an integrated system of securities for issuing on the market the proceeds from which are then allocated to individual countries, according to joint decision-making mechanisms. The European Council of Ministers, in accordance with a procedure to be specified, should decide how much debt can be issued by the agency as a whole and how to distribute it to individual states.
In fact, by controlling the volume of emissions, the Council would have the power to decide the budgetary balance of individual countries. It might seem  BIS central bankers’ speeches  7  at first glance to be a premature step in the euro area’s integration policy.