EUROPEAN PARLIAMENT 2009 - 2014
Committee on Economic and Monetary Affairs
PE478.502v01-00
14.12.2011
AMENDMENTS 1 - 81
Draft motion for a resolution Sharon Bowles and Sylvie Goulard (PE478.501v01-00)
the feasibility of introducing stability bonds
AM\887046EN.doc PE478.502v01-00
EN United in diversity EN AM_Com_NonLegRE
PE478.502v01-00 2/36 AM\887046EN.doc EN Amendment 1 Werner Langen, Elmar Brok
Draft motion for a resolution Citation 2 a (new)
Draft motion for a resolution Amendment
- having regard to Commissioner Rehn's presentation of the Green Paper in front of the ECON committee on 23 November 2011,
Or. en
Amendment 2 Werner Langen, Elmar Brok
Draft motion for a resolution Citation 2 b (new)
Draft motion for a resolution Amendment
- having regard to the presentation by the German 'Five Wise Men' concerning a collective redemption fund to bring down excessive debt,
Or. en
Amendment 3 Werner Langen, Elmar Brok
Draft motion for a resolution Citation 2 c (new)
Draft motion for a resolution Amendment
- having regard to the publication of the President van Rompuy's Interim Report: Towards a Stronger Economic Union on 6 December 2011,
Or. en
Amendment 4 Derk Jan Eppink
AM\887046EN.doc 3/36 PE478.502v01-00 EN Draft motion for a resolution Recital B
Draft motion for a resolution Amendment
B. whereas the euro zone is in a genuine B. whereas the euro zone is in a strained situation, the Member States sharing a situation, with eurozone Member States single currency without a common fiscal sharing a single currency without a policy and a single bond market, common fiscal policy and a single bond market,
Or. en
Amendment 5 Edward Scicluna
Draft motion for a resolution Recital B
Draft motion for a resolution Amendment
B. whereas the euro zone is in a genuine B. whereas the euro zone is in a unique situation, the Member States sharing a situation, with the Member States sharing a single currency without a common fiscal single currency without a common fiscal policy and a single bond market, policy and a single bond market,
Or. en
Amendment 6 Werner Langen, Elmar Brok
Draft motion for a resolution Recital B a (new)
Draft motion for a resolution Amendment
Ba. whereas the rating agency Standard and Poors (S&P) announced in Summer 2011 that eurobonds, if introduced, would be given the rating of the lowest Member state participating,
Or. en
PE478.502v01-00 4/36 AM\887046EN.doc EN Amendment 7 Wolf Klinz, Carl Haglund, Olle Schmidt
Draft motion for a resolution Recital B a (new)
Draft motion for a resolution Amendment
Ba. whereas the risk exists to repeat the mistake from the set-up of the Economic and Monetary Union, namely lacking to deepen integration before pursuing measures that imply explicitly or implicitly joint or several liability,
Or. en
Amendment 8 Diogo Feio
Draft motion for a resolution Paragraph -1 a (new)
Draft motion for a resolution Amendment
-1a. Welcomes the presentation of the Green Book, which fulfils a long standing requests of the European Parliament; Is open-minded and eager to actively discuss all issues relating to the topic;
Or. en
Amendment 9 Philippe Lamberts
Draft motion for a resolution Paragraph -1 a (new)
Draft motion for a resolution Amendment
-1a. Is deeply alarmed at the persistence of renewed financial turmoil and the persistence of substantial macrofinancial imbalances within the euro area and more broadly within the EU;
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Amendment 10 Philippe Lamberts
Draft motion for a resolution Paragraph -1 b (new)
Draft motion for a resolution Amendment
-1b. Is deeply concerned by the continuous strains on the euro area sovereign bonds markets reflected on widening spreads, high volatility and vulnerability to speculative attacks over the last two years; deems that the flight to safety provoked by waves of panic experienced during the current financial crisis have had massive distorting effects and have created costly negative externalities, welcomes the efforts made by the ECB by means of its Securities Markets Programs to bring down spreads of vulnerable Member States;
Or. en
Amendment 11 Derk Jan Eppink
Draft motion for a resolution Paragraph 1
Draft motion for a resolution Amendment
1. Believes that the euro area as the issuer 1. Believes that the eurozone as the issuer of the world's second international of the world's second international currency has a crucial responsibility for currency is co-responsible for the stability the stability of the international monetary of the international monetary system; system;
Or. en
PE478.502v01-00 6/36 AM\887046EN.doc EN Amendment 12 Derk Jan Eppink
Draft motion for a resolution Paragraph 1 a (new)
Draft motion for a resolution Amendment
1a. Believes also that the euro area and its member states have a crucial responsibility to ensure the long term stability of the currency used by 330 million people, many companies and investors;
Or. en
Amendment 13 Derk Jan Eppink
Draft motion for a resolution Paragraph 2
Draft motion for a resolution Amendment
2. Stresses that it is in the strategic long 2. Stresses that it is in the strategic long term interest of the eurozone and of its term interest of the eurozone and of its member States to draw the benefits from member States to draw all possible benefits issuing a global reserve currency; from issuing the euro currency which has the potential of becoming a global reserve currency in the long term;
Or. en
Amendment 14 Wolf Klinz, Carl Haglund, Olle Schmidt
Draft motion for a resolution Paragraph 3
Draft motion for a resolution Amendment
3. Notes in particular that the US Deleted Treasury market and the total euro-area sovereign bond market are comparable in size; points out that Stability Bonds would offer a viable alternative to the US dollar bond market and establish the euro as a
AM\887046EN.doc 7/36 PE478.502v01-00 EN global 'safe haven';
Or. en
Amendment 15 Markus Ferber
Draft motion for a resolution Paragraph 3
