Mitigating the negative economic effects of the crisis in each Member State and supporting the recovery afterwards makes the whole of Europe stronger. The issuance of one-off “coronabonds” is one possibility. There are other instruments that could be used, like an EU rescue fund or measures involving the ESM or the European Investment Bank.
In the current crisis, the PEPP is the right instrument to support the euro area on the monetary policy side. Outright Monetary Transactions (OMTs) were designed to address a different contingency: the risk that the expectations of a euro area break-up might become self-fulfilling.