The main focus of this thesis is on the bond policy of the European Union. The member states as well as the EU have to face a difficult obstacle, the crisis. Measures for the deeply wounded economy led to financial constraints. These constraints led to diverse uncommon strategies, to ideas, which could open up a new area of the economic and monetary union. Before going in medias res a short introduction of the European financial system is given. In a next step the possibility of issuance bonds by the EU to finance the large deficits will be discussed. The relevant provisions in this context are Art. 311 TFEU and Art. 352 TFEU. If measures, like the EFSM, the EFSF or stability bonds, issued by the member states of the monetary union, breach EU law, namely Art. 125 will be reconsidered in chapter III. After that another response to the crisis will be legally examined, namely the decision of the ECB to establish a securities markets programme. A leading part in this crisis played and also plays an important institution, the EIB. Barrosos idea to launch project bonds in conjunction with the EIB is the main topic at the end of this paper.