Draft motion for a resolution Amendment
3. Notes in particular that the US Treasury 3. Notes in particular that the US Treasury market and the total euro-area sovereign market and the total euro-area sovereign bond market are comparable in size; points bond market are comparable in size; out that Stability Bonds would offer a viable alternative to the US dollar bond market and establish the euro as a global 'safe haven';
Or. en
Amendment 16 Diogo Feio
Draft motion for a resolution Paragraph 3
Draft motion for a resolution Amendment
3. Notes in particular that the US Treasury 3. Notes in particular that the US Treasury market and the total euro-area sovereign market and the total euro-area sovereign bond market are comparable in size; points bond market are comparable in size; points out that Stability Bonds would offer a out that Stability Bonds might offer a viable alternative to the US dollar bond viable alternative to the US dollar bond market and establish the euro as a global market and establish the euro as a global 'safe haven'; 'safe haven' after a stability culture could credibly be established in the euro area countries;
Or. en
Amendment 17 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 3
PE478.502v01-00 8/36 AM\887046EN.doc EN Draft motion for a resolution Amendment
3. Notes in particular that the US 3. Welcomes the presentation of the Green Treasury market and the total euro-area Book, which fulfils a long standing sovereign bond market are comparable in requests of the European Parliament; size; points out that Stability Bonds would Considers that the possible introduction of offer a viable alternative to the US dollar eurobonds would be an operation at par bond market and establish the euro as a in importance with the introduction of the global 'safe haven'; single currency; Notes that there is an infinite number of questions that remain to be clarified before an approval or disapproval of the principle of eurobonds can be given; Is open-minded and eager to actively discuss all issues relating to the topic;
Or. en
Amendment 18 Derk Jan Eppink
Draft motion for a resolution Paragraph 3
Draft motion for a resolution Amendment
3. Notes in particular that the US Treasury 3. Notes in particular that the US Treasury market and the total euro-area sovereign market and the total euro-area sovereign bond market are comparable in size; points bond market are comparable in size, but out that Stability Bonds would offer a not in terms of liquidity, diversity, and viable alternative to the US dollar bond pricing; points out that it would be in the market and establish the euro as a global interest of the eurozone to develop a 'safe haven'; common liquid and diversified bond market; considers, in this regard, that Stability Bonds could offer an alternative to the US dollar bond market and, if successful, establish the euro as a global 'safe haven';
Or. en
Amendment 19 Edward Scicluna
Draft motion for a resolution Paragraph 3
AM\887046EN.doc 9/36 PE478.502v01-00 EN Draft motion for a resolution Amendment
3. Notes in particular that the US Treasury 3. Notes in particular that the US Treasury market and the total euro-area sovereign market and the total euro-area sovereign bond market are comparable in size; points bond market are comparable in size; points out that Stability Bonds would offer a out that a market for Stability Bonds viable alternative to the US dollar bond would offer a viable alternative to the US market and establish the euro as a global dollar bond market and establish the euro 'safe haven'; as a global 'safe haven';
Or. en
Amendment 20 Edward Scicluna
Draft motion for a resolution Paragraph 4
Draft motion for a resolution Amendment
4. Believes also that the euro area and its 4. Believes also that the euro area and its member states have a crucial member states are responsible to ensure responsibility to ensure the long term the long term stability of the currency; stability of the currency used by 330 million people, many companies and investors,
Or. en
Amendment 21 Sławomir Witold Nitras
Draft motion for a resolution Paragraph 4
Draft motion for a resolution Amendment
4. Believes also that the euro area and its 4. Believes also that the euro area and its member states have a crucial responsibility member states have a crucial responsibility to ensure the long term stability of the to ensure the long term stability of the currency used by 330 million people, many currency used by more than 330 million companies and investors; people, many companies and investors, and which indirectly affects the livings of many more entities around the world;
Or. en
PE478.502v01-00 10/36 AM\887046EN.doc EN Amendment 22 Derk Jan Eppink
Draft motion for a resolution Paragraph 4
Draft motion for a resolution Amendment
4. Believes also that the euro area and its Deleted member states have a crucial responsibility to ensure the long term stability of the currency used by 330 million people, many companies and investors;
Or. en
Amendment 23 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 4 a (new)
Draft motion for a resolution Amendment
4a. Draws the attention to the fact that no federal state (including the U.S.A. and Germany) issue the equivalent of eurobonds such as foreseen in options 1 and 2, something which elevates eurobonds to the level a totally new concept, which cannot be compared with the tried and trusted U.S. treasury bonds and Bundesanleihen;
Or. en
Amendment 24 Krišjānis Kariņš
Draft motion for a resolution Paragraph 4 a (new)
Draft motion for a resolution Amendment
4a. Underlines that the stability of the eurozone is the stability of the EU as a whole and that the commitments of the
AM\887046EN.doc 11/36 PE478.502v01-00 EN non-eurozone countries with respect to the economic governance and fiscal discipline are equally important to reduce risks of the recession and enhance the development in the Europe;
Or. en
