Making matters worse, only a fraction of the new borrowing enabled by the mutualization of liability will be factored into national budgets. This will render meaningless EU-wide debt-management agreements, including the Stability and Growth Pact, which limits the overall deficit to 3% of GDP, and the 2012 “fiscal compact,” which stipulates that countries whose debt-to-GDP ratios exceed the 60% limit should reduce them by one-twentieth annually until they are in compliance.
雪上加霜的是，这种债务共同化带来的新增借款仅有一小部分将被纳入国家预算之中。这会导致欧盟范围内债务管理协议形同虚设，包括将总体赤字限制在GDP3％的稳定与增长公约，以及2012年 “财政契约”，该契约规定债务占GDP比率超过60%的国家在完全符合契约规定前必须每年削减二十分之一的债务。