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Hollande set to repeat call for euro-area bonds

Several leaders from across the eurozone will this week put forward a plan that would see the region's debt become mutualised, sources have indicated.

According to European Union (EU) and US insiders speaking to Reuters, new French president Francois Hollande will lead a group of like-minded officials in the economic bloc promoting this idea at an informal meeting in Brussels later this week (23 May).

At present, German chancellor Angela Merkel opposes this potential method of improving the region's financial situation.

However, Mr Hollande raised the topic of euro-area bonds during talks between G8 officials over the weekend and also plans to bring he subject up once again when EU leaders meet up in the Belgian capital on Wednesday.

One source said that while the implementation of such a plan is not something that can happen "overnight", the debate surrounding euro bonds is now back "front and centre" in all debates.

"Hollande will have support from other leaders if he raises it," they added.

By Gary Cooper