What is the Netherlands' objective interest?

The Netherlands is one of the countries that was initially the most opposed to mutualising euro-zone countries’ fiscal deficits, and especially to introducing solidarity mechanisms between member countries that lead to transfer payments to the most troubled countries. What is the Netherlands’ objective interest? What are the risks that cause concern in the Netherlands? The first risk is the appearance of a double moral hazard; first, some countries could finance useless fiscal deficits through joint debt issuance; second, supporting the troubled countries may exempt them from implementing the necessary reforms; The second risk is that the triggering of a crisis similar to that in the period 2010-2014, linked to the peripheral euro-zone countries' inability to finance the necessary investments as they could no longer borrow from the core euro-zone countries, would have very negative effects, which we estimate, on the Netherlands. To be certain that the Netherlands would prefer to avoid the second risk (a euro-zone crisis), it must be reassured about the first risk (moral hazards), by controlling moral hazards through precise monitoring of the nature of the expenses financed in a mutualised manner