A(nother) cunning EU plan

The WSJ reports that

Euro-zone countries are weighing a new plan to accelerate the integration of their fiscal policies … Under the proposed plan, national governments would seal bilateral agreements … The plan, which hasn’t been finalized, would allow the euro zone to announce a speedy change to its governance. European authorities would gain tough new powers to enforce fiscal discipline in the 17 countries that make up the euro zone.

Apparently the Germans still do not think that’s good enough to justify Eurobonds, however it may be sufficient to get the ECB to do a little more:

A new, binding fiscal regime would not be enough to justify the creation of collective euro-zone bonds, German officials say. But it might be enough to justify ECB action to stabilize bond markets that policy makers view as increasingly dysfunctional, some in Berlin say