 It's not clear to me that the treaty in itself will necessarily lead to the creation of a common European bond. It may be that if countries respect the desire of the Germans and others of limited deficits over many years, that there will be a political climate in which Euro bonds could be created. But in and of itself I don't think the two necessarily go together. A European bond would be useful for a number of reasons, one of which is that it would be an instrument that banks could hold and use in monetary operations with the ECB rather than local sovereign debt and that would enhance their stability compared to the situation there are now where they're required to hold individual country sovereign debts and end up inevitably concentrated in their home country sovereign debts.