These options can generally be divided into three general approaches, based on the degree of substitution of domestic emissions (total or partial) and the nature of the underlying guarantee (and several or more causes only) implicit. The three general approaches are the three: on 5 January 2011, the European Union managed to place on the capital markets, under the European Financial Stabilization Mechanism, loans worth 5 billion euros as part of the financial assistance package for Ireland. The emission spread was set at an exchange rate of 12 basis points.  This means a cost of borrowing for the MESF of 2.59%.  The last eurozone summit on 9 April was not a step forward in clarifying the role of Eurobonds in the current crisis, except that Member States consider “innovative financial instruments, in accordance with EU treaties”15, to be one of the possible sources of financing for the future stimulus fund, which will be created to support the post-crisis economic recovery. The two instruments of precautionary financial assistance, the Limited Condition Line of Credit (PCCL) and the Enhanced Line of Credit (ECCL), can be obtained through a loan or purchase on the primary market, have an initial availability period of one year and are renewable twice, each time for six months17. When an ECCL is granted or a PCCL is subscribed, the ESM member is subject to enhanced oversight by the European Commission. The monitoring covers the country`s financial situation and its financial system. It should be noted that among the loan instruments that can be offered by the ESM, the precautionary line of credit has never been used. 1 Report on the overall economic policy response to the COVID 19 pandemic, press release, 2 EU ministers manage to make progress in the economic response of the coronavirus, Deutsche Welle, published on 9 April 2020. 3 Eurogroup fails an agreement on the economic response to coronaviren, Financial Times, 8 April 2020. 4 Joint statement by the members of the European Council, European Council, 25 March 2020 Corvirusona.
: The EU must mobilise all its resources to help the Member States, the Irish Times, 6th 7 Joint Letter from the Heads of State and Government of Belgium, France, Greece, Ireland, Italy, Luxembourg, Portugal, Slovenia and Spain from 25.03.2020, 26 March 2020 that Eurobonds are exposed to the coronavirus crisis, Euractiv, 25 9 Green Paper on the feasibility of introducing stability bonds European Commission, 23 November 2011. 10 ibid., 12. 11 ibid., 14-15. 12 ibid., 18-19. Eurogroup fails agreement on coronavirus economic response, Financial Times, 8 April 2020. 14 Eurobond: a good idea, but the devil is in the details, Financial Times, 25 March 2020. 15 Report on the overall economic response to the COVID-19 pandemic, press release issued on 9 April 2020.