The term eurobonds refers to a project to issue joint debt securities by eurozone Member States. These securities would then substitute the bond issues by each State and would thereby enable a pooling of the eurozone debt. Pooling would lead to a reduction in interest rates for States encountering economic and financial difficulties. The project is encountering a certain amount of reticence however: an increase in interest rates for certain States and the danger of moral hazard. The Member States which enjoy a reduction in interest rates would no longer be inclined to undertake the structural reforms expected of them. It also supposes that the eurozone would have real budgetary capacity enabling it to borrow.