,
Now more than ever, the European Stability Mechanism should be adapted to manage eurozone member states’ sovereign debts. Otherwise, the bloc’s financial stability will be jeopardized, and governments will end up being penalized simply for supporting their citizens through the pandemic.
https://www.project-syndicate.org/commentary/esm-facility-to-purchase-sovereigns-from-ecb-by-stefano-micossi-and-emilios-avgouleas-2021-05