Nine EU leaders urge joint borrowing

• But it is seen as political poison in Germany and other rich northern members.
• "In particular, we need to work on a common debt instrument... to raise funds on the market on the same basis and to the benefits of all member states."

BRUSSELS: Nine EU countries, including France and Spain, on Wednesday called for eurozone countries to jointly issue debt in order to fight the devastating impact of the coronavirus outbreak.

"In particular, we need to work on a common debt instrument... to raise funds on the market on the same basis and to the benefits of all member states," said the letter, which was also signed by the leaders of Italy, Greece, Ireland, Belgium, Luxembourg, Slovenia and Portugal.

The idea of mutualised debt is a frequent request of heavily indebted EU nations and is championed by the European Central Bank, but it is seen as political poison in Germany and other rich northern members.