The no-bailout clause that was included in the monetary union’s founding treaty is an indispensable corollary. Eurobonds, for example, would not only create moral hazard; “taxation without representation” would also violate a fundamental tenet of democracy and undermine support for the European idea.
目前——并且可能在相当长的一段时间内都是如此——欧元区将继续是主权国家的联盟，每个国家都要为自身的政策及其后果负责。写入货币联盟创始条约的无援助条款是无法绕过的推论。比如，欧元债券不但会造成道德风险；“无代表的纳税”还违反了民主的基本原则，不利于对欧洲思想的支持。