[ParlTrack]

Motion for a resolution
Paragraph 5

5. Points out that it is in the long-term strategic interest of the eurozone to draw all possible benefits from issuing the euro, such as the possibility to establish~~ing~~ a common liquid and diversified bond market and establishing the euro as a global reserve currency;

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Paragraph 7

7. Believes that the prospect of common bonds ~~can~~may foster stability in the euro area and may be an additional element to incentivise compliance with the stability and growth pact; reiterates its position that sequencing is a key issue involving a binding roadmap, included in the annex, similar to the Maastricht criteria for introducing the single currency;

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Paragraph 7 a (new)

7a. Stresses the importance of a restraint examination of the possibility of introducing a common bond market;

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Paragraph 8

8. Urges Member States to seriously consider the option of immediately establishing a European Redemption Fund in order to allow participating countries to reduce excessive debt over a maximum period of 25 years by using the interest rate savings for debt reduction;deleted

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Paragraph 9

9. ~~Urges~~If the Member States toshould seriously consider the immediate issuance of common short-term debt in the form of eurobills, the Commission has to determine beforehand if eurobills are able to protect Member States with fundamentally sustainable fiscal polices from illiquidity runs and the negative feedback loop between sovereign and banking crises;

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Paragraph 10

10. CIf necessary, calls on the Commission to prepare contingency plans allowing a rapid implementation of th~~ese schemes~~is possibility;

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Paragraph 12

12. Believes that the issuance of common bonds under separate liability, similar to the EFSF bond, risks not being sufficiently attractive for investors and that the roadmap should therefore include a system, which does not require any Treaty change, for the allocation of debt below 60 % of GDP to be issued under joint and several liabilities (blue- bond/red-bond proposal);deleted

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Paragraph 13

13. Believes that if the blue-bond/red- bond system proves to be beneficial to the euro area as a whole, a further step, requiring a Treaty change, should be envisaged, which is the issuance of bonds under joint and several liability;deleted

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Annex - Phase 1 - Point 1

1. Setting up of a temporary European redemption fund to reduce debt to sustainable levels at affordable interest rates The Commission makes a proposal for the immediate setting up of a temporary European redemption fund along the following principles: - transfer of debt amounts above the Maastricht reference value of 60 % of GDP to a common fund subject to joint and several liability through a roll-in phase of five years; - limit participation to Member States without an adjustment programme; provide for a phasing in of Member States that have successfully completed an adjustment programme; - oblige Member States to autonomously redeem the transferred debt over a period of maximum 25 years by using the interest rate savings for debt redemption which could be shorter if the growth rate is higher than foreseen; - implement the national debt brakes introduced in the fiscal compact to limit the debts that remain exclusively with the participating Member States at a maximum of 60 % of GDP and oblige Member States to cover their liabilities by risk-free collateral; - implement the new framework of economic governance together with a binding structural reform agenda monitored by the Commission;deleted

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1

The Commission ~~makes a proposal~~shall assess the possibility for the immediate setting up of a system for the issuance of common short- term debt along the following principles:

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 1

- establish an agency or use an existing entity to issue eurobills and limit participation strictly to Member States that fully comply with the rules as set-out in the Stability and Growth Pact;

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Annex - Phase 1 - Point 2 - Paragraph 1 - Subparagraph 2

- maximum maturity of eurobills (amounting to maximum 10% of GDP) of up to one year, which a~~llows for~~utomatically entails continued monitoring and due to short term maturity allows for frequent renewal of guarantees;

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Annex - Phase 2

With the start of phase 2, a committee of independent representatives from Member States, the Commission and the ECB (along the line of the Delors committee decided in June 1988 by the European Council) shall be set-up to evaluate progress and make recommendations for further steps. The Commission puts forward proposals for the setting up of a system for the allocation of debt below 60 % of GDP to be issued in common, which is safeguarded by national debt brakes according to principles such as: - limit participation to Member States that comply with the Stability and Growth Pact and the fiscal compact and are not under an adjustment programme; - strictly limit the amount of debt to be issued under joint and several liabilities to a part of less than 60 % of GDP by prohibiting participating Member States from issuing senior debt outside the common issuance; - oblige participating Member States to put collateral representing its amount of debt issued in common; - design an allocation mechanism taking into account the respect of the fiscal discipline and weighted by borrowing requirements;deleted

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Annex - Phase 3

On the basis of the work of the committee, the Commission puts forward, if appropriate, proposals for a Treaty change (and where necessary, Member States’ constitutional changes) and the setting up of a system for the common issuance of bonds according to the following principles: - limit participation to Member States which comply with the conditions as set out in phase 2; - establish a European debt agency for the issuance of bonds, or confer this task to the ESM; - establish appropriate, democratically legitimate institutions which would among others be in charge of the surveillance and coordination of national fiscal policies and the competitiveness agenda, as well as the external representation of the euro area in international financial institutions;deleted

2012/07/12
Committee: ECON

Markus FERBER

Motion for a resolution
Annex - Phase 4 - Paragraph 1

The Commission, after having prepared all eventual changes to the EU legal framework, puts forward proposals for possible issuance of bonds to finance EU investments for EU public goods (e.g. infrastructure, research and development, etc.) as well as serving as an instrument to facilitate fiscal adjustment in response to external shocks when cross-border effects are at play.deleted

2012/07/12
Committee: ECON

15 Amendments of Markus FERBER related to 2012/2028(INI)

ParlTrack - 2011-2024