These Eurobonds – or ‘coronabonds’, as they have come to be called – would be issued by “a European institution to raise funds on the market, on the same basis and to benefit all Member States”. In this way, they would ensure long-term financing for the necessary health and economic policies, says the letter, released by the Palacio de la Moncloa.
The letter is signed by the rulers of Belgium, France, Greece, Ireland, Italy, Luxembourg, Portugal and Slovenia, in addition to Spain. His argument is that a common instrument is needed since all countries face “a symmetrical external shock, for which no country is responsible but whose negative consequences will be faced by all.”
The nine rulers also call for an “alignment” of the practices that are being put in place to contain the epidemic, both now, at the “peak” of the epidemic, and in the future, “both to avoid too rapid a return to normality to stop the virus from being reimported from other countries. “
(There will be expansion)