The euro area is under pressure once again as the coronavirus outbreak shakes up countries in the bloc and brings historic differences to the fore.
, in which 19 countries share the same currency, has struggled to grow since the sovereign debt crisis of 2011. At the time, highly-indebted nations, such as Spain, Portugal and Greece could not get financing from financial markets and asked for external help to support their economies.
"We could see a euro breakup," Karel Lannoo, chief executive officer at the Brussels-based think tank CEPS, told CNBC Wednesday on the phone, adding that the costs of this would be "enormous." The euro area has so far failed to deliver a massive fiscal stimulus package like that of the United States. Earlier this month, President Donald Trump signed aemergency spending bill to deal with the coronavirus and on Tuesday, CNBC learned that the White House was considering a fiscal package of more than $1 trillion.
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