The obvious problem with eurobonds is moral hazard: how to prevent fiscally irresponsible countries from free-riding on the credit-worthiness of other member states. This is the understandable fear of countries such as Germany and the Netherlands.
欧元债有一个显而易见的问题，那便是道德风险：怎样避免财政不负责任的国家搭其他成员国信誉之东风？毫不奇怪，德国和荷兰对这一问题颇为担忧。