Amendment 25 Sławomir Witold Nitras
Draft motion for a resolution Paragraph 4 a (new)
Draft motion for a resolution Amendment
4a. Notes as well that introduction of Stability Bonds would significantly reinforce the monetary transmission mechanism within euro area;
Or. en
Amendment 26 Edward Scicluna
Draft motion for a resolution Paragraph 5
Draft motion for a resolution Amendment
5. Reiterates its position that any common 5. Reiterates its position that common issuance of bonds can only be part of an issuance of bonds should now form part of enhanced economic governance in the euro a sustainable fiscal compact aimed at both area aiming at strengthening fiscal enhanced economic governance and discipline and safeguarding a sustainable economic growth in the euro area; growth and that sequencing is a key issue;
Or. en
Amendment 27 Miguel Portas
Draft motion for a resolution Paragraph 5
PE478.502v01-00 12/36 AM\887046EN.doc EN Draft motion for a resolution Amendment
5. Reiterates its position that any common 5. Reiterates its position that any common issuance of bonds can only be part of an issuance of bonds is an indispensable tool enhanced economic governance in the euro for an enhanced economic governance in area aiming at strengthening fiscal the euro area aiming the promotion of discipline and safeguarding a sustainable sustainable growth, employment creation growth and that sequencing is a key issue; and fight against poverty;
Or. en
Amendment 28 Wolf Klinz, Olle Schmidt
Draft motion for a resolution Paragraph 5
Draft motion for a resolution Amendment
5. Reiterates its position that any common 5. Reiterates its position that as a issuance of bonds can only be part of an necessary precondition for any common enhanced economic governance in the euro issuance of bonds, enhanced economic area aiming at strengthening fiscal governance in the euro area strengthening discipline and safeguarding a sustainable and enforcing fiscal discipline needs to be growth and that sequencing is a key issue; in place; notes that access to such common bonds would require agreement on, and implementation of, measurable and enforceable programmes of debt reduction;
Or. en
Amendment 29 Markus Ferber
Draft motion for a resolution Paragraph 5
Draft motion for a resolution Amendment
5. Reiterates its position that any common 5. Reiterates its position that any common issuance of bonds can only be part of an issuance of bonds can only be part of an enhanced economic governance in the euro enhanced economic governance in the euro area aiming at strengthening fiscal area; considers that any possible discipline and safeguarding a sustainable introduction of Stability Bonds can only growth and that sequencing is a key issue; be discussed as an option after the implementation of a common fiscal
AM\887046EN.doc 13/36 PE478.502v01-00 EN policy;
Or. en
Amendment 30 Astrid Lulling
Draft motion for a resolution Paragraph 5
Draft motion for a resolution Amendment
5. Reiterates its position that any common 5. Reiterates its position that any common issuance of bonds can only be part of an issuance of bonds can only be part of an enhanced economic governance in the euro enhanced economic governance in the euro area aiming at strengthening fiscal area aiming at strengthening fiscal discipline and safeguarding a sustainable discipline and safeguarding a sustainable growth and that sequencing is a key issue; growth and that sequencing is a key issue ; is of the opinion that fiscal discipline in the European Union would only really be guaranteed if by a new procedure the main figures of the national budgets of the Member States had first to be annually approved by the European institutions before the budgets being presented for vote to the national parliaments;
Or. en
Amendment 31 Derk Jan Eppink
Draft motion for a resolution Paragraph 5
Draft motion for a resolution Amendment
5. Reiterates its position that any common 5.Reiterates its position that any viable issuance of bonds can only be part of an common issuance of bonds can only be enhanced economic governance in the euro part of an enhanced economic governance area aiming at strengthening fiscal in the eurozone aiming at strengthening discipline and safeguarding a sustainable fiscal discipline and safeguarding and growth and that sequencing is a key issue; fostering sustainable growth and that sequencing is a key issue;
Or. en
PE478.502v01-00 14/36 AM\887046EN.doc EN Amendment 32 Sławomir Witold Nitras
Draft motion for a resolution Paragraph 5 a (new)
Draft motion for a resolution Amendment
5a. Taking into account the outcomes of the European Council summit on 9.12.11 and faint perspectives of possible changes in European primary law, calls on the Commission to examine, in the first instance, Stability Bonds' issuance options, which do not require Treaty changes;
Or. en
Amendment 33 Danuta Maria Hübner
Draft motion for a resolution Paragraph 5 a (new)
Draft motion for a resolution Amendment
5a. Points out that improvements in the fiscal governance of the euro area will allow those member states that are faced with the highest yields on their public debts to overcome the current lack of investor confidence and attract additional funding at sustainable levels of interest only in the medium to long term; is of the opinion that the combination of austerity, new fiscal rules and internal devaluations is unlikely to boost investment allocation to sovereign debt markets in distress in the short term;
Or. en
Amendment 34 Derk Jan Eppink
Draft motion for a resolution Paragraph 6
