLANDE said on June 15 that euro bonds should be seen as a step toward tighter economic integration:

“TO DEEPEN FINANCIAL UNION, THERE ARE MANY OPTIONS SUCH AS A FINANCIAL TRANSACTIONS TAX AND JOINT DEBT ISSUANCE.”

Italian Prime Minister MARIO MONTI said June 7 that jointly guaranteed debt would demonstrate political cohesion:

“WE NEED TO QUICKLY ACT TO PUT AN END TO THE VICIOUS CIRCLE BETWEEN THE VULNERABILITY OF THE BANKING SECTOR AND THE SOVEREIGN-DEBT CRISIS.”

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