Eurobonds require credible fiscal enforcement (euobserver.com)

• 18 EU states request defence spending flexibility
• Historical enforcement failures undermine Eurobond credibility
• Integration of ESM, EFSF, EU Commission, EIB curves proposed as first step

"Calls for Eurobonds increase as 18 EU states seek more fiscal flexibility for defence and energy. But integrating existing supranational AAA issuers (ESM, EFSF, EU Commission, EIB) could be a more credible first step than new common bonds, as long as fiscal rules lack consistent enforcement."