文档介绍：E-bonds would end the crisis
Financial Times
By Jean-Claude Juncker and Giulio Tremonti
Published: December 5 2010 19:38 | Last updated: December 5 2010 19:38
In spite of recent decisions by European fiscal and monetary authorities, sovereign debt markets continue to experience considerable stress. Europe must formulate a strong and systemic response to the crisis, to send a clear message to global markets and European citizens of our political commitment to economic and monetary union, and the irreversibility of the euro.
This can be achieved by launching E-bonds, or European sovereign bonds, issued by a European Debt Agency (EDA) as successor to the current European Financial Stability Facility. Time is of the essence. The European Council could move as early as this month to create such an agency, with a mandate gradually to reach an amount of outstanding paper equivalent to 40 per cent of the gross domestic product of the European Union and of each member state.
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That would bring sufficient size for it to become the most important bond market in Europe, progressively reaching a liquidity comparable to th