Eurozone member states should convert all short-term debt into Eurobonds on a temporary basis to address funding pressures in Europe, according to proposals published by the European League for Economic Co-operation (Elec), a pan-EU expert group, on Monday.

Under the proposals, an economic and monetary union bond fund would be created, which would jointly finance new public debt of eurozone member states for a period of four years through the issuance of short-dated bonds. The group, made up of