Die Welt today printed a front-page broadside against “European Safe Bonds,” quoting an unpublished report from the German think tank Institut fuer Wirtschaftsforschung warning that the proposed financing vehicle would undermine the conditionality that the EC applies to states in financial difficulties. It’s entitled, “Germany will pay.”

“The new French President Emmanuel Macron, or so it appears, has saved us from the worst. The European once again has a future, and Brussels is very grateful to the new administration in Paris. So grateful, that it wants to give a present to the young Macron… [who] proposed to deepen the Eurozone. An important instrument in this regard are new loans for the monetary union: so-called European Safe Bonds.”

IfW says this is a backdoor means of introducing collective responsibility for the debt of national states, and an obstacle to “purifying bankruptcy” of poorly-managed states.