In an interview with Politico, Giannis Stournaras, the Governor of the Bank of Greece, has emphasized the need for eurobonds to address mounting debt burdens on EU governments. He points out that various crises, including the U.S. trade tariffs, the war in Ukraine, and threats from China over exports of critical raw materials, have constrained the ability of public finances to respond effectively. Stournaras argues that without a shift towards common bonds to fund defense, green transition projects, and strategic investments, the EU's global competitiveness will be compromised.

Stournaras has been advocating for eurobonds long before they became popular in discussions about EU fiscal policy. Now, however, he is targeting a particularly tough audience: the German government. He believes that his arguments are compelling, as they highlight the interconnected nature of European economies and the need for solidarity in overcoming economic challenges. He insists that such financial mechanisms are essential for not only recovery but also for future preparedness against similar crises.

The Governor's comments reflect broader concerns within the EU regarding fiscal stability and coordination among member states. As the region grapples with the fallout from separate crises, the proposal to establish eurobonds is increasingly pertinent. It remains to be seen how receptive Germany and other northern countries will be to this idea, but Stournaras's push underscores the urgency of deliberations on collective fiscal strategies to ensure the EU's enduring economic resilience and strategic viability.