As Europe’s economy nosedives, its leaders are at loggerheads over how to respond to the shock of the coronavirus pandemic. A group of countries led by France, Italy and Spain seek joint debt issuance to finance the spending spree needed to cushion the blow, while another camp led by Germany, the Netherlands and Austria resists the idea. Once more, the euro area is mired in discord over burden and risk sharing, echoing the divisions that almost tore it apart during the sovereign debt crisis.