After the single currency, why not a Euro bond?

THE rate of return that investors are seeking on Irish government bonds keeps getting higher and higher, especially when compared to that sought for German bonds.

Why can’t our Government simply buy the German bonds and sell them on at an 0.5% more return to investors. That way the investor gets the security of the German bond but at a higher return and the Irish Government gets the money it needs at a more reasonable rate. But why do we have German bonds and Irish bonds to begin with? Why is there not simply a European bond? After all, are we not all in the single currency through which we either sink or swim together?

Dave McInerney