I realise I&#x27;m replying to a fairly old thread now, but just wanted to say thanks for the insightful comments. After giving it some though, I agree that the scenario you&#x27;ve outlined is the most likely one.<p>I hope the &#x27;eurocrats&#x27; keep an eye out for unintended consequences&#x2F;incentives that &#x27;hidden&#x27; (but more complex) arrangements can spawn. Hidden subsidies, like underwriting government bonds, give me the willies...