A few words about the "moral hazard" in the eurozone discussion, which has resurfaced as part of the #Eurobonds debate... Talk of "symmetric" threat to €zone & that "2020 isn't 2010" is understandable as it stresses unique nature of Covid-19 crisis & sense we're all in same boat, but it may inadvertently give “moral hazard" argument of early € crisis days greater legitimacy than it deserves 1/7