The idea of shifting some part of EU members’ existing government debt to a European bond may be technically appealing, but it will work only if there is a return to the British principles of 1688 (or the principles of the American Revolution). Taxpayers across the EU must have the sense that they control what they owe – and that they will not be held responsible for the mistakes and frauds of the unholy alliance between irresponsible finance and irresponsible government.