Eurobond without representation?

No taxation without representation” is a fundamental principle of democracy, but this is not compatible with joint and several liability for other Eurozone countries’ debt unless Europe (or rather the Eurozone) becomes a political union. Holding taxpayers in thrifty countries fully and unconditionally liable for spending decisions taken in other countries would most likely turn into a poison pill for EMU. Political resistance against EMU would rise in the stronger countries, eventually leading to a probable break up of EMU.

Daniel Bell on voxeu.org thx @pratichesociali