BEIJING, Sept. 16 (Xinhuanet) -- Markets have rallied on hopes for a common euro bond, but there are some that aren't so happy with the prospect. German Chancellor Angela Merkel says that "collectivizing debts" will not solve the debt crisis.
A euro bond may please ailing Greece and Italy, but not region's largest economy.
The German Chancellor says a common euro bond, which would see euro zone countries collectively issue debt, is no answer to the crisis.
Merkel said, "I am convinced the initiated measures help in overcoming the crisis. But only if we undertake these steps one at a time. And not look for the one ultimate solution like for instance eurobonds. I think that is very wrong."
However, Merkel reassured Europe Germany's willingness to take responsibility as the eurozone's main paymaster.
Merkel said, "The euro brings economic growth, employment and wealth to Germany. And so it is clear that Germany has a duty to contribute to secure long-term future of euro and to strengthen the location of euro land.
Germany, along with other stronger economies in Europe, has been opposing to the idea of joint euro bonds, arguing this would only raise borrowing costs of virtuous countries.
Merkel added that common interest rates should be a result of comparable competitiveness and comparable budgets, not of collective debts.
Special Report: Global Financial Crisis