The conversion of all eurozone national bonds into obligations jointly recognized by all eurozone governments is a replica of the solution to the ERM’s breakdown, which consisted in abandoning national currencies in favor of the euro. This would cost Germany control over the quality of its credit, just as the replacement of the Bundesbank by the ECB implied Germany’s loss of control over the quality of its currency (though it was given a large role in designing the ECB).
这就解释了为何发行“欧元债券”的讨论会愈演愈烈。将所有欧元区国家发行的债券转化成一种所有欧元区政府都认可的债券，这如同当年防止汇率机制崩溃方案的翻版。但德国政府所付出的代价就是无法掌握本国的信用，正如当年废德国央行立欧洲央行导致德国无法控制其货币的成色一样——虽然作为补偿，德国在建立欧洲央行的过程中被赋予了更重要的角色。