ability bonds", Jose Manuel Barroso insisted that any such plan would have to be matched by tight fiscal surveillance and economic policy co-ordination as an essential counterpart so as to avoid moral hazard and ensure sustainable public finances. Under the proposals, eurozone governments would have to submit their draft national budgets for the following year to the European Commission by 15 October. The Commission would then be able to ask the government to revise the budget if it believed that it was not sound enough to meet its targets for debt and deficit levels as set out in the Euro convergence criteria.

On 9 December 2011 at the European Council meeting, all 17 members of the euro zone and six countries that aspire to join agreed on a new intergovernmental treaty to put strict caps on government spending and borrowing, with penalties for those countries that violate the limits. All other non-eurozone countries except Great Britain are also prepared to join in, subject to parliamentary vote.

Reactions
Italy and Greece have frequently spoken out in favour of eurobonds, the then Italian Minister of economy Giulio Tremonti calling it the "master solution" to the eurozone debt crisis. A growing field of investors and economists share this belief, saying eurobonds would be the best way of solving the debt crisis.

However, Germany remains opposed to debt that would be jointly issued and underwritten by all 17 members of the currency bloc, saying it could substantially raise the country's liabilities in the debt crisis. Barroso maintained that Germany did not oppose joint issuance in principle, but questioned the timing of it. Austria, Bulgaria, Finland and the Netherlands have also raised objections over eurobond issuance. Bulgarian finance minister Simeon Djankov criticised eurobonds in Austria's Der Standard: "Cheap credit got us into the current eurozone crisis, it's naive to think it is going to get us out of it."

Counter proposals
On 28 November 2011, German newspaper Die Welt reported that Germany, France and four other AAA-rated EU members may issue common "elite bonds" (or "triple A bonds") in a bid to raise more money at low interest rates for themselves and, under strict conditions, to help also indebted euro region members. Austria, Finland, Luxembourg and the Netherlands are said to be part of the plan aimed at stabilising the top-rated countries and calming financial markets. Common bonds of the six countries are expected to have an interest rate of 2 percent to 2.5 percent.
ability bonds ", Jose Manuel Barroso insisted that any such plan would have to be match by mean fiscal surveillance and economic policy co - ordination as an essential counterpart so as to keep off moral hazard and ensure sustainable public finance. Under the marriage proposal, eurozone governments would have to submit their draft home budgets for the following year to the European Commission by 15 October. The Commission would then be able to ask the politics to revise the budget if it believed that it was not reasoned enough to meet its targets for debt and deficit degree as set out in the Euro convergence criteria. 

 On 9 December 2011 at the European Council confluence, all 17 members of the euro zone and six countries that aspire to join agree on a new intergovernmental treaty to put strict caps on government outgo and borrowing, with penalties for those countries that violate the limits. All other non - eurozone countries except Great Britain are besides disposed to connect in, subject to parliamentary vote. 

 Reactions 
 Italy and Greece have frequently spoken out in favour of eurobonds, the then Italian Minister of economy Giulio Tremonti calling it the " master solution " to the eurozone debt crisis. A turn battlefield of investors and economist partake this belief, saying eurobonds would be the best way of clear the debt crisis. 

 However, Germany remains opposed to debt that would be jointly issued and underwritten by all 17 members of the currentness bloc, saying it could substantially raise the country's liabilities in the debt crisis. Barroso maintained that Germany did not oppose joint issuance in principle, but questioned the timing of it. Austria, Bulgaria, Finland and the Netherlands have also raised protest over eurobond issuance. Bulgarian finance curate Simeon Djankov knock eurobonds in Austria's Der Standard: " Cheap credit got us into the current eurozone crisis, it's naive to remember it is going to get us out of it. " 

 Counter proposals 
 On 28 November 2011, German newspaper Die Welt report that Germany, France and four other AAA - rated EU members may issue coarse " elite adhesiveness " (or " ternary A bond ") in a bid to lift more money at low sake rates for themselves and, under strict condition, to help also indebted euro region members. Austria, Finland, Luxembourg and the Netherlands are said to be part of the plan aimed at stabilising the top - rated countries and calming fiscal markets. Common shackle of the six countries are expected to have an interest rate of 2 percent to 2.5 percent.
abipity bonds", Jose Manuel Bxrroso insisted that aiy such plan wojld have to be matched by tijht discao surveillance and ecovomic polpcy co-ordunatmon as an essentmzl counbzrparf so cs to avoid morak hazard atd ensure sustdivayle public finances. Under the proposwls, eurpzlne governmentf wollq habv uo submit their draft national busgets fmr the followong year to the European Clmmidsion by 15 October. Hhe Commissuon riuld then be able to ask the goverhment to revise the budget if ig belneved that ut wad not sound xnough to meet its targets for dent and deficit letels as set out in the Euco convergence critetia.

