The commission’s discussion also suggested sovereign bond-backed securities to make bank’s balance sheets more diversified and interconnected.

“These financial instruments … are securitized financial products that could be issued by a commercial entity or an institution,” the commission said, highlighting that “there would be no debt mutualization between member states.”

Some argue that such options would allow more-troubled economies to keep borrowing at low costs in a scenario where the European Central Bank would stop its quantitative easing program.

The Commission already under the presidency of Jean-Claude Juncker had suggested in 2015 that there should be common eurobonds. However, some countries have opposed this idea. Germany, for example, doesn’t want to lose its credit rating to prop up troubled euro zone economies.

Focusing for now on debt securitization would mean that it would not be necessary to interfere with national government’s debt issuances.

“Securitization simply means that you take the existing bonds on the market, e.g. German, French, Italian and Spanish, and ‘securitize’ them in a tranched bond,” Claus Vistesen, euro zone economist at Patheon Macroeconomics, told CNBC.

“In this new security, the bonds of the individual states would exist independently. So for example if you bought a bond with 25 percent of each of the major economies, and Italy defaulted, you would still be paid on the remaining 75 percent, presumably at least,” he added.

This idea could therefore gather some more support in Germany, given that in opposition to eurobonds, a country would still be able to default.

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