Issuance of Stability Bonds under joint and several guarantees would a priori lead to a situation where the prohibition on bailing out would be breached. In such a situation, a Member State would indeed be held liable irrespective of its 'regular' contributing key, should another Member State be unable to honour its financial commitments. In this case, an amendment to the Treaty would be necessary. This could be made under the simplified procedure if a euro area common debt management office were constructed under an inter- governmental framework, but would most likely require the use of the ordinary procedure if.
