Crucially, however, the proposed new securities wouldn’t be jointly guaranteed by the euro-zone governments.
Without the joint guarantee, the new instrument is largely pointless.
The innovation would have symbolic value, always much prized in EU affairs.
And it could serve as a prelude to deeper forms of integration.
"I am sure the euro will oblige us to introduce a new set of economic policy instruments.
It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created."
Romano Prodi, EU Commission President. Financial Times, 4 December 2001