If eurozone nations cannot borrow separately, perhaps they can borrow together. That is the logic behind the common debt issuance idea – eurozone bonds – being mooted by the European Commission. Those in favour could cite Wednesday’s other, more scary development – investors turning their backs on a German bond issue – to bolster the case that more liquid collective debt would help to trump countries’ individual difficulties. It is the very crisis the region is trying to fight, however, that makes the joint bond concept look like whimsy.
如果欧元区国家无法单独借贷，或许它们能共同借贷。这正是欧盟委员会(EC)提出发行共同债务（即欧元区债券）这一主张背后的逻辑。这一主张的拥趸可能会引用周三又一起更令人担忧的事件——德国债券发行遭投资者冷遇——来支持自己的观点，即流动性更强的共同债务，将有助于战胜欧元区成员国各自的困难。然而，正是该地区竭力克服的这场危机，使得共同债券的想法显得很不靠谱。
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