Moral hazard is not going to happen in the European Union because alongside the benefits of the Eurobonds comes the control from the European Central Bank or other measures imposed by the rest of the members. This is already happening in the status quo, where countries are forced to impose austerity measures in order to receive bailout founds. [1] Under the model proposed where the ECB can control the lending ability of any country in the union, by allowing the loan or denying it at a certain limit. Countries will most certainly be held accountable if they fail to pay back their loans by not giving them access to further bond issuing. Eurobonds are not a tap governments can use for spending recklessly.  [1] Garofalo, Pat, ‘Greek Austerity, the Sequel’, U.S.News, 9 July 2013,