The bond wagon
• Has the time arrived for the European Central Bank to issue euro bonds to euro member countries in trouble? Yes, I think so, but only when these countries get their houses in order.
This may or may not lead to inflation but there is an overriding need to lubricate the financial and banking systems of these euro member countries, plus possibly the banks of stronger member states that lent so heavily.
Former German chancellor Helmut Schmidt may have meant the same in his speech last weekend to the SPD Party when he criticised the German government's response to the euro crisis.