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6. Welcomes the Commission Green Paper 6. Welcomes the Commission Green Paper on the feasibility of introducing Stability on the feasibility of introducing Stability Bonds that is showing the pros and cons of Bonds that is showing the pros and cons of different options; encourages the different options; encourages the Commission to further deepen its analysis Commission to further deepen its analysis after a broad public debate to which the after a broad public debate involving euro Parliament wants to contribute; zone Member States and other relevant stakeholders to which the European Parliament and national parliaments of the euro zone shall contribute to enhance the transparency of the decision-making process;
Or. en
Amendment 35 Markus Ferber
Draft motion for a resolution Paragraph 6
Draft motion for a resolution Amendment
6. Welcomes the Commission Green Paper 6. Welcomes the Commission Green Paper on the feasibility of introducing Stability on the feasibility of introducing Stability Bonds that is showing the pros and cons of Bonds that is showing the pros and cons of different options; encourages the different options; considers none of the Commission to further deepen its analysis three options presented by the after a broad public debate to which the Commission to be an adequate response Parliament wants to contribute; to the current sovereign debt crisis; therefore encourages the Commission to further deepen its analysis after a broad public debate to which the Parliament wants to contribute;
Or. en
Amendment 36 Edward Scicluna
Draft motion for a resolution Paragraph 6
Draft motion for a resolution Amendment
6. Welcomes the Commission Green Paper 6. Welcomes the Commission Green Paper
PE478.502v01-00 16/36 AM\887046EN.doc EN on the feasibility of introducing Stability on the feasibility of introducing Stability Bonds that is showing the pros and cons Bonds, which highlights the strengths and of different options; encourages the weaknesses of different options, and Commission to further deepen its analysis encourages the Commission to further after a broad public debate to which the deepen its analysis after a broad public Parliament wants to contribute; debate to which the Parliament wants to contribute and come up with the necessary legislative proposals;
Or. en
Amendment 37 Wolf Klinz, Olle Schmidt
Draft motion for a resolution Paragraph 6
Draft motion for a resolution Amendment
6. Welcomes the Commission Green Paper 6. Acknowledges the Commission Green on the feasibility of introducing Stability Paper on the feasibility of introducing Bonds that is showing the pros and cons of Stability Bonds that is showing the pros different options; encourages the and cons of different options; and Commission to further deepen its analysis considers it a useful starting point for after a broad public debate to which the further consideration at a later stage; Parliament wants to contribute;
Or. en
Amendment 38 Philippe Lamberts
Draft motion for a resolution Paragraph 6 a (new)
Draft motion for a resolution Amendment
6a. Takes note on the Commission's assessment contained in the Commission Green Paper on the feasibility of introducing Stability Bonds that stability bonds would have significant potential benefits, would facilitate the transmission of euro-area monetary policy and would promote efficiency in the bond market and in the broader euro-area financial system;
AM\887046EN.doc 17/36 PE478.502v01-00 EN Or. en
Amendment 39 Wolf Klinz, Carl Haglund, Olle Schmidt
Draft motion for a resolution Paragraph 6 a (new)
Draft motion for a resolution Amendment
6a. Notes that the mutualisation of public debt is against constitutional requirements in some Member States;
Or. en
Amendment 40 Edward Scicluna
Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Believes that Stability Bonds would the missing element to incentivise enhance compliance with the Stability and compliance with the Stability and Growth Growth Pact provided they address the Pact which requires to further elaborating moral hazard and joint liability issues on options which: involved including; - prevent moral hazard, for example - conditionality agreements, maturity through redistribution of funding agreements, redistribution of funding advantages , conditionality, or Stability benefits, and treaty changes; Bonds with short term maturity and increase stability and liquidity, - study the pros and cons of joint and several liability, including possible Treaty changes;
Or. en
Amendment 41 Derk Jan Eppink
Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Believes that Stability Bonds could be
PE478.502v01-00 18/36 AM\887046EN.doc EN the missing element to incentivise the missing element to incentivise compliance with the Stability and Growth compliance with the Stability and Growth Pact which requires to further elaborating Pact which requires to further elaborating on options which: on options which: - prevent moral hazard, for example - foster balanced public budgeting and through redistribution of funding prevent moral hazard, for example through advantages, conditionality, or Stability redistribution of funding advantages, Bonds with short term maturity and conditionality, or Stability Bonds with increase stability and liquidity, short term maturity and increase stability and liquidity, - study the pros and cons of joint and - study the pros and cons of joint and several liability, including possible Treaty several liability, including possible Treaty changes; changes; - earmark the use of Stability Bonds for growth enhancing projects in the eurozone or the Union as a whole;
Or. en
Amendment 42 Philippe Lamberts
Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Believes that Stability Bonds could be the missing element to incentivise the missing element to incentivise compliance with the Stability and Growth compliance with the Stability and Growth Pact which requires to further elaborating Pact which requires to further elaborating on options which: on options which: - prevent moral hazard, for example - prevent moral hazard, for example through redistribution of funding through redistribution of funding advantages , conditionality, or Stability advantages , conditionality, or Stability Bonds with short term maturity and Bonds with short term maturity and increase stability and liquidity, increase stability and liquidity,
