The state of the union address of the president of the European Commission

“Once the euro area is fully equipped with the instruments necessary to ensure both integration and discipline, the issuance of joint debt will be seen as a natural and advantageous step for all. On condition that such euro bonds will be "Stability Bonds": bonds that are designed in a way that rewards those who play by the rules, and deters those who don't. As I already announced to this house, the Commission will present options for such "Stability Bonds" in the coming weeks. 

Some of these options can be implemented within the current Treaty, whereas fully fledged 'euro bonds' would require Treaty change.  We can do a lot within the existing Treaty of Lisbon. And there is no excuse for not doing it, and for not doing it now.  But it may be necessary to consider further changes to the Treaty.”