>>509854857
>what will be the consequence of this?
The cost of borrowing money for the government will be lower because of 2 factors:
>The EBC accepts every nation's bonds as securities for loans
>Inflation caused by that money creation is spread among the entire Eurozone, instead of just the local country

The EURO is an example of the tragedy of the commons phenomena, which caused the EURO debt crisis in 2009.

Phillip Bagus explains it very well in his book, highly recommend.