Summary: Tonight’s Eurogroup meeting will discuss the technical aspects of coronabonds, amongst other things. Despite opposition from the Netherlands, it is likely that EU leaders will go ahead with this idea and announce some form of common EU issuance at their next meeting due on 26 March.
Yesterday, the ECOFIN council activated the “general escape clause” in the stability and growth pact which suspends restrictions on borrowing and spending to deal with the COVID-19 outbreak. Today at 18:30 CET, the Eurogroup is due to convene via videoconference to discuss the launch of coronabonds, amongst other things. The below map shows EU countries’ support for coronabonds.