A group of 14 economists from Germany......>

EUROZONE: A group of 14 economists from Germany and France are proposing a

reform package for the European Monetary Union. "Implementing the package would

make the euro area more robust and resilient in the face of crisis, while

ensuring sounder public finances and stronger economic growth" they say. The

proposals are in 6 key areas:

- The completion of banking and capital market union: introduction of common

deposit insurance and introduce a "sovereign concentration charge"

- A new expenditure rule to replace Maastricht deficit criteria: Governments to

finance excess spending using junior bonds 

- Laying the foundation for orderly debt restructuring

- A new joint fund to support individual countries experiencing a large-scale

crisis: Member countries to pay into fund which could be drawn on.

- A synthetic euro-area safe asset that would offer investors an alternative to

sovereign bonds

- Reform of institutions: assigning the Eurogroup presidency role to the

Commission