Sarkozy says eurobonds not a solution to crisis

PARIS — French President Nicolas Sarkozy says a jointly issued bond by all the countries that use the euro is not the solution to the continent’s debt crisis.

Many analysts have said that only by issuing bonds backed by the whole eurozone will Europe be able to save its shared currency.

Stronger countries, like Germany and France, have resisted those calls, but some thought that as the crisis worsens they might be forced to relent. Sarkozy reiterated Monday, however, that a common bond was “in no way” the solution to the crisis.

He spoke after a meeting with German Chancellor Angela Merkel at the start of a crucial week for the eurozone. Markets cheered their comments, with the euro and stocks and bond yields edging lower.