This is why the idea of 'coronabonds' is on the agenda.
For those countries which are renowned for their frugal attitude towards borrowing, such as Austria, Finland, the Netherlands and, of course, Germany, the attraction is less obvious other than as a display of solidarity. In the absence of support from the Germans the chances are that, in classic European tradition, some kind of fudge will emerge.One idea doing the rounds is that debt could be issued by the European Commission through the European Financial Stability Mechanism , the vehicle used to bail out Greece, Portugal and Ireland during the Eurozone sovereign debt crisis, which is funded by the EU budget.
And a fourth is the creation of a 'corona fund', with a fixed lifespan of five to 10 years, which would provide cheap credit to EU countries. This has been proposed by France and is thought to be tacitly supported by the Dutch provided that it is a one-off fund.
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