Once the finance ministers reach an agreement, their bosses, the leaders of the European Union countries, will meet via teleconference to finalize the measures, which in total could amount to hundreds of billions of euros.

But as sweeping as those measures may be, they will disappoint some members.

At least nine of the 19 leaders of the countries in the common-currency bloc, and some leading policymakers in Brussels, believe the euro area needs to issue joint bonds, commonly referred to as “Eurobonds” or in the context of the current crisis, “corona-bonds.”

In the acrimonious overnight meeting, finance ministers from those countries demanded at the very least a reference to this approach in any final report, but it proved impossible to get an agreement.

Collective debt would be a first for the bloc, and has been fiercely opposed by wealthier states like Germany and the Netherlands. They argue that, by treaty, every member nation of the European Union is responsible for its own finances. Floating these bonds would also be legally difficult and time-consuming, opponents say.

“Each member state has launched its own interventions, and if we aggregate those, we’re talking about rather big figures,” said Paolo Gentiloni, the European commissioner for the economy and a former Italian prime minister, who supports the idea of joint bonds. “But we are a union, 19 member states who have a common currency.”