We introduce an analytical tool to study the effects of a limited joint liability component for several variants of Eurobonds. Our approach allows to optimize the degree of jointness and therefore could overcome the huge and emotionally influenced political obstacle of joint liability.

Interest savings reach 0.5 percentage points depending on the degree of joint liability even in the current economic environment. A constant degree of 10% of joint liability of each country’s individual share is close to optimum for a very broad range of scenarios. We can thus price the political cost of joint liability. The approach is stable over time and robust in different scenarios.

In the sensitivity analysis, we examine different scenarios as, e.g. a PIIGS bond and an EU-6 bond, which are all beneficial for each individual country as well as the community. Due to risk diversification, countries with a high-interest load contribute most to the profitability of the structure while AAA countries provide credibility and market acceptance.

Summarizing, enhancing Eurobond approaches by a limited joint liability component would result in a stable, very beneficial and politically feasible tool for a European fiscal system.

我们引入一种分析工具来研究有限责任连带责任对欧洲债券几种变体的影响。我们的方法允许优化联合程度，因此可以克服共同责任的巨大且受情感影响的政治障碍。

根据连带责任的程度，即使在当前的经济环境下，利息节省也可达到0.5个百分点。在非常广泛的情况下，每个国家/地区各自共同承担的连带责任的10％恒定水平接近最佳水平。因此，我们可以为连带责任的政治成本定价。该方法随着时间的推移是稳定的，并且在不同情况下都非常可靠。

在敏感性分析中，我们研究了不同的情况，例如PIIGS债券和EU-6债券，它们对每个国家和社区均有益。由于风险分散，高利息负担的国家为结构的获利贡献最大，而AAA国家则提供了信誉和市场认可度。

概括地说，通过有限的连带责任成分来增强Eurobond的方法，将为欧洲财政体系提供一种稳定，非常有益且在政治上可行的工具。