Without stringent constraints, the eurobonds risk favouring fiscal policies that, on average, are more expansionary, and a higher debt, whose cost is also shared among the more disciplined countries. The experience of other countries, both federal and non-federal, outside the euro area, however, shows that a single federal budget is not necessarily more virtuous. On the contrary.
The other extreme solution is not to provide any financial aid, and to let the country to take the necessary measures to regain access to financial markets by itself.