Eurobonds. It may actually happen if this continues. But given the speed of the usual EU decision process I would not be surprised if it takes them longer than the current US administration to finally agree on the various terms. And that's good for Europe in multiple ways.
https://commission.europa.eu/strategy-and-policy/eu-budget/e...
In the meantime: German, Dutch, UK (technically not EU), Swiss, Nordic paper is also a good substitute and regardless all you really want to do here is not to hold an asset that may well become a liability so in that sense almost anything is better.
Swiss bonds are super safe, but they have ~0 interest rate and so you lose out on inflation.
Eurozone has a looming debt crisis. ECB is actively capping the yields for countries bonds from Spain and Portugal which are showing stress signals. This will not end well for ECB this time around if they end up something like 2012.
https://substack.com/home/post/p-185202466