On 25 March , Italy , together with Belgium , France , Greece , Ireland , Luxembourg , Portugal , Slovenia , and Spain , sent a joint letter to the Council of the EU , calling for the issuing of a new common debt instrument , nicknamed in the media as `` eurobond '' or `` corona bond '' , in order to help funding the measures taken against the coronavirus pandemic and the expected economic downturn to follow .
In order to reduce the effect of the expected downturn of European economies , some EU countries proposed the Eurobond .