Among the (many) obstacles to working out a solution to the crisis in the eurozone is resistance to schemes that involve debt buyouts, national guarantees, mutual insurance, and fiscal transfers.  Stuart Holland has a new one-pager and policy note in which he suggests a twin-track strategy for solving the crisis that does not rely on any of the above.

His recommended strategies revolve around using the EIF (European Investment Fund) as an issuer of eurobonds, and having member-states with at-risk bonds convert a share of them, through enhanced cooperation, into EU bonds (allowing, for instance, Germany, the Netherlands, Austria, and Finland to keep their own bonds).  According to Holland, neither of these strategies would require ratification by national parliaments or an alteration of the EU treaty.  The one-pager builds on an earlier policy note by Holland and Yanis Varoufakis, “A Modest Proposal for Overcoming the Euro Crisis.”

Read Holland’s one-pager here and the elaborated policy note version here.