That distortion will become apparent even within the countries that benefit from the additional credit, because Eurobonds will, for the time being, provide security only for government debt. Private debtors will continue to have difficulties finding capital, so the state will expand relative to the private sector.
即使是从更多信贷中获益的国家，也会出现明显的扭曲，因为随着时间的推移，欧元债券将只会对政府债务提供安全保障。私人债务人将继续陷入融资困境，因此国有部门会相对私人部门有所膨胀。欧洲央行的创始首席经济学家伊兴（Otmar Issing）将这成为通往奴役之路。