At the time of going to press (early April 2026), the war begun in Iran by Israel and the USA on 28 February is still ongoing, with, among other consequences, a sharp rise in uncertainty around international trade, the price of energy etc.—all of which leaves international financial markets more fragile. The risk of a major looming economic crisis is a regular topic of discussion. In this context, it is crucial for the EU nations to present a common front, as they managed to do during the Covid crisis, since, as this article by François-Xavier Chauchat shows, after difficulties of historic magnitude—subprime mortgages, the Greek debt and Covid—the Eurozone and its single currency have steered out of dangerous waters and managed to restore confidence in financial circles. The European recovery plan and the mutualization of debt in 2020 gave the European Union new financial heft, and the question now is what comes next. With monetary stability restored, will the Europeans move on to the next stage, financial union? Among the instruments capable of strengthening its integration and its ambitions, the idea of developing the EU’s own debt securities (Eurobonds) has been gaining ground and could represent a major step in the consolidation of monetary union.
After reminding us how the Eurozone recovered from its existential crisis, François-Xavier Chauchat sets out the nature of Eurobonds, explaining their advantages (particularly for the European currency and for financing conditions in Europe) and the prospects for their development. Between federal aspirations, pragmatism and political resistance, several scenarios are, as he emphasizes, possible. The underlying question, in a particularly chaotic international context, is the following: does the European Union want merely to survive, or does it want to take the leap and gear up to become a global financial power?
The article is downloadable only in French. It is not available in English.
