Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-28-Speech-3-247-000"
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"en.20110928.19.3-247-000"2
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".
I voted for the excellent report by my colleague Sylvie Goulard on budgetary surveillance in the euro area. It is a crucial component of the legislative package on reforming economic governance, known as the ‘six-pack’ in European jargon. The report’s key proposal is worded as follows: ‘Member States whose currency is the euro should pool up to [...] per cent of the sovereign debt under joint and several liabilities (Eurosecurities).’
This key idea has been advocated for months by the Group of the Alliance of Liberals and Democrats for Europe, and calls for the creation of Eurobonds, in other words a pooling of the debt and the ability for countries currently undergoing austerity to borrow at reasonable rates on the markets. Of course, pooling the debt will not get rid of it. It goes without saying that Greece, like the other countries at risk, must first start stabilising their public finances.
However, beyond the Member States having to bear reduced financial costs, the greatest strength of Eurobonds certainly lies in promoting the euro as a safe-haven currency. This is a credible alternative to the dollar since 25% of Chinese foreign exchange reserves are already in the European currency."@en1
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