- study the pros and cons of joint and - require joint and several liability, several liability, including possible Treaty including possible Treaty changes; changes; -avoid insofar as possible pro-cyclical and debt-deflationary effects;
Or. en
Amendment 43 Alfredo Pallone
AM\887046EN.doc 19/36 PE478.502v01-00 EN Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Believes that Stability Bonds could be the missing element to incentivise the missing element to incentivise compliance with the Stability and Growth compliance with the Stability and Growth Pact which requires to further elaborating Pact which requires to further elaborating on options which: on options which: - prevent moral hazard, for example - prevent moral hazard, for example through redistribution of funding through more effective market incentives advantages , conditionality, or Stability to reduce debt levels, strong conditionality Bonds with short term maturity and and monitoring, sanctioning and increase stability and liquidity, redistribution of funding advantages; - study the pros and cons of joint and - link the provision of funds raised via the several liability, including possible Treaty Stability Bonds to the European Semester changes; process and the implementation of the related fiscal and economic reform plans (to which Member States commit both in the Stability and Convergence Programmes and in the National Reform Programmes); - entail sufficient attractiveness for market investors while containing or avoiding over-collateralisation, redistribution of risks across countries, or stress on legacy national issuance;
Or. en
Amendment 44 Diogo Feio
Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Believes that Stability Bonds could be the missing element to incentivise an additional element to incentivise compliance with the Stability and Growth compliance with the Stability and Growth Pact which requires to further elaborating Pact which requires to further elaborating on options which: on options which amongst others: - prevent moral hazard, for example - prevent moral hazard, for example through redistribution of funding through redistribution of funding advantages , conditionality, or Stability advantages , conditionality, or Stability
PE478.502v01-00 20/36 AM\887046EN.doc EN Bonds with short term maturity and Bonds with short term maturity and increase stability and liquidity, increase stability and liquidity, - study the pros and cons of joint and - study the pros and cons of joint and several liability, including possible Treaty several liability, including possible Treaty changes; changes;
Or. en
Amendment 45 Markus Ferber
Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Advises to further investigate if Stability the missing element to incentivise Bonds could be the missing element to compliance with the Stability and Growth incentivise compliance with the Stability Pact which requires to further elaborating and Growth Pact which requires to further on options which: elaborating options which: - prevent moral hazard, for example - prevent moral hazard, for example through redistribution of funding through redistribution of funding advantages , conditionality, or Stability advantages conditionality, or Stability Bonds with short term maturity and Bonds with short term maturity and increase stability and liquidity, increase stability and liquidity; - study the pros and cons of joint and - study the pros and cons of joint and several liability, including possible Treaty several liability, including possible Treaty changes; changes;
Or. en
Amendment 46 Wolf Klinz, Carl Haglund, Olle Schmidt
Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Notes that further research needs to be the missing element to incentivise undertaken, especially with regards to: compliance with the Stability and Growth Pact which requires to further elaborating on options which: - prevent moral hazard, for example - preventing moral hazard, for example through redistribution of funding through redistribution of funding advantages , conditionality, or Stability advantages, conditionality, or Stability
AM\887046EN.doc 21/36 PE478.502v01-00 EN Bonds with short term maturity and Bonds with short term maturity and increase stability and liquidity, increase stability and liquidity,
- study the pros and cons of joint and - studying the pros and cons of joint and several liability, including possible Treaty several liability, including possible Treaty changes; changes;
Or. en
Amendment 47 Miguel Portas
Draft motion for a resolution Paragraph 7
Draft motion for a resolution Amendment
7. Believes that Stability Bonds could be 7. Believes that Stability Bonds could be the missing element to incentivise the missing element to promote stability compliance with the Stability and Growth and growth in the euro area which Pact which requires to further elaborating requires to further elaborating on options on options which: which:
- prevent moral hazard, for example - prevent moral hazard, for example through redistribution of funding through redistribution of funding advantages, conditionality, or Stability advantages , or Stability Bonds with short Bonds with short term maturity and term maturity and increase stability and increase stability and liquidity, liquidity, - study the pros and cons of joint and - study the pros and cons of joint and several liability, including possible Treaty several liability, including possible Treaty changes; changes;
Or. en
Amendment 48 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 7 a
Draft motion for a resolution Amendment
7a. Considers that none of the three options presented in the Green Book are suited as an immediate response to the present sovereign debt crisis, but that these are instead geared as part of a long- term solution to help prevent the emergence of unsustainable fiscal
