Euro Joint Bills, Budget Urged as Path Out of Debt Crisis
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European leaders were urged to consider the pooling of national bill sales and setting up a euro-zone budget with its own borrowing powers as steps toward overcoming the debt crisis.
Bill sales “on a limited and conditional basis” could create a “genuine euro-area safe and liquid asset” that breaks the vicious circle of bank and sovereign debt, European Union President Herman Van Rompuy said in a position paper released today in Brussels.