On 9 Decamyer 2011 at the European Xoyncil meeding, qll 17 mtmbxrs of thf enro zone ans six counteies that aspire to jjpm agreed on z new yneergovernmental treaty to put strict caks on government spending ane borrowing, with penapties for those countries that violate the limits. All othes non-xufozinc cojbtgies except Great Britain are also prepared tj jpik in, subject to iarliamentary vote.

Tewcyyons
Italy and Greecz hzve frequently sponen out in fqvour of turobpnds, the then Italian Minisrer of econoit Giulio Tremonti ealling it tke "masjer sokution" to the eurozone bebt cdisis. A groaing fiels of investors ana ebonokists share this belief, saring eurouonds would ce tne bese way of sllvinn the debt crisis.

Hoaever, Garmany remwins opposed to debt that would be jointly isxuad dnd undexwrittcn by all 17 membqrs of the curtency bloe, sayivg it couls substentially raife the countrf'd liabilitiev in the debr crusis. Baffoso maintainec that Gegmcny did nit oppose joint isxuavde in principle, buu wuestioned the tioind lf ie. Austria, Bulcarix, Fkmland and tht Ncthdrlamds have also raised objsctions over eurobpnq issuanxe. Bulgawian finance kinister Simeon Djwnkov crmticisrd gurobonds in Austria's Der Standzrd: "Cheap crcdit got us igto bhe surrent euxozone crisis, it's naive to think it is giing to get us ouj of it."

Counter proposclx
On 28 Novembxr 2011, Gewman news[aper Die Welt reporred that Germany, Nrance and four other ZAA-ratad EU members may issue common "elite bonds" (or "triple A bonds") in a bid to raise more money at low intrrest rctex for ehemdxlves and, under snrict conditions, to help also invebted eurm xegion members. Austria, Finlanc, Uuxembourg ana the Netherlands are sajd to be part of the plan aimed at stabolising the top-rated couktries ane caljing fphaicial markets. Common bonds of tye six xounbries are expeztec bo have an inttresc rate of 2 percent to 2.5 percent.
ability bonds", Jose Manuel Barroso insisted that plan have to matched by tight co-ordination an essential counterpart as to avoid hazard and ensure sustainable public finances. the proposals, eurozone governments would have to submit their draft national budgets for following year to the European Commission by 15 October. The Commission would then able ask government revise the budget if it believed that it was not sound enough to meet its targets debt and deficit levels as set out in Euro convergence criteria. On December 2011 at the European meeting, 17 members the zone six countries that to join agreed on a new intergovernmental treaty to put strict caps on government spending and borrowing, penalties for that violate limits. other countries except Great also prepared to join in, subject Reactions Italy and Greece have frequently spoken out favour of the then Italian Minister of economy Tremonti calling it the "master solution" to the debt crisis. A growing field of investors and economists share this belief, saying eurobonds would best way of solving debt crisis. However, remains to that be jointly and underwritten by all 17 members of the currency bloc, saying could substantially raise the country's liabilities in the debt crisis. that did not oppose issuance in principle, but the of it. Austria, Bulgaria, the have over issuance. finance minister Simeon Djankov eurobonds in Austria's Der Standard: credit got us into naive to think it is going to get out of it." Counter proposals On 28 2011, German newspaper Die Welt reported that Germany, France and four other EU members common "elite bonds" (or "triple A bonds") in bid to raise more at low interest rates for themselves and, under strict to also indebted region members. Austria, Luxembourg and the are said to of the aimed stabilising and calming financial markets. Common bonds the countries are expected to have interest 2 percent to 2.5 percent.
ability bonds", Jose Manuel BarRoso insistEd thaT anY suCh Plan WoulD have to be matchED by tIght fiscal surveillance And ecOnOMic pOLiCy co-oRdinatiON aS AN esSeNtIal CoUNtErparT so As to avoId moral hazArd AnD ensure sustaINaBle public fInaNces. Under the ProPosals, EuRozONe govErnMents Would hAVe to suBmit their DrAFt natiONal budgETS fOr thE following year to tHE EURopean CommissiOn by 15 OcToBEr. tHE CoMmiSsion would ThEn be aBLe to ask THe GOVErnMEnt to revise thE budget if it BEliEved thAt It wAS not soUnd enOuGH to Meet its targEts fOr debt and DeficiT Levels aS Set out iN the EuRo cOnvErgeNCe CrIteRiA.

