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European Commission Green Paper on the feasibility of introducing Stability Bonds - Official Version

Brussels, 23 November 2011

European Commission Green Paper on the feasibility of introducing Stability Bonds

Will Merkel Change Her Tune on Stability Bonds?

Stability bonds. That is the new moniker given by the European Commission to euro bonds as it moves toward presenting its most definitive proposal yet for the debt pooling measure on Wednesday.

Indeed, European Economic and Monetary Affairs Commission Olli Rehn was in Berlin on Tuesday to tout Brussels' three-option studyon how bonds issued jointly by the 17 euro-zone member states could help stem the debt crisis.

Commission preparing plans for Eurobonds while Germany still opposes it

The European Commission is preparing options for the introduction of eurobonds, its president José Manuel Barroso said this morning addressing the European Parliament in Strasbourg. He called for much closer political integration and said the EU needed a "new federalist moment" to confront the most serious challenge for the bloc in a generation. Mr Barroso portrayed the current crisis as an existential threat to the European project. "This is a fight for the jobs and prosperity of families in all our member states.”

Barry Eichengreen: Europe on the Verge of a Political Breakdown

Jean-Claude Trichet, the president of the European Central Bank, has called for stricter budgetary rules. Mario Draghi, head of the Bank of Italy and Trichet’s anointed successor at the ECB, has called for binding limits not on just budgets but also on a host of other national economic policies. Guy Verhofstadt, leader of the Alliance of Liberals and Democrats for Europe in the European Parliament, is only one in a growing chorus of voices calling for the creation of Eurobonds. Germany’s finance minister, Wolfgang Schäuble, has suggested that Europe needs to move to full fiscal union.

German economists say 'Nein' to 'disaster' eurobonds

As the debate on whether the EU should introduce eurobonds to solve the debt crisis sharpens, economists in Berlin argue that pooling Europe's debt would spell disaster for Germany and the euro. EurActiv.de reports.


http://www.euractiv.com/en/euro-finance/german-economists-nein-disaster-eurobonds-news-507021

Eurobonds could cost the German taxpayer up to €47 billion a year - ifo institute

 


 


What will Eurobonds cost?


 


Position of the Ifo Institute of 17 August 2011

How euro bonds would work

Help from above: European countries with debt problems currently have to pay high interest rates on the government bonds they issue. In order to avert the threat of sovereign debt defaults, Jean Claude Juncker, the chairman of the euro group, has proposed the introduction of EU bonds.

EU Debt Office, Authority for Bank Resolution Funds & European Financial Stabilisation Mechanism

Michel Barnier, Commissioner in charge of the Internal market and Services presented last week a proposal for Bank Resolution Funds. This came two weeks after the EU Heads of State presented the 750 bn euro rescue package with that mysterious Special Purpose Vehicle (SPV), which aimed at calming down the markets. The turmoil continued and it felt kind of weird that there were no panic news this last Friday (no bad news is good news).

Last week Asymptotix pleaded for a European Debt Bank, or European Union Debt Office, which the Swedes would call it. John A Morrison said:

We are where we are, capital has transitioned to the state, we need public institutions which can properly manage us through this second phase sovereign debt crisis and develop a roadmap for free markets beyond a properly constituted European "Bretton Woods" style "Public Debt Bank" (its not for me to coin the name); philosophically in line with Keynes' thinking.

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