After more than a year of turmoil in the Eurozone with extending debt crisis to countries like France, once an engine of the EU, bankers and policymakers consider a deep reform of the currency policy of the Union. Positions still differ, with George Osborne, the UK Chancellor, calling for deeper integration and a certain fiscal union to solve the debt crisis, while Italian counterpart Giulio Tremonti urges the introduction of common euro-area bonds. So far, the French and German leaders have opposed more radical moves, but latest events may change their position.
Luxembourg Prime Minister Jean-Claude Juncker had long argued in favour of joint euro bonds and he believed the trend was pointing towards closer coordination of fiscal policies.
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