In developing a strategy for pooling government debt, Europe’s leaders must address the possibility of moral hazard (the temptation for weaker countries to relax their debt- and deficit-reduction efforts in response to the increased credibility conferred by stronger countries). Indeed, given stronger economies’ unwillingness to be exploited in this way, the risk of moral hazard is the most significant obstacle to pooling debts in the eurozone.
在开发集中政府债务的战略时，欧洲领导人必须克服道德风险的可能性（即疲软国会受诱惑放松其债务和赤字削减行为，因为坚挺国会为它们提供更高的信誉）。事实上，由于坚挺经济体不愿意通过这种方式被利用，道德风险已成为欧元区债务集中的最大障碍。