We call it the "Label" model because it treats each of EA's four labels as a sovereign entity responsible for its own creative decisions and business results.

FORBES: Magazine Article

Now, once the eurozone were borrowing in this way as a de facto single sovereign entity, then of course these euro bonds would be fully sovereign bonds, available for purchase (in theory) by the central bank (though gawd alone knows whether Germany would allow it).

BBC: The eurozone's borrowing costs may stay lethally high