The problem lay in a crucial difference between a missile and an economy – which is that, unlike the people who make up an economy, the components of a missile do not understand and anticipate the forces being applied to them.
This can only be achieved by realigning responsibilities – liability and control have to be in balance. Would Eurobonds contribute to this objective? Granted, Eurobonds would offer temporary relief to heavily indebted member states of the euro area. But eventually they would distort the already lopsided balance between liability and control even further.