BRUSSELS, BELGIUM - OCTOBER 18: German Chancellor Angela Merkel (L) talks with the French President Emmanuel Macron (C) and the Luxembourg Prime Minister Xavier Bettel (R) ahead of round table talks at a EU leaders summit on October 18, 2019, in Brussels, Belgium.

European countries are under growing pressure to take an unprecedented move and issue a new kind of debt to tackle the economic impact of the coronavirus.

Central bankers, heads of state and economists have called on the euro zone to develop so-called corona bonds, a new instrument that would combine securities from different European countries.

The issue is highly controversial, but the main idea is to come up with new funding to mitigate the economic fallout from the coronavirus outbreak. The latter has decimated thousands of lives across Europe and brought all its economies to a standstill.

"The political hurdles for joint debt issuance in the euro zone remain high. But in 'whatever it takes' times, taboos can be broken," Florian Hense, economist at Berenberg bank, told CNBC on Monday via email.

Conservative policymakers in countries such as Germany, the Netherlands and Austria are often wary of the idea of issuing debt together with highly indebted nations, such as Italy, Greece and Portugal. They had initial discussions on this issue at the height of the sovereign debt crisis of 2011, but certain nations believed it was too risky to join their debt with other countries, which were deemed at a higher risk of default.

However, the coronavirus is reviving the debate given the widespread financial shock caused by the virus.