Politicians call for joint eurozone country bonds to combat coronavirus

European Union member states should issue up to €1 trillion ($1.1 trillion) in joint bonds to help to combat the coronavirus pandemic.

The call to action came from German and Italian politicians, businesspeople, scientists and others, including former Italian Prime Ministers Mario Monti and Enrico Letta and former German Finance Minister Hans Eichel.

The appeal for "European solidarity," outlined in a petition to the governments of EU member states and institutions, was initiated by Sven Giegold and Alexandra Geese, members of European Parliament, and Franziska Brantner, a member of Germany's parliament.

"Europe is in a critical situation," Mr. Giegold, financial and economic policy spokesman for the Greens/European Free Alliance political group, wrote in the petition. "The solidarity of the European community is being tested."

The coronavirus crisis was not caused by any one country and "European solidarity must be the answer to this common challenge," he wrote, adding that, instead, there are national divisions among governments.

The group outlined four key actions in its petition, including the call for the issuance of "European health bonds." The petition said German economists have proposed that €1 trillion in these bonds would be necessary. "This would allow shouldering the burden together, in a democratic way," the petition said.

Member states should also create "a comprehensive financial protection shield for Europe" and the eurozone; launch a health credit line in the eurozone's Eurosystem Stability Mechanism — a financial institution that helps eurozone countries that are in financial distress; and should prepare a "coordinated exit strategy, a comprehensive recovery plan and unprecedented investment" for when societies and economies return to pre-crisis activities.

The petition is available on a dedicated website.