I'd say that "true unification" of the EU through Eurobonds is nigh impossible given the enmity and financial division between creditor and debtor countries in

I'd say that "true unification" of the EU through Eurobonds is nigh impossible given the enmity and financial division between creditor and debtor countries in the EU. I'm a big fan of Friedrich Hayek, who argued against the absurdity of creating the EU from the beginning: "Though I strongly sympathise with the desire to complete the economic unification of Western Europe by completely free-ing the flow of money between them, I have grave doubts about the desirability of doing so by creating a new European currency managed by any sort of supra-national authority. Quite apart from the extreme unlikelihood that the member countries would agree on the policy to be pursued in practice by a common monetary authority (and the practical inevitability of some countries getting a worse currency than they have now), it seems highly unlikely, even in the most favourable circumstances, that it would be administered better than the present national currencies. Moreover, in many respects a single international currency is not better but worse than a national currency if it is not better run. It would leave a country with a financially more sophisticated public not even the chance of escaping from the consequences of the crude prejudices governing the decisions of the others. The advantage of an international authority should be mainly to protect a member state from the harmful measures of others, not to force it to join in their follies."