That’s what the ECB is preventing. So there’s a significant element of solidarity to this. And other things are being done too. For example, the European Investment Bank is going to launch a guarantee scheme. The EU budgets will start working and making purchases.
The EU institutions are acting in solidarity with all of the countries, also those that are most vulnerable, like Spain at the moment. 2/4  BIS central bankers' speeches  Nevertheless, the Spanish government is furious. When the Spanish Prime Minister talks about Europe, especially about Germany and the Netherlands who are putting obstacles in the way of the notorious coronabonds, he looks stony-faced.