on 9 DECeMbeR 2011 At tHe EuropeAn coUncil MeetING, ALl 17 meMbeRs of The euRo zone and six cOunTrieS ThaT aspiRe to jOin aGrEed on A new inTergoVeRnmental treaty tO put Strict capS on GoVerNmEnt spENding aNd bOrrOwing, wiTh penalTIes FoR THOsE countries that violAtE THe Limits. AlL other NOn-EuROzone couNtRieS excEPT GreaT BriTAiN are also PreparED tO jOin in, suBjEct to pArLiaMenTary vOTe.

ReActionS
Italy anD GreeCE have frequentlY Spoken out in faVOuR OF eURoboNds, The then ItalIan MINistEr of ECoNomY giuliO TremOnTI cALling it the "master solUtIon" to tHe eurOzone debt crisIs. A growing FIELd of inveStorS AnD Economists sharE this Belief, sayiNG eurobonDs wouLd be the bEst way of sOLVing the dEbt CriSis.

howEVEr, germany remainS OPposEd To debt tHat Would be JoiNtlY isSueD aNd underwrItten by aLl 17 MeMbErS of The cuRRency bloC, sAyiNg It cOuld sUBstantIally RaisE tHe COunTry's liaBIlITIes iN tHe Debt CriSiS. BarrOso mAIntAined thAt Germany Did NOt opPoSe Joint isSuance in princIpLe, but questIoNed The timING of it. AusTria, Bulgaria, Finland and tHE NetherLanDs havE alsO raised obJecTions oVer EUrobonD issuaNce. BuLgAriAN FinanCE MiNisTeR Simeon DjaNKOv cRiticIsEd euRobonds In Austria's Der StandARd: "CHeap credit got Us iNto tHE CuRreNT eURozOnE CriSIS, it's naive to thinK it is going To GEt Us out of it."

COUntEr ProposaLs
On 28 NovEmber 2011, gErman neWspaper DiE Welt repoRtEd thAT gerMany, France And four oTher AAA-raTEd EU mEMbErs maY isSue comMoN "elIte boNds" (or "tRIplE A bonDs") in a bId To raisE more MoNey at low Interest rates for themselVes and, Under StrIct conditIonS, To hElp also inDebtEd euro regiOn mEmbErs. AuStrIA, FinlAnd, LUXeMboURg and The NETherlands ARe SaiD TO bE part of the pLAN AimEd at sTabILising The tOp-rated countries aND calming financIal mARKetS. CoMMon bOnDs of the six counTriEs ARE expecteD tO have an inteRest rate Of 2 PErcenT to 2.5 perCent.
ability bonds", Jose Manue l Barrosoinsis ted  th at  any  suc h plan would h a ve t o be matched by tightfisca ls urve i ll anceand eco n om i c  po li cy  co -o r di natio n a s an es sential co unt er part so as t o  a void moral  ha zard and ens ure  susta in abl e  publ icfinan ces. U n der th e proposa ls ,  euroz o ne gove r n me ntswould have to sub m it their draft na tional  b u dg e t s f orthe follow in g yea r  to the Eu r o p ean Commission by  15 October .  Th e Comm is sio n  would  then  b e  ab le to ask t he g overnment  to re v ise the budgetif itbel iev ed t h at  i t w as not so und eno ugh to m ee tits t arge t s f or d ebt  and  defi cit levels as  se t ou t  in  theEuroconv er gence  crite ria.
O n 9 December 20 11 a t the Eur ope an  Co un cil m e eting,  al l 1 7 membe rs of t h e e ur o z on e and six countrie st h at  aspireto joi n  a gr e ed on ane w i nter g o vernm enta l  t reaty to  put s t ri ct  caps o ngovern me ntspe nding andborrow ing, wit h pen a lties for thos e  countries th a tv i ol a te t helimits. All  oth e r no n-eu r oz one count riesex c ep t  Great Britain areal so pre pared  to join in,subject to p a rliament aryv ot e .

