Eurobonds are the Godot of EU politics. They never came, they won't come, and yet people keep on hoping and waiting. The eurobond was a good idea that died because its advocates are not selling it as the sovereign debt instruments of a political union, for which the instrument would make sense, but as a fiscal transfer mechanism between sovereign member states. The 2020 Covid recovery fund, hailed as a blueprint for a future eurobond, did exactly that. It was a charity auction. Today, the loudest eurobond advocates come from countries that have no fiscal capacity left. The eurobond got killed by its supporters, not its opponents.
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