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.
While spending decisions would essentially remain a national prerogative, liability would become truly European. Incentives to incur further debt would thus be strengthened, not weakened. 4.3  Other ways forward  If we really want to realign liability and control to stabilise monetary union, we have two options. The first option would be to match European liability with European control.