Report for EU leaders: Issuance of common debt and “joint and several” liabilities could be considered as final stage of fiscal union process – Document

• Common euro zone debt issuance would require “robust framework of budget discipline and competitiveness” to be in place first
• Full fiscal union in EU would imply creation of a unified euro zone fiscal body such as a treasury office
• As well as common debt issuance, different forms of “fiscal solidarity” could also be considered
• Next steps towards EU banking and fiscal union will come in a report in December, with interim report in October

Reuters reporting.