Activities of Evelyn REGNER related to 2012/2028(INI)
Legal basis opinions (0)
Amendments (7)
Amendment 1 #
Draft opinion
Paragraph 1
Paragraph 1
1. Welcomes the Commission’s Green Paper which represents a good starting point to assess possible solutions to foster financial stability, budgetary discipline and economic growth within the EU; recalls that stability bonds are a means for medium-term stability and that additional measures are necessary in order to combat effectively the sovereign debt crisis;
Amendment 3 #
Draft opinion
Paragraph 2
Paragraph 2
2. Stresses that full substitution of stability bond issuance for national issuance would constitute the most suitable response to the sovereign debt crisis; considers, however, that the relevant prerequisites in terms of economic, financial and political integration still need to be fulfilled; considers, therefore, that it seems appropriate to proceed gradually, particularly with regard to the legal implementation of stability bondsquestions with regard to the legal implementation of stability bonds need to be clarified swiftly and that the Commission should put forward proposals to establish the legal framework, involving the European Parliament and Council as necessary;
Amendment 6 #
Draft opinion
Paragraph 3
Paragraph 3
3. Considers that consistency with EU law is a precondition for the introduction of stability bonds; accordingly, emphasises the need for a solid legal frameworkrefore that the need for an amendment to the Treaty should be examined and that a solid legal framework should be established, involving the Council and the European Parliament as necessary; in order to provide financial market stability in a way which is compatible with the Treaty while reducing the risks of moral hazard and, enhancing fiscal discipline and creating scope for further measures that will contribute to the stabilising of the markets and the combating of the debt crisis;
Amendment 7 #
Draft opinion
Paragraph 4
Paragraph 4
4. Is aware that the introduction of stability bonds can improve the implementation of budgetary policies at Member State level; points out, on the other hand, that further measures in t, but would fundamentally question the rigorous disciplining of democratic governments by the markets, which act in relation to the governments as corporate asset holderms of economic governance might necessitate Treaty changes and require long-term implementationr debtors; calls on the Commission to implement further measures to combat the sovereign debt crisis quickly, such as the establishment of a European debt repayment fund, the introduction of eurobills (short-term euro bonds) and the joint administration of the issuance of sovereign debt instruments;
Amendment 11 #
Draft opinion
Paragraph 5
Paragraph 5
5. Shares the Commission’s concerns with regard to accounting issues relating to the treatment of stability bonds under national law; urges the Commission comprehensively to assess the impact of different guarantee structures for stability bonds on national debt-to-GDP ratios; would point out that joint stability bonds would return decisions on pricing to the issuers, rather than allowing the credit rating agencies the power to decide on the value of government bonds;
Amendment 12 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Notes the moral hazard problem referred to by the Commission in the Green Paper, but nonetheless considers it necessary to perform a thorough analysis of the moral hazard problem in order to be able to draw the right conclusions and to find the appropriate solutions if possible;
Amendment 13 #
Draft opinion
Paragraph 6
Paragraph 6
6. Invites the Commission further to explore the possible combination of approaches through gradual implementation; to this end, considers that an introduction of stability bonds based on a partial approach could ease the market acceptance while overcoming legal constraiswiftly to pursue the introduction of stability bonds, to explore legal concerns and to bring forward proposals in this regard in cooperation with the Council and European Parliaments;