By contrast, if banks use the money now parked at the ECB to continue buying short-maturity government bonds, that wall of money would have a large impact on eurozone countries’ financial inter-linkages. Instead of falling on foreign banks in just a few exposed countries, a default would land mostly on the ECB’s balance sheet, whose losses are distributed to all eurozone central banks – a soft form of debt socialization that may well prepare the ground for Eurobond-type solutions.