in theory the fire in the bond markets could be doused by fiscal transfers and the mutualisation of debt.

理论上讲，债券市场过热可以通过财政调拨和债务互助来进行调控。

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Debt mutualisation can be devised to stop short of a permanent transfer union.

ECONOMIST: The euro zone

One reason why so many Germans oppose debt mutualisation is because they (wrongly) imagine the euro could survive without it.

ECONOMIST: The global economy

We have long argued that the single currency needs a lender of last resort, a banking union and limited debt mutualisation.

ECONOMIST: The euro crisis: Game change? | The