"Europe must use bonds to fight the debt crisis on two fronts" article in The Guardian
Tuesday 18 october 2011, Jacques Delors, Pervenche Beres, Yves Bertoncini and Daniel Cohen*, signed an article in The Guardian called "Europe must use bonds to fight the debt crisis on two fronts".
This article was published in French Version in "Libération" on 18 October 2011.
Unless the sovereign debt crisis is addressed at its root, it is going to threaten the eurozone, which was conceived for stability in the midst of global disorder. Whatever the decisions in favour of banks' recapitalisation may be, it is essential for the EU and the economic and monetary union to have more constraining rules as well as more financial means to consolidate the European and international role of the euro.
In this perspective, the often mentioned creation of "eurobonds" would play a crucial role in the short term and would permanently strengthen the eurozone's overall architecture. But to make progress, we need to accurately identify the challenges facing the eurozone and the 27-strong EU, mobilising two different kinds of bonds serving two different purposes.
To read the article please dowload it.
*Jacques Delors is Founding President of Notre Europe, Pervenche Berès is MEP, Yves Bertoncini is Secretary General of Notre Europe and Daniel Cohen is Professor at ENS.