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Last European Union

EP is expected to create at the European Summit of 17 and 18 October and is emerging as a solution to the debt crisis. German Chancellor until now great enemy of Eurobonds, could recoil before scarce local electoral revenue that gives it. The European Union is preparing to create a European debt agency that can issue bonds backed jointly by all eurozone countries, according to diplomatic sources explained. This agency is seen in Brussels as the only definitive solution to the debt crisis in the eurozone which affects Italy, Spain and even France, which threatens the survival of the euro. Even German Chancellor Angela Merkel, starts to rectify its frontal rejection of so-called Eurobonds, after verifying that his rejection has not prevented its defeat in regional elections and that the German constitutional has endorsed, albeit with conditions, the bailouts in the eurozone. EU technicians are now studying how this joint debt would be structured to maintain these incentives and compensate countries with maximum CRAs must pay more. Sources point to the Summit which will be held on 17 and 18 October for the announcement of the Agency. The Council, the Commission and the Eurogroup the proposal to create a European debt Agency be included in the plan to enhance the economic integration of the EU elaborates these days, commissioned by the 27, the President of the European Council, Herman Van Rompuy, in collaboration with the Commission, Jose Manuel Durao Barroso, and the Eurogroup, Jean-Claude Juncker.

Both Van Rompuy and Barroso are discussing the proposal with the js of State and Government of the eurozone. Barroso met Monday with Chancellor Merkel and will do on Tuesday with Italian Prime Minister Silvio Berlusconi. For his part, Van Rompuy will interview also Tuesday with Berlusconi and French President Nicolas Sarkozy. The launching of a European debt Agency was already proposed last December by Juncker and Italian Finance Minister, Giulio Tremonti. Both dndian that this measure would send a message clear to markets and European citizens about the irreversibility of the euro. But since the renewed attacks on Spanish and Italian debt of this August, has increased consensus among economists and politicians that Eurobonds are the only exit to the crisis. So former European leaders as Felipe Gonzalez or German Gerhard Schroede expressed it in a joint statement last week r and economists such as Joseph Stiglitz and Nouriel Roubini. In any case, the Commissioner for Economic Affairs, Olli Rehn, has insisted in recent days that the creation of Eurobonds must be accompanied by a transfer of fiscal sovereignty to avoid moral hazard and ensure sustainable public finances. Source of the news: the European Union last an agency to issue Eurobonds