We don’t want a system which: 1.  creates moral hazard and induces countries to embark on loose policies in the expectation that they would be bailed out. 2.  makes taxpayers (of other countries) having to bail out bad investment decisions made by the private sector. 3.  creates incentives for speculative attacks that could push into bankruptcy even an otherwise solvent country.
Let us look at the answers given to the following question: "Suppose that, if you invested 100,000 yen, you would either get a capital gain of 20,000 yen or a capital loss of 10,000 yen at a 50 percent probability. What would  National Police Agency, Cases of Special Fraud Reported and Arrested, 2018 (Final Figures), available only in Japanese.