The Greek debt crisis has raised concerns about the idea of issuing bonds guaranteed by all euro-zone nations, but a common bond could have benefits to all members, according to this Reuters analysis. A likely increase in liquidity, for example, could reduce yields for Germany and other fiscally sound nations. SIFMA noted that a common bond would help the euro zone compete against the US in attracting dollar-based reserves. "A commonly issued European government bond would better enable Europe to compete with the US Treasury market globally," SIFMA said. "By creating a consolidated T-bill product, a common European debt instrument could aid the development of the euro as a reserve currency."