Moreover, the proposed measures would compound Europe’s public-debt problems by reducing interest-rate spreads among countries even further, sustaining asset-price bubbles, and destroying the capital market’s allocative role. This was the mistake the United States made after its founding, when various rounds of debt mutualization fueled an unsustainable credit bubble that drove nine of the 29 US states and territories into bankruptcy from 1835 to 1842 and paved the way for the American Civil War.
此外，他们提出的措施将进一步降低欧洲国家间的利息差，维持资产价格泡沫，破坏资本市场的配置作用，从而加剧欧洲公共债务问题。美国在建国后曾经犯过这一错误，多次债务共同化助长了不可持续的信用泡沫，导致1835—1842年间29个州和领地中有九个破产，也打下了内战的基础。