Macron has said he hopes to pool liability for various kinds of debt: a completed banking union would ensure bailout costs for individual financial institutions would be distributed across the continent rather than borne by individual countries, and the so -
called Eurobonds would allow national governments to borrow money against a joint continental credit rating.
In order to reduce the risk of moral hazard, it would be ideal to follow the so -
called «Blue Bond» proposal and limit the amount that Eurozone member states can obtain through
Eurobonds to a certain debt - to - GDP ratio.