In the eurozone, mutualization was realized through generous ESM bailouts and some €1 trillion ($1.27 trillion) worth of TARGET2 credit from national printing presses for the crisis-stricken countries. Moreover, the European Central Bank pledged to protect these countries from default free of charge through its “outright monetary transactions” (OMT) scheme – that is, by promising to purchase their sovereign debt on secondary markets – which functions roughly as Eurobonds would.
在欧元区，共同化通过慷慨的ESM援助和大约1万亿欧元的TARGET2信用（危机冲击国的货币供应）实现。此外，欧洲央行承诺通过其“直接货币交易”（OMT）机制免费保护这些国家不违约&mdash;&mdash;即承诺在二级市场买入它们的主权债务&mdash;&mdash;这和欧元债券的效果差不多。2012年所设想的债务上限收紧就基于该模式。