The ECB’s accounts have become the waste-bin for the financial garbage of the entire Eurozone. In this zero-sum game, there are winners and losers. At the moment, Northern European countries, Germany in particular, are losing. Looking at the legal structure of the new “Next Generation EU” scheme it becomes apparent that the “Eurobonds” that are about to be issued will be ultimately guaranteed by EU Member States, in proportion to the amounts they are about to receive.