Despite much cross-border solidarity, national interests seem to prevail during the Corona crises. This crises affects some more than others: "it’s a symmetric shock with very asymmetric effects", states Deputy Director Lucas Guttenberg.
There has been an intense debate about Eurobonds for years, and the idea remains stalled despite the controversy, but a proposal for special “Coronabonds” has garnered wider support amid the current carnage. Europe’s largest economy has blown past its constitutional budget rules to issue billions in debt and keep its own businesses afloat. The outcome of the COVID-19 policy debate, taking place now across the continent, could profoundly affect the future of the E.U. itself. “Clearly, it is no one’s fault,” says Lucas Guttenberg, “but if some countries come out of this much stronger than others, that is going to politically undermine the European project as a whole.”