Here is what van Rompuy proposed in his report that is currently being discussed in Brussels.
In a medium term perspective, the issuance of common debt could be explored as an element of such a fiscal union and subject to progress on fiscal integration. Steps towards the introduction of joint and several sovereign liabilities could be considered as long as a robust framework for budgetary discipline and competitiveness is in place to avoid moral hazard and foster responsibility and compliance. The process towards the issuance of common debt should be criteria-based and phased, whereby progress in the pooling of decisions on budgets would be accompanied with commensurate steps towards the pooling of risks. Several options for partial common debt issuance have been proposed, such as the pooling of some short-term funding instruments on a limited and conditional basis, or the gradual roll-over into a redemption fund.[source : TOWARDS A GENUINE ECONOMIC AND MONETARY UNION, Report by President of the European Council Herman Van Rompuy, 26/06/2012]
And I can find only one mention of this little nugget to pilot a Eurobond, with most media focusing on Spain and Italy forcing Merkel to buckle under all the pressure that is being applied to her, including from very senior Bilderbergers.
The new growth package, announced by Mr Rompuy, is made up of:[source : Eurozone agrees on bank recapitalisation, BBC, http://www.bbc.co.uk/news/world-europe-18620965, 29/06/2012]
A 10bn-euro boost of capital for the European Investment Bank, expected to raise overall lending capacity by 60bn euros
Targeting 60bn euros of unused structural funds to help small enterprises and create youth employment
A pilot launch of EU project bonds worth 4.5bn euros for infrastructure improvements, focusing on energy, transport and broadband.
It all seems to be going ahead, further integration and Eurobonds, but it will take a long time.
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