Euro bonds as a birthday gift

Ten years ago, on 1 January 2002, the euro was introduced. The debt crisis is casting a cloud over an anniversary that should be celebrated despite everything - with more European integration and the introduction of euro bonds, the liberal-conservative daily Corriere della Sera writes: "The advantages the euro has brought for the countries of the European Monetary Union (EMU) far outweigh the disadvantages. The euro has become one of the most important central bank reserve currencies outside of the EMU and on the financial markets. ... But within the Union it is now crucial to strengthen the European Stability Mechanism to reduce the spiralling interest rates on the bonds of indebted countries. In addition to other measures this requires the introduction of euro bonds. Europe must understand that the process of integration should not be allowed to stall. ... Financial stability and growth-promoting measures must go hand in hand. This is the European answer to the crisis and hopefully also that of the upcoming EU summit."

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