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| Version 2 | Version 3 |
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| Common Eurozone bond idea being considered | Common Eurozone bond idea being considered |
| (40 minutes later) | |
| Eurozone finance ministers may consider creating a common government bond to help reduce borrowing costs. | Eurozone finance ministers may consider creating a common government bond to help reduce borrowing costs. |
| The idea may be on the agenda at Monday evening's meeting of the ministers, called to discuss Europe's debt crisis. | |
| Supporters of "E-bonds" argue they would help protect eurozone countries from speculation and attract new capital flows into the region. | Supporters of "E-bonds" argue they would help protect eurozone countries from speculation and attract new capital flows into the region. |
| But Germany is thought to be sceptical of the idea, which it believes could only work with closer integration. | |
| Key proponents of E-bonds are Jean-Claude Juncker, Luxembourg's prime minister and chairman of the eurozone finance ministers group, and Giulio Tremonti, Italy's finance minister. | Key proponents of E-bonds are Jean-Claude Juncker, Luxembourg's prime minister and chairman of the eurozone finance ministers group, and Giulio Tremonti, Italy's finance minister. |
| They set out their argument in an article in the Financial Times, calling for the creation of a European Debt Agency (EDA) to issue what they say would be secure, highly-rated bonds. | They set out their argument in an article in the Financial Times, calling for the creation of a European Debt Agency (EDA) to issue what they say would be secure, highly-rated bonds. |
| They wrote: "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% of the gross domestic product of the European Union and of each member state. | They wrote: "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% of the gross domestic product of the European Union and of each member state. |
| "We believe this proposal provides a strong, credible and timely response to the ongoing sovereign debt crisis," the pair wrote. | "We believe this proposal provides a strong, credible and timely response to the ongoing sovereign debt crisis," the pair wrote. |
| However, the idea appears to have powerful opposition in Germany. Its finance minister Wolfgang Schaeuble said it was unworkable "without fundamental changes" in the European Union. | |
| Germany believes the current system, under which countries issue their own bonds, imposes some fiscal discipline on members - and punishes them when they step out of line. | |
| The finance ministers' meeting was called to approve a draft directive aimed at strengthening cooperation on tax evasion and tax fraud. | |
| The meeting will also discuss bank levy schemes. | The meeting will also discuss bank levy schemes. |