The EU’s southern member states have set the stage for European debt mutualisation

The Covid-19 outbreak has led to renewed calls for debt mutualisation in the Eurozone. Luuk Molthof writes that while it seemed inconceivable member states would commit to genuine debt sharing prior to the crisis, the pandemic has proven to be a game-changer. He argues Italy and Spain have successfully portrayed northern member states as lacking in European solidarity, framing the adoption of joint debt instruments as the primary prerequisite for saving the European project.