The bonds could relieve pressure on indebted eurozone countries currently facing large borrowing costs. But Germany, for example, fears its ultra-low borrowing costs would rise sharply if its debt were pooled with other, less fiscally solid countries such as Italy, Spain and Greece.

This position won backing from Finland’s Finance Minister, Jutta Urpilainen, who told German weekly Die Zeit that the Finnish government “completely rules out eurobonds.”

"For us as a Finnish government, it is impossible to explain to our citizens why we should take over responsibility for countries that have for years not played by the (EU's fiscal) rules," she added.

Rehn to announce Eurobond models