Europe has so far stuck to the mutualization model, in which individual states’ debts are underwritten by a common central bank or fiscal bailout system, ensuring security for investors and largely eliminating interest-rate spreads among countries, regardless of their level of indebtedness. In order to prevent the artificial reduction of interest rates from encouraging countries to borrow excessively, political debt brakes are instituted.
到目前为止，欧洲一直采取的是共同化模式，在该模式中，个体国家的债务由共同中央银行或财政援助体系兜底，确保投资者的安全，并基本抹平国家间的利差（不论它们的负债水平）。为了防止人为降低利率、鼓励国家过度借贷，实行了政治债务刹车。