Dear steemians,
the Euro-bonds are a significant change in the monetary policy of the European Union. In 1999 the Euro was established in various countries, with the European Central Bank replacing the national banks. This led to a major problem, because formally speaking there is a foreign currency in every European country. It is a foreign currency in the sense that the country no longer has sole control over the production of money. With the sovereignty over the production of money, the only problem could be inflation. This has already in the past created a threat of insolvency for individual states. One example of this is Italy in 2012, whereupon the markets speculated on the insolvency of Italy. This could have ended in a short attack (big ooofff).

The European Central Bank then decided to continue to allow heavily indebted countries to continue to issue their government bonds and the European Central Bank will buy them as a result. This means that the individual countries can continue to be sure of sovereignty over their indirect money production, as they will definitely find a buyer for their as B or BB or even worse classified government bonds thanks to the secured purchase plans of the European Central Bank.

As a result of the COVID-19 crisis, in addition to the transfer payments from financially strong EU countries to financially weaker EU countries, the above mentioned EU bonds were introduced.

What is an EU bond?
An EU bond is a government bond issued by the European Union, whereby the issuers are all European countries. Have you noticed the joke yet? To take the bad joke out of it, the weighting of the individual countries is distributed. The Netherlands and Finland, for example, were strongly against it. The German people thought it was good, German politics rather so medium.

The consequences
Christin Legarde has changed the inflation target through the EU bonds. Up to now it was up to 2% inflation, whereby the 2% is seen as hard border, which is not to be reached if possible and now it is to be able to be on the average 2%. The difference very strong. The European Central Bank is strongly bound to the individual member states. One example is the maintenance of price stability, which has been confirmed by the German Federal Constitutional Court. So everything must be done with the principle of price stability. It should be noted that this can lead to the "problem of the average", which means that the European Central Bank measures an assessment period during which, for example, the desired inflation target is achieved.

What does the steemians think about the EU bonds?
My personal opinion is of course somewhat clouded because I live in Germany as a taxpayer. From a humanitarian point of view, I think EU bonds make a lot of sense, however, because they strengthen the internal market within Europe. Many people in the newer EU countries (accession around 2008) benefit greatly from this and the burdens that arise from the bonds are more than bearable for the financially strong countries at present.
COVID-19 represents a challenge for all nations and people. Possibly the humanity in us will become stronger than before the crisis.
God save us.