Reuters: Regulatory News: EU's Almunia backs calls for euro zone bonds

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EU's Almunia backs calls for euro zone bonds May 23rd 2012, 15:12 BRUSSELS | Wed May 23, 2012 11:12am EDT BRUSSELS May 23 (Reuters) - The euro zone must gradually move towards mutualised euro zone debt to overcome the sovereign debt crisis and build a stronger union, the European Union's antitrust chief said on Wednesday, echoing calls from countries such as France. "...We must gradually advance towards the mutualisation of public debt at euro-area level," EU Competition Commissioner Joaquin Almunia said in the text of a speech to the European Financial Congress in Sopot, Poland. Almunia also stressed the need for an EU-wide deposit guarantee scheme for banks, saying that this, together with more coordinated supervision and resolution capacities, were essential for a more integrated banking sector. He also said recent Spanish measures to increase provisions against real-estate assets held by banks, as well as to enhance transparency in the books of Spain's banks, were steps in the right direction.

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