(Reuters) The euro zone's raging debt crisis is pushing policymakers to consider to issuing a common bond underwritten by all members of the currency bloc -- but what would the yield be on such a bond?

Somewhere between 5 and 6 percent for 10-year debt, according to Reuters calculations.

That would be well above Germany's current 2 percent borrowing cost and higher than the 4 percent yield investors currently demand to hold bonds issued by the euro zone bailout fund.

However, if the existence of a common bond relieved the extremely elevated stress levels in the debt market and revived investor confidence in the shared currency, the yield on jointly-issued debt could be much lower.

By taking the current rates on all euro zone countries' debt and weighting them according to each state's economic output, the analysis shows a bond with joint liability would trade at 5 percent.

A similar calculation weighted by a country's gross debt gives a yield of 5.8 percent -- almost 4 percent higher than that on Germany's benchmark Bunds.

Although Germany fiercely resists the idea of joint issuance and higher borrowing costs, the idea is gathering pace elsewhere as an integral part of a long-term debt crisis solution.

On Wednesday the European Commission was seen as paving the way towards a common euro zone bond by proposing new laws that would grant intrusive powers into national budgets and tight rules on states' borrowing levels.