PE478.502v01-00 22/36 AM\887046EN.doc EN positions;
Or. en
Amendment 49 Derk Jan Eppink
Draft motion for a resolution Paragraph 8
Draft motion for a resolution Amendment
8. Believes that the prospect of Stability 8. Is of the opinion that the right option of Bonds can foster stability in the euro area Stability Bonds could foster stability in the in the medium term; calls, however, on the euro area in the medium term; calls, Commission to come forward rapidly with however, on the Commission to come proposals to decisively address the forward rapidly with proposals to sovereign-debt aspect of the crisis by decisively address the sovereign-debt drawing on ideas such as the European aspect of the crisis by assessing the redemption pact as proposed by the viability of ideas such as the European German Council of Economic Experts; redemption pact as proposed by the German Council of Economic Experts;
Or. en
Amendment 50 Alfredo Pallone
Draft motion for a resolution Paragraph 8
Draft motion for a resolution Amendment
8. Believes that the prospect of Stability 8. Believes that the prospect of Stability Bonds can foster stability in the euro area Bonds can foster stability in the euro area in the medium term; calls, however, on the in the medium term; calls, however, on the Commission to come forward rapidly with Commission to: proposals to decisively address the sovereign-debt aspect of the crisis by drawing on ideas such as the European redemption pact as proposed by the German Council of Economic Experts; - come forward rapidly with proposals, which build on the community method and do not exclude further integration at a later stage, to decisively address the sovereign-debt aspect of the crisis, by drawing on ideas such as the approach number 3 in the Green Paper, compatible
AM\887046EN.doc 23/36 PE478.502v01-00 EN with the current Treaty and quickly feasible, or the European redemption pact as proposed by the German Council of Economic Experts; - study the pros and cons of moving in due time to common issuance backed by joint and several liability, including possible Treaty changes; - ensure that any proposal allows immediate or future participation of member states not having the euro as their currency which would so wish; - envisage the possibility that some funds raised via the Stability Bond could be used to support investment of European relevance;
Or. en
Amendment 51 Edward Scicluna
Draft motion for a resolution Paragraph 8
Draft motion for a resolution Amendment
8. Believes that the prospect of Stability 8. Believes that the prospect of Stability Bonds can foster stability in the euro area Bonds can foster stability in the euro area in the medium term; calls, however, on the in the medium term; calls, however, on the Commission to come forward rapidly with Commission to come forward rapidly with proposals to decisively address the immediately implementable options such sovereign-debt aspect of the crisis by as the finalization and ratification of an drawing on ideas such as the European ESM treaty introducing the possibility for redemption pact as proposed by the the ESM to directly recapitalize banking German Council of Economic Experts; institutions and to have itself the necessary features of a credit institution;
Or. en
Amendment 52 Rodi Kratsa-Tsagaropoulou
Draft motion for a resolution Paragraph 8
Draft motion for a resolution Amendment
8. Believes that the prospect of Stability 8. Believes that the prospect of Stability
PE478.502v01-00 24/36 AM\887046EN.doc EN Bonds can foster stability in the euro area Bonds can foster stability in the euro area in the medium term; calls, however, on the in the medium term; calls, however, on the Commission to come forward rapidly with Commission to come forward rapidly with proposals to decisively address the proposals to decisively address the sovereign-debt aspect of the crisis by sovereign-debt aspect of the crisis by drawing on ideas such as the European drawing on ideas such as the European redemption pact as proposed by the redemption pact; German Council of Economic Experts;
Or. en
Amendment 53 Markus Ferber
Draft motion for a resolution Paragraph 8
Draft motion for a resolution Amendment
8. Believes that the prospect of Stability 8. Calls, however, on the Commission to Bonds can foster stability in the euro area come forward rapidly with proposals to in the medium term; calls, however, on the decisively address the sovereign-debt Commission to come forward rapidly with aspect of the crisis by drawing on ideas proposals to decisively address the such as the European redemption pact as sovereign-debt aspect of the crisis by proposed by the German Council of drawing on ideas such as the European Economic experts; redemption pact as proposed by the German Council of Economic Experts;
Or. en
Amendment 54 Wolf Klinz, Carl Haglund, Olle Schmidt
Draft motion for a resolution Paragraph 8
Draft motion for a resolution Amendment
8. Believes that the prospect of Stability 8. Calls on the Commission to come Bonds can foster stability in the euro area forward rapidly with proposals to in the medium term; calls, however, on the decisively address the sovereign-debt Commission to come forward rapidly with aspect of the crisis by drawing on ideas proposals to decisively address the such as the European redemption pact as sovereign-debt aspect of the crisis by proposed by the German Council of drawing on ideas such as the European Economic Experts; redemption pact as proposed by the German Council of Economic Experts;
AM\887046EN.doc 25/36 PE478.502v01-00 EN Or. en
Amendment 55 Miguel Portas
Draft motion for a resolution Paragraph 8
Draft motion for a resolution Amendment
