The problem is not now, its once this is finished and the debt of Spain/Italy is so high that the yields skyrocket. Most rating agencies are already docking points to Spain... and that is before any of the heavy hitting debt stuff actually happens.Yields on 10y bonds on Italy are in the ~1% range, Spain ~0.5%. Eurobonds or the lack thereof are of ~zero damage to Spain and Italy.
The solution as of now is entering the same mechanism that was created during the Euro crisis... which has the stigma of that rescue and comes with strings attached that basically forces the country to enter into austerity... Austerity that coincidentially ends up damaging the Social Safety nets such as healthcare, huh.
Spain, Italy and Greece are following the fiscal responsibility and oversight mechanisms that were set up since the Euro crisis. Heck a ton of them put them in their constitution.unlimited Eurobonds without a fiscal Union is suicide.
You may see Germany, Austria, Netherland, Finland, etc. blocking Eurobonds. But the other side of the coin is, that Spain, Italy, Greece, etc. are blocking fiscal responsibility and oversight mechanisms.
A country could double its debt with Eurobonds and the EU could do nothing.
The failure to make Eurobonds is not the problem. The failure to make a fiscal union is.