Europe considers issuing bonds denominated in Chinese currency.
BusinessInsider details the multitude of reasons why this is a short-sighted, unworkable, self-defeating, and generally idiotic idea. Chief among them is why would China want to buy bonds from countries already hopelessly in debt.
A far better idea, and what will happen regardless of what desperate bankster dimbulbs in Europe want to avoid, is that the countries will default on their debt and the banksters will take it in the shorts.