8. Believes that the prospect of Stability 8. Believes that the prospect of Stability Bonds can foster stability in the euro area Bonds can foster stability in the euro area in the medium term; calls, however, on the in the medium term; calls, however, on the Commission to come forward rapidly with Commission to come forward rapidly with proposals to decisively address the proposals to decisively address the sovereign-debt aspect of the crisis by sovereign-debt aspect of the crisis; drawing on ideas such as the European redemption pact as proposed by the German Council of Economic Experts;
Or. en
Amendment 56 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 8 a (new)
Draft motion for a resolution Amendment
8a. Urges to further investigate the proposals by the German 'Five Wise Men' to introduce a collective redemption fund to bring down excessive debt and evaluate the possibility to get fast political endorsement in case it is deemed to be a solution to the present crisis;
Or. en
Amendment 57 Philippe Lamberts
Draft motion for a resolution Paragraph 8 a (new)
Draft motion for a resolution Amendment
8a. Asks the Commission to put forward
PE478.502v01-00 26/36 AM\887046EN.doc EN operational and institutional proposals including transitional options in its follow-up document to be adopted in February 2012;
Or. en
Amendment 58 Philippe Lamberts
Draft motion for a resolution Paragraph 8 b (new)
Draft motion for a resolution Amendment
8b. Asks the Commission to assess with this aim additional options such as eurobills as well as managing issuance modalities and the polling of some funding instruments;
Or. en
Amendment 59 Philippe Lamberts
Draft motion for a resolution Paragraph 8 c (new)
Draft motion for a resolution Amendment
8c. Asks the euro area Member States to allow the EFSF-ESM to apply for a banking licence in order to enhance its intervention capacities;
Or. en
Amendment 60 Derk Jan Eppink
Draft motion for a resolution Paragraph 8 a (new)
Draft motion for a resolution Amendment
8a. Invites the ECB to clearly express its views on the Commission's Green Paper on the feasibility of introducing Stability
AM\887046EN.doc 27/36 PE478.502v01-00 EN Bonds, mainly with respect to the impact of each proposed option of euro-securities on the stability of the euro currency and its capacity to solve or contribute to solve the current sovereign debt crisis in the eurozone;
Or. en
Amendment 61 Diogo Feio
Draft motion for a resolution Paragraph 9
Draft motion for a resolution Amendment
9. Points out that this resolution constitutes 9. Points out that this resolution constitutes a preliminary response to the Commission a preliminary response to the Commission Green Paper which will be followed by a Green Paper which will be followed by a more comprehensive resolution and an INI more comprehensive resolution in form of Report; an INI Report;
Or. en
Amendment 62 Markus Ferber
Draft motion for a resolution Paragraph 9 a (new)
Draft motion for a resolution Amendment
9a. Notes the presentation of the Green Book which was requested by the European Parliament but insists that there is no agreement which approves the introduction of Stability Bonds; therefore strongly points out that there is still an indefinite number of open questions which need to be discussed within the context of Stability Bonds;
Or. en
Amendment 63 Markus Ferber
Draft motion for a resolution
PE478.502v01-00 28/36 AM\887046EN.doc EN Paragraph 9 b (new)
Draft motion for a resolution Amendment
9b. Believes that Stability Bonds as discussed at that time are not an option to guarantee stability in the euro area and are not the right response to the sovereign debt crisis; asks the Commission to further investigate which other options can be approached;
Or. en
Amendment 64 Markus Ferber
Draft motion for a resolution Paragraph 9 c (new)
Draft motion for a resolution Amendment
9c. Indicates that eurobonds can only be introduced after the Treaty has been changed accordingly and unanimously;
Or. en
Amendment 65 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 a (new)
Draft motion for a resolution Amendment
9a. Advises to further investigate if the options 1 and 2 would offer the possibility, in a longer term perspective, of moving towards common debt issuance in a staged and criteria based process, a possibility that is specifically mentioned in President van Rompuy's Interim Report of 6 December 2011;
Or. en
AM\887046EN.doc 29/36 PE478.502v01-00 EN Amendment 66 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 b (new)
Draft motion for a resolution Amendment
9b. Notes the Commission's assessment that in option 3 the ratings would in the best case attain the weighted average of the ratings of the Member states participating in the scheme, which means that about half of the euro area Member states would see their ratings lowered, and in the worst case be that of the lowest state rated; Rejects option 3 on these grounds;
Or. en
Amendment 67 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 c (new)
Draft motion for a resolution Amendment
9c. Welcomes that the Commission insists that two elements are at the core of system: budgetary discipline in the Member states and an increase in competitiveness;
Or. en
Amendment 68 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 d (new)
Draft motion for a resolution Amendment
9d. Welcomes the Commission's insistence to further strengthen the Stability and Growth Pact (Six-Pack), and will swiftly work on the two legislative proposals that were presented the same
PE478.502v01-00 30/36 AM\887046EN.doc EN day as the Green book; Considers that the decisions taken at the European Council of 8-9 December 2011 to further enhance the sustainability of public finances do also contribute to creating the necessary conditions for the possible introduction of eurobonds;
Or. en
Amendment 69 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 e (new)
Draft motion for a resolution Amendment
