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Europäisches Institut für Internationale Wirtschaftsbeziehungen

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D-42119 Wuppertal

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Press Release: Joint Eurobonds approach recommended but only if designed as a sensible financial product

The benefits and drawbacks of Eurobonds should by carefully analyzed.

Even during the Coronavirus pandemic, the Eurobonds debate is still laboring under tranditional arguments concerning liability for the debts of others and raising the stability policy of the Eurozone as well as its contribution to a European and global recovery.

The Eurozone should have the same capabilities in the global financial crisis as the US or the UK; whereby the policy mix must be consistent and coherent - including mooring interest rates at a low level for several years.

Joint Eurobonds (JEBs) as proposed herein, up to half of which are sercured by government assets, are recommended: Maturities of 2, 10 and 30 years, volume of ca. 5% of the GDP of the Eurozone over 4 years, where the ECB can purchases up to 40% of the bonds placed. In this way, the Eurozone could emerge from the corona crisis in a better poisition than the US, where the EU/Eurozone would then raise prospects for the US and Asia. Infrastructure spending as well and innovation and growth policies and health system investment should be raised.

The combination of the European Stability Mechanism, the European Investment Bank and an EU backstop to unemployment insurance, favored in Brussels, is inappropriate, and brings with it new threats to the stability of the Euro(-zone).

Download the press release here