Obama Pushes $400 Billion Jobs Plan in Feisty Address to Congress - by Jake Tapper

A more fundamental step towards a fiscal union may be needed. One way forward is to introduce Eurobonds, which would pledge “joint and several” liability. In theory that could mean that a small state is on the line for such debt; in practice it would mean Germany. Advocates of Eurobonds point out that the public finances of the euro area, taken as a whole, compare favourably with other big economies such as America and Britain, whose governments are currently able to borrow at record low yields. If the euro area were able to borrow as a whole, it too should benefit from low borrowing costs, helped by the liquidity advantage of creating what could become a vast government-bond market.

Note EU-Digest: A feisty speech and a good speech by President Obama with a call for action. In his speech he said: " the election is 14 months away but Americans don't have the luxury to wait 14 months for action."

For more: Obama Pushes $400 Billion Jobs Plan in Address to Congress - ABC News