What consequences if fiscal deficits are increased sharply in the euro zone?

Given the pressure from public opinion, the very low interest rates and the appearance of many new requirements, it is possible that a large number of euro-zone countries will switch to an expansionary fiscal policy. Wh at would be the consequences of a sharp increase in fiscal deficits in the euro zone? The effect on growth would probably be weak in the short term (the fiscal multiplier would be low) since the euro zone is close to full employment; additional growth can obviously be expected in the long term if there are efficient public investments; Risk-free long-term interest rates in the euro zone would hardly change, since monetary policy remains expansionary and the zone has significant excess savings; The greatest risk would probably be a renewed rise in sovereign risk premia on the peripheral euro-zone countries, if they participated in this expansionary fiscal policy.