From today's Open Europe news summary:
In a full page FAZ op-ed, former ECB Chief Economist Otmar Issing argues that “Eurobonds would breach fiscal sovereignty” as they would lead to “a transfer of taxpayers’ money without democratic control.” He also advocates the “return of the no-bail-out principle” as “each country is in the end responsible for the consequences of its policy.”
Of course, I agree with Herr Issing, but the sovereignty and no bailout principles were breached long ago. The EMU has found ways to funnel money from one country's taxpayers to another, calling the transfer anything except what it is. This tactic has been refined here in America where the US Agricultural Department has dozens of programs that subsidize farmers, but no one dare call any of the programs subsidies. The only way to prevent these transfers is to scrap the agencies involved.