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Delors, Schmidt seek euro-zone debt agency: report

FRANKFURT (MarketWatch) -- Jacques Delors, a former European Commission president and a key player in the founding of the euro, and former German chancellor Helmut Schmidt are among figures calling for the creation of a debt agency that would issue euro-zone bonds in return for national governments giving up more control over their own budgets, the Financial Times reported Tuesday. The plan, to be detailed in a report to be issued on Tuesday, also calls for the creation of a euro-zone finance minister, who would have the power to veto national budgets in countries facing difficulties. "The core principle should be: sovereignty ends when solvency ends. At the same time, the euro area as a whole should ensure that adequately-priced access to sovereign financing is generally possible, also in crisis times," the report said, according to the newspaper.