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It is very difficult to predict when a bond crisis could happen.

We cannot allow the bankruptcy of a euro member state like Greece to turn into a second Lehman Brothers.

There is no better protection against the euro crisis than successful structural reforms in southern Europe.

At this time - we're in a dramatic crisis - euro bonds are precisely the wrong answer. They lead us into a debt union, not a stability union. Each country has to take its own steps to reduce its debt.

Greece could default on its debts and even exit currency bloc if it cannot deliver reforms.

Monetary policy itself cannot sensibly be directed at reducing imbalances.

I think that France has not made it clear enough recently to our German friends how important it is to introduce euro bonds as a tool against speculation. And how the necessary budget discipline needs to be accompanied by growth.

Without Greece, it is not possible to preserve the integrity of the European phenomenon.

There was a real fear that a euro-zone bank might fail, that we'd have a sovereign debt problem in one of the larger European economies. That's dissipated, thanks largely to the action of the European Central Bank.

I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.