The magazine “The International Economy” recently asked a number on international economists to comment on the wisdom of extending the quantity of bonds issued by the EU and supported by provisions of “joint and several” responsibility. WilliamWhite reponded by saying that there were good reasons for supprting such bond issues to date. However, he felt their were also good reasons for believing that this was not a precursor to the issue of EU bonds supported by an expanded capacity of the EU to levy increased taxes across the EU. Given growing nationalist sympathies among the European states, a further near -term move towards fiscal union was likely a bridge too far.
http://www.international-economy.com/TIE_Su25_EUBondSymp.pdf