This also implies that Eurobonds will never constitute the silver bullet that some had hoped would solve Europe’s sovereign-debt crisis. As long as member states remain fully sovereign, investors cannot be assured that if the eurozone breaks up, some states will not simply refuse to pay – or will not refuse to pay for the others.
这还表明，欧元债券永远成不了一些人眼中的解决欧元主权债务危机的良方。只要成员国仍拥有完全的主权，投资者就得不到保证。若欧元区分崩离析，一些国家将拒绝偿付——或拒绝替其他国家偿付。