BIS Review 81/2000  2  Considering the first point, it has been suggested recently that national governments in the euro area should pool their debt issuing in one central agency, acting on behalf of borrowing governments.
This suggestion was made with reference to the greater liquidity that such a procedure would create for the euro-denominated government bond market and the savings in borrowing costs it would allow. You will hardly be surprised that I do not agree with this proposal.