Investment guarantees will lead, via issuance of Eurobonds, to socialization of the risks inherent in public debt. Because all the member states provide one another with free credit guarantees, interest rates for government securities can no longer differ in accordance with creditworthiness or likelihood of repayment.
后一种选择是社会主义式的。投资担保将通过欧元债券的发行导致公共债务固有风险的社会化。由于所有成员国都互相提供自由信贷担保，因此各国国债利率将不再会因信誉和偿付能力而出现差别。国家越疲软，其有效预期利率就越低。