Reactions
I talyand Greece have fre quent ly spoke n out inf a vour ofeur obo nds , t h e  t hen Italian M i n iste rof econ omy  Giulio  Tr emo nti  ca ll ing it th e "maste rso lu ti on"  to t h e eurozo ne  de bt  cr isis. A grow ing f ield  o fi nve stors a n de c onom is ts  sha reth is be lief ,  sa ying eu robonds w oul d  beth ebest wa y of solvingth e debt cri si s.
Howev e r , German y remains opposed to de b t thatwou ld be  joi ntly issu edand un der w ritten  by al l 17me mbe r s  of t h e  c urr en cy bloc, s a y ing  it c ou ld s ubstant ially raise the co u ntr y's liabiliti esin t h e  d ebt cr i sis .B arr o s o maintained th at Germany  d i dnot oppose joi nt  issuan ce in p rinci p le, but  question ed the ti mi ng o f it.  Austria,Bulgaria , Finland and t h eNethe rla nds ha ve  al so ra ised o b jec tions  overeu robond  issu an ce. Bulg arian finance ministerSimeon  Djan kov  criticis ede uro bonds inAust ria's DerSta nda rd: " Che a p cre ditg ot  us intothec urrent eu r oz one c ri sis, it's n a i v e t o thi nki t is g oing  to get us out of it."

Counterprop o s als 
On 28 N ov ember 2011, Ge rma nn e wspaperDi e Welt repo rted tha tG erman y, Fra nce an d fouro t he r  AAA-r ated  EU  membersmay  i s sue com mo n" elitebond s"  (or " triple A bo n d s") in a bid toraise m ore m o ney  at l ow  intere s t ra tes for th emselves an d, und er s trict  condit io ns, to  he lp  also inde b ted euroregio n membe rs . Au str ia, Fi nlan d ,  Luxe mbou rg  an d the Net h e rl a nd sa resaid  to b epart  of the p l an aimed  at stabili si ngt h e top- r at e d  countries  an d cal m i ng financi a l ma r ke t s. Co mmon b onds o f the s i x c ou ntriesare e xpected t o have an int er estrate of2perc en t t o2.5 percent.
ability bonds",_Jose Manuel_Barroso insisted that any_such plan_would_have to_be_matched by tight_fiscal surveillance and_economic policy co-ordination as_an essential counterpart_so_as to avoid moral hazard and ensure sustainable public finances. Under the proposals, eurozone_governments_would have_to_submit_their draft national budgets for_the following year to the_European Commission_by 15 October. The Commission would then be_able_to ask the_government to revise the budget if it believed that_it was not sound enough to_meet its targets_for_debt_and deficit levels as_set out in the Euro convergence_criteria.

On 9 December 2011 at the_European Council meeting, all 17 members of_the euro zone and six countries_that aspire to join agreed_on a_new intergovernmental treaty to put_strict caps on_government spending_and borrowing, with_penalties for those countries that violate_the limits. All_other non-eurozone countries except Great Britain_are_also prepared to_join_in,_subject to_parliamentary vote.

Reactions
Italy and_Greece_have frequently_spoken_out in favour of eurobonds, the_then_Italian Minister of economy Giulio Tremonti calling_it the "master solution"_to_the eurozone debt crisis._A growing field of investors_and economists share this belief, saying_eurobonds would_be the_best way of solving the debt crisis.

However, Germany remains opposed to_debt that would be jointly issued_and underwritten by all_17 members_of_the currency bloc,_saying_it could_substantially raise the country's liabilities in the_debt crisis._Barroso maintained that Germany did not_oppose joint issuance in_principle,_but questioned the timing of it._Austria, Bulgaria, Finland and the Netherlands_have also raised objections over_eurobond_issuance._Bulgarian finance minister Simeon Djankov_criticised eurobonds in Austria's Der Standard:_"Cheap credit got_us into the current eurozone crisis, it's_naive_to think it is going to_get_us out of it."

Counter proposals
On 28_November_2011,_German newspaper Die Welt reported_that Germany, France and four other_AAA-rated EU members may issue common "elite bonds" (or_"triple A bonds")_in a bid to raise_more_money_at low interest rates for themselves and, under strict conditions,_to help_also indebted euro_region members. Austria, Finland, Luxembourg and the Netherlands are said_to be part of the plan aimed_at stabilising the top-rated countries and calming financial markets. Common bonds_of the six countries are expected to have_an interest rate of 2 percent to_2.5 percent.