Right now, it would be impossible for the EU to issue perpetual bonds, because the member states are too divided. Poland and Hungary have vetoed the next EU budget and the COVID-19 recovery fund, and the so-called Frugal Five (Austria, Denmark, Finland, the Netherlands, and Sweden) are more interested in saving money than in contributing to the common good. Investors will buy perpetual bonds only from an entity that they believe will continue to exist for the foreseeable future. That was true of Britain in the eighteenth century (when it issued Consols) and of the United States in the nineteenth century (when it consolidated individual states’ debt). Sadly, it is not true of the EU today… More here.
I think there is a case for perpetual bonds at this time. The precedent would be the biggest concern, but surely this year is exceptional enough to warrant such a move?