An interesting paper presenting an alternative initiative to Eurobonds.

The paper outlines it's diagnosis of the Eurozone Financial Crisis and it suggests that Eurozone needs to devise a "safe asset" to underpin the Eurozone system.

Because the Eurozone system is not fully integrated in terms of common policy across taxation etc, the paper suggests that the issuance of Eurobonds is not feasible in the short/medium term.
However the Eurozone has to devise a safe asset in the meantime and the paper's authors suggest the issuance of an security instruments called ESBie's through the European Debt Agency.

The idea is that the ESBie would be a free Eurozone "safe asset".

Securitization of Eurozone Debt