The long term benefits of Eurobonds  The European Union should not only focus on the present but also try to find a permanent solution in resolving and preventing economic crisis. The solution that is implemented right now through the European Stability Mechanism is a temporary one and has no power in preventing further crisis. First of all, the failure of the European Union to agree on banks bailout is a good example. [1] As economic affairs commissioner Olli Rehn admitted the bailout negotiations have been "a long and difficult process" [2] because of the many institutions and ministers that have a say in making the decision. More than that, it sometimes takes weeks and even months until Germany and other leaders in the union can convince national parliaments to give money in order for us to be able to help those in need.  Issuing bonds as a union of countries will provide more control to the ECB that will be able to approve or deny a loan – one option would be that after a certain limit countries would have to borrow on their own. [3] This will prevent countries from borrowing and spending irrationally like Greece, Portugal, Spain and Italy did in the past. The unsustainable economic approach can be easily seen in the fact that public sector wages in Greece rose 50% between 1999 and 2007 - far faster than in most other Eurozone countries. [4] Clearly Greece could make the choice to go separately to the market to fund this kind of spending but it would be unlikely to do so.  [1] Spiegel, Peter, ‘EU fails to agree on bank bailout rules’, The Financial Times, 22 June 2013,   [2] Fox, Benjamin, ‘Ministers finalise €10 billion Cyprus bailout’, euobserver.com, 13 April 2013,   [3] Plumer, Brad, ‘Can “Eurobonds” fix Europe?’, The Washington Post, 29 May 2012,   [4] BBC News, ‘Eurozone crisis explained’, 27 November 2012,