大多数欧洲美元、欧洲日元、加拿大元和澳大利亚元的欧洲债券都是在伦敦以外发行的。
Most eurodollar, euroyen, Canadian dollar and Australian dollar eurobonds are issued out of London.
于是，整个欧元区从欧洲债券中很可能获益甚微。
Thus, the eurozone-wide gains from European bonds are likely to be negligible.
欧洲债券会比各国的国家债券的平均利率更低吗？
Would European bonds carry lower interest rates than the average rates for national bonds?
可是，迄今为止德国坚决地反对欧洲债券解决方案。
But so far, Germany adamantly opposes the eurobond solution.
他们还都力促欧元区内的财政一体化与推出欧洲债券。
Both also urge fiscal integration within the euro zone, as well as the introduction of Eurobonds.
这是否暗示着欧洲债券整体上就是一个糟糕的想法呢？
Does this imply that European bonds are a bad idea in general?
但他们在关于未来和欧洲债券的方面出现了分歧。
欧盟委员会已经承诺要研究一下，让各国发行共同的欧洲债券。
The European Commission has promised to study how countries might issue common Eurobonds.
换句话说，这样的话欧洲债券持有人将不会受异常严酷的惩罚。
In other words, the holders of European bonds will not be subject to cruel or unusual punishment.
有人建议建立一个欧洲债券系统，每个国家的债务为所有成员支持。
Some have argued for a system of Eurobonds in which every country's debt is backed by all.
如果没有人肯付出，那么现状就是，没有人想要买欧洲债券。
If nobody gives, and it's the status quo, no one will want to buy European bonds.
“现在看来”，容克先生表示，“欧洲债券似乎也面对着同样的命运”。
"Now it seems that the fathers are numerous," said Mr Juncker, "the same fate is reserved for the Eurobonds."
明智的妥协方案是立刻实行更严格的纪律，以最终采用有条件的欧洲债券。
A sensible compromise would be to impose greater discipline now, in exchange for the eventual introduction of conditional Eurobonds.
投资者有理由相信购买欧洲债券的CDS不能有效地保护资产。
Investors may reasonably presume that buying a CDS on European debt is an ineffective form of protection.
其次，这种欧洲债券的购买者应该比私债购买者享有优先求偿权。
Second, the European bonds would be senior to private claims.
同样，德国可能会同意引进欧洲债券，但只有符合严格标准的国家。
Similarly, Germany could agree to introduce Eurobonds, but only for countries that meet exacting criteria.
相反，银行监管委员会已建议对一些预计会被拖欠的的欧洲债券申请一个折扣。
Instead the committee of bank supervisors has suggested applying a discount, or "haircut", to some European bonds that is supposedly based on market expectations of default.
发行欧洲债券不会降低一个国家的总体债务水平，而只是改变了其债务的结构组成。
Issuing European bonds would not lower a country's overall debt, but only change its composition.
尤其是敏感的德国，他们早已将任何有关欧洲债券的概念视为"输血同盟"的同义词。
Germany, in particular, has been allergic to any notion of Eurobonds that would bring it a step closer to a “transfer union”.
替代大EFSF的做法就是发行欧洲债券，欧元区成员国可以联合认购，也可个别认购。
The alternative to a bigger EFSF would be the issuance of Eurobonds that are jointly and severally underwritten by euro-zone members.
11月23日，欧洲委员会拿出了发行欧洲债券的三种思路，其中两种都暗示共同担保。
On November 23rd the European Commission laid out three approaches for issuing Eurobonds, two of which imply mutual guarantees.
他们已经提出了大胆的计划，比如由欧元区共同发行的欧洲债券，会同时促进财政上的结合。
They have put forward bold plans, such as Eurobonds issued jointly by the entire euro zone, combined with a leap in fiscal integration.
欧洲债券的收益率降低之后，借款利息的总体成本将会下降，从而缓解这些国家的预算压力。
Since the total interest costs would fall because of low rates on the eurobonds, the pressure on their budgets would recede.
但是放松对欧洲央行的限制或者接受欧洲债券将急促带来几乎同样悲惨的国内危机。
But to unleash the ECB or to embrace eurobonds could precipitate a domestic crisis that would be almost as catastrophic.
如果危机变得太过严重，欧盟有可能被迫发行由全体成员国担保的欧洲债券，来清偿到期债务。
It's possible that the crisis will become so severe that the eu will be forced to issue euro bonds, guaranteed by all the member nations, to cover the debt.
欧洲债券的拥护者论称他们希望创造一个比那些国家债券市场规模更为巨大，流动性更强的市场。
Proponents of European bonds argue that they would create a much larger and more liquid market than those for national bonds.
如果债权国最终打算接受发行联合欧洲债券的要求，那么对于债务国来说，丧失主权会更易被接受。
The loss of sovereignty would be more acceptable to debtors if the creditors were to accept the need, eventually, to issue joint Eurobonds.
如果债权国最终打算接受发行联合欧洲债券的要求，那么对于债务国来说，丧失主权会更易被接受。
The loss of sovereignty would be more acceptable to debtors if the creditors were to accept the need, eventually, to issue joint Eurobonds.
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