It’s direct intervention by the ECB. I’m in favour of coronabonds; I think they show solidarity. What would coronabonds involve? Coronabonds would be mutualised debt issuance by the entire euro area. They wouldn’t be bonds issued by Spain, Italy or Germany, but by an EU institution.
If we compare the recent increase in the price of oil with two similar episodes, we will note that, in percentage terms, the increase since 1998 is similar to the one recorded between December 1973 and January 1974 and exceeds the rise between the end of 1978 and the end of 1979.