EU governments seek more fiscal flexibility for defence and energy, as calls grow for Eurobonds. But integrating fragmented AAA issuers to deepen the euro safe-asset market might be a more credible first step, says EUobserver columnist Judith Arnal.

EU governments seek more fiscal flexibility for defence and energy, as calls grow for Eurobonds. But integrating fragmented AAA issuers to deepen the euro safe-asset market might be a more credible first step, says EUobserver columnist Judith Arnal.