Why is the euro zone as a whole better perceived in financial markets than the average of its member countries?

A comparison of the ratings and interest rates of: European issuers (EU, EIB, ESM); The euro-zone country average, shows that the euro zone as a whole is perceived significantly better in financial markets than the average of its member countries. How is this possible? There are three possibilities: Investors believe that the guarantee of the strongest countries is enough to ensure that European issuers are risk-free ; and that , if necessary, a bailout would be readily forthcoming for a European issuer but not for all countries ; A group of countries can be very solve nt even though some of them are not solvent: it is logical for the rating of the countries as a whole to then be better than that of the average country; Pan-European issuers attract stronger international demand for their bonds than individual countries (easier to assess creditworthiness, more liquid debt). If investors have a better perception of pan-European issuers than of the euro-zone country average, the euro zone should borrow more via these pan-European issuers and less individually. This is the direction that is beginning to be taken.