| 10.4°C Dublin

Barroso unveils eurobonds plan

EUROPEAN Commission (EC) president Jose Manuel Barroso has unveiled plans for eurobonds despite German opposition.

The EC will now begin a series of tests and consultation to asses if the 17 eurozone countries can issue the bonds to raise cash.

Mr Barroso's 'stability bonds' plan would see much more interference of the budgets of countries within the eurozone, to avoid a repeat of the bailouts.

"Stability bonds will not solve our immediate problems and cannot replace the reforms that are needed in countries currently under pressure," said Mr Barroso (above).

"But it is also important to show that we are serious about stronger governance in the euro area."