Different options for greater co-ordination were discussed, including the creation of a single euro-area debt instrument backed by joint guarantees, an option that could be beneficial for smaller member states, currently paying liquidity premiums. Unfortunately, the Group did not start any concrete specification of such options. I nevertheless notice that tomorrow you will be bringing up the subject of common issuance again.
However, there is no consensus yet on whether the recent problems in the US subprime markets will push the US economy into a mild slowdown or usher in a recession. Either way, a weaker US economy is expected to slow down global growth, although growth in emerging markets could temper this.