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Jean-Claude Juncker's and Giulio Tremonti's common European bond is the first constructive idea since the outbreak of the eurozone financial crisis a year ago. It is the first time that eurozone leaders have dared look beyond the current week's newspaper headlines. I have no doubt that, if implemented in full, the proposal would end the crisis.

The euro rebounded on Thursday after China reaffirmed its long-term strategy of diversifying currency holdings away from the dollar and denied it was reviewing its holdings of euro sovereign bonds.

Spreading problems in Europe's sovereign debt markets pose potential challenges for China, which has been stepping up its investments in European government bonds and relies on Europe as its biggest export market.