Europeans know it, admit it but not only are they not implementing it but they are setting terms to go forward in producing the bonds.
The reason is that EU officials, although aware of the situation in the markets and the pleads of analysts and specialists, need to be politicians first and foremost...
In any case the solution would be the eurobonds that could lead to a relief from the crisis. That is what is officially said in Brussels in a formal letter that will be publisized next Wednesday.
Specifically the French News Press mentions that it obtains already a copy of the document with 3 proposals mentioned in it, one of which could be implemented immediately since no changes of the current EU conditions are needed.
The proposals refers to a "common use" of the debt by the Eurozone countries, but prior to that to ensure a strict entrance procedure to all the countries eligible to join.
The proposals are the three following:
1.Eurobonds to substite all bonds that circulate today, and have joint guarantees for the whole of the EU.
2.Eurobonds that will not substitute all the national bonds. They will be used to partly cover the needs of the EU countries.
In order for the first two solutions to be possible the article 125 of Lisbon needs to change.
3. The third and final solution is for the eurbonds to circulate parallel to the national bonds, so every country contibutes with its guarantees a sum that reflects its comittment to the eurobond. Of course this will be not in favour of countries borrowing with higher rates.
This solution however, could be immediately implemented.
Through this report to be published Wednesday, EU officials admit that the solution is the eurobond.