Quote by W. Somerset Maugham
It is not true that suffering ennobles the character; happiness does that sometimes, but suffering, for the most part, makes men petty and vindictive.
This quote suggests that suffering does not necessarily lead to the development of noble character traits. While happiness can potentially have a positive impact on one's character, the experience of suffering tends to have the opposite effect, often causing individuals to become small-minded and driven by a desire for revenge. Therefore, the quote emphasizes that suffering, rather than uplifting one's character, often leads to negative qualities and attitudes.
I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.