9e. Understands the Commission's insistence on fiscal discipline being a pre- requisite for introducing eurobonds; Requests further clarification on the possible sequencing of the introduction of eurobonds in relation to stable finances, i.e. if eurobonds are introduced on the assumption that stability will be attained, or only after all the new stability instruments have proved to be working according to plan;
Or. en
Amendment 70 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 f (new)
Draft motion for a resolution Amendment
9f. Needs further clarification on the Commission's suggestion to make the issuance of eurobonds conditional, e.g. on the respect of the Stability and Growth Pact;
Or. en
AM\887046EN.doc 31/36 PE478.502v01-00 EN Amendment 71 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 g (new)
Draft motion for a resolution Amendment
9g. Asks the Commission if an ascension procedure to the eurobonds system, similar with the Maastricht criteria for introducing the single currency in a Member state is foreseen as part of its options; Understands form the Commission that membership in the eurobonds club is reversible;
Or. en
Amendment 72 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 h (new)
Draft motion for a resolution Amendment
9h. Acknowledges that the Commission very strongly warns about potential moral hazard; Welcomes the discussion on the many ways proposed to avoid moral hazard; Welcomes the Commission's statement saying that 'if Stability Bonds were to be seen as a means to circumvent market discipline, their acceptability among Member states and investors would be put in doubt';
Or. en
Amendment 73 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 i (new)
Draft motion for a resolution Amendment
9i. Understands from the Green Book that
PE478.502v01-00 32/36 AM\887046EN.doc EN the Commission does not think that AAA ratings are automatically achieved under any of he three options proposed, and even contemplates ways for the present AAA countries to be financially compensated for the higher interest rates they may have to pay after the introduction of eurobonds, compensations which would be paid by those Member states which have lower ratings; Wonders if such compensations are economically feasible and politically acceptable;
Or. en
Amendment 74 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 j (new)
Draft motion for a resolution Amendment
9j. Notes further that the Commission states that even under the joint and several guarantee structure (options 1 and 2) eurobonds may not obtain or guarantee an AAA rating if a limited number of AAA rated Member states would be required to guarantee very large liabilities of other lower rated Member states, and that the Green Book warns that there also is a non-negligible risk that a cascade of rating downgrades could be set in motion if the system isn't designed and implemented correctly;
Or. en
Amendment 75 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 k (new)
Draft motion for a resolution Amendment
9k. Took note of Commissioner Rehn's warning at the ECON committee sitting of
AM\887046EN.doc 33/36 PE478.502v01-00 EN 23 November 2011 concerning eurobonds risking to be instantly transformed into junk bonds if something went wrong;
Or. en
Amendment 76 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 l (new)
Draft motion for a resolution Amendment
9l. Understands from the Green Book that the Commission doesn't consider Eurobonds as a guarantee against Member states defaulting on their debt, but that the ESM would still have an important role to play for those Member states which experience liquidity problems;
Or. en
Amendment 77 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 m (new)
Draft motion for a resolution Amendment
9m. Deems, in the event of a default of a Member state on its debt, the seniority of eurobonds over national bonds to be an essential feature in all proposed options, which would also put more pressure on the ratings of the national bonds, thus encouraging Member states with a high and possibly unsustainable debt to consolidate faster;
Or. en
Amendment 78 Werner Langen, Elmar Brok
Draft motion for a resolution
PE478.502v01-00 34/36 AM\887046EN.doc EN Paragraph 9 n (new)
Draft motion for a resolution Amendment
9n. Acknowledges that the Commission doesn't consider eurobonds as a means to transfer resources from one Member state to another through the back door; Welcomes that the Commission insists on the full repayment (servicing) of the loans as well as the interest rates on common issuance, which in her own words should under no circumstance come into question;
Or. en
Amendment 79 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 o (new)
Draft motion for a resolution Amendment
9o. Asks the Commission to further elaborate on the criteria of allocation of the loans to the Member states, as the statement that this would be done 'according to their needs' is highly unsatisfactory; Insists that the capacity to service the debt should be one of the central allocation criteria;
Or. en
Amendment 80 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 p (new)
Draft motion for a resolution Amendment
9p. Asks the Commission to elaborate more its option to establish a system of differentiation of the interest rates between Member states with divergent ratings, especially to clarify how and by
AM\887046EN.doc 35/36 PE478.502v01-00 EN whom these ratings are established once market mechanisms were neutralized by the introduction of common bonds;
Or. en
Amendment 81 Werner Langen, Elmar Brok
Draft motion for a resolution Paragraph 9 q (new)
Draft motion for a resolution Amendment
9q. Asks for more clarification concerning the Treaty changes that are required with options 1 and 2, as well as the concerning the need to adapt the constitutions of a number of Member states to allow for participation in the eurobonds system; Requests information on a possible plan B in case some Member states cannot participate in the eurobonds scheme on constitutional grounds;
Or. en
PE478.502v01-00 36/36 AM\887046EN.doc EN