Socialization of bank debt across borders implies that a country’s private borrowing costs are artificially reduced below market rates, as insurance (in the form of credit-default swaps) is provided free of charge by other countries. Thus, capital flows from the core to the periphery would continue to exceed the optimal amount, undermining growth for Europe as a whole.
银行债务社会化是不公平的，而且会导致未来资源配置失配。跨境银行债务社会化意味着一国的私人借贷成本将被人为压低在市场利率以下，因为债务保险（即信用违约互换）将由其他国家免费提供。因此，核心国向外围国的资本流将持续超过最有水平，阻碍整个欧洲的经济增长。