Regarding the second measure, the Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19), the Bank decided to provide funds to financial institutions on favorable terms in order to encourage them to fulfill the functioning of financial intermediation for a wide range of private sectors.
One way to ensure that the discipline is actually binding is to empower a supranational entity in the euro area to issue government bonds for the Member States. The countries would in fact no longer have the capacity, technically or politically, to issue public debt on the market.