The European Commission is still studying the feasibility of euro zone bonds and any proposed legislation on common debt for the single currency area would only come later, if at all, a commission spokesman said today.

Spokesman Amadeu Altafaj said the Commission was yet to complete its study, which it has promised to the European Parliament and EU member states.

"The Commission is committed to presenting a study on euro bonds," Mr Altafaj said in comments sent to Reuters.

Asked about the possibility of the Commission proposing draft legislation on the joint euro zone bonds when it presents the report, he said: "If appropriate, and at a later stage."

European economic and monetary affairs commissioner Olli Rehn referred to the report and the possibility of draft legislation in a written answer dated August 12th to a question in the parliament.

Earlier this month Mr Rehn said EU officials would present their report after the summer.

Euro zone heavyweights France and Germany have both expressed opposition to common bonds for the single currency area, instead urging a focus on deeper economic integration within the euro zone.

Reuters