10 Both types of proposal are interesting and may improve market liquidity. The first would be especially directed at reducing the burden of debt, the second at offsetting the negative consequences of debt accumulation related to the financial crisis. They leave, however, significant open questions.
To mention only a couple: (i) it may be hard to reach a consensus on the definition of the share of debt that has to be pooled; (ii) countries having debt substantially in excess of such a share may face a bond market liquidity problem.