Oct. 17 (Bloomberg) -- European Central Bank Executive Board member Juergen Stark said bonds issued in common by euro- area members can only work if Europe moves closer together.

“What is at the heart of the euro bond is a different governance structure,” Stark told lawmakers in Brussels today. With deeper integration, “euro bonds seem to be a feasible instrument but it requires a transfer of sovereignty to the supranational level.”

To contact the reporter on this story: Jeff Black in Frankfurt at jblack25@bloomberg.net

To contact the editor responsible for this story: Gabi Thesing at gthesing@bloomberg.net