Today, the European summit focuses on the competitiveness agenda amid divided opinions on common debt among member states. While the French government supports the idea of eurobonds to foster economic growth and stability within the Eurozone, Germany, led by Chancellor Merkel, expresses reservations. However, a notable shift occurs as the Bundesbank, Germany's central bank, begins to align its stance with the European Central Bank (ECB), endorsing the necessity of eurobonds to navigate the current economic challenges facing the region. This development reflects a potentially significant tipping point in Germany's economic policy.

The discussion around eurobonds highlights the ongoing debate about fiscal solidarity in the EU. Proponents argue that eurobonds could facilitate joint borrowing, enabling member states to invest in recovery and growth initiatives, particularly in the wake of the economic fallout from the COVID-19 pandemic. Conversely, opponents fear that such measures could lead to moral hazard, where financially irresponsible countries might benefit disproportionately at the expense of more prudent ones.

As the summit progresses, the divergence in opinions showcases the complexities of EU governance and the balancing act required to maintain unity among member states. The eventual outcome of this debate could have profound implications for the future of economic integration within the EU, opening pathways towards a more unified financial framework or reinforcing divisions between member nations depending on their fiscal philosophies and economic strategies.