O mesmo não acontece, porém, com economistas mais avisados, como os do European Economic Advisory Group que no seu relatório de 2011 (ver o sumário aqui) escrevem com muito clareza:
«No crisis mechanism should be instituted in Europe that again eliminates interest spreads, as happened in the first years of the euro. In particular, the euro area should under no circumstances move to eurobonds as advocated by some European politicians. We can only warn that issuing such bonds will exacerbate the problems we see at the root of the crisis. Eurobonds could do nothing but strengthen incentives for opportunistic behaviour on the part of debtors and creditors, given that they prevent the emergence of fundamental risk premiums, by acting as full-coverage insurance against insolvency. Appropriate pricing of sovereign risk is an essential feature of well-functioning financial markets. It induces debtors and creditors to keep capital flows within reasonable limits and to exercise caution in lending. This is the essential prerequisite for correcting European trade imbalances in future.»[Conforme ao costume nacional, sempre se pode dizer que, fazendo o EEAG parte do CESifo com sede em Munique, eles são os porta-vozes do governo alemão. Se o dissermos, confundiremos o EEAG com a clique que costuma instalar-se na Ordem dos Economistas, no intervalo da sua passagem por empresas do complexo político-empresarial socialista.]
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