Only euro bonds can end the crisis

The solution to the debt crisis proposed by Nicolas Sarkozy and Angela Merkel does not foresee the introduction of euro bonds. Nevertheless such securities are the sole way out of the crisis, writes the business paper Les Echos: "Not just as a way out of the crisis, but also to further the construction of Europe and prevent it from imploding. Because the crisis the Eurozone finds itself in came about within a shaky monetary union with a common currency and autonomous budget policies. The countries that have started to falter because of their excessive public spending no longer have monetary policy options at their disposal to get back on their feet. They will be attacked as long as speculators trade their debts on the markets. And those countries that have had sound policies all along will not be spared in the ensuing crash."

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