Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-14-Speech-2-435-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2012-02-14"^^xsd:date2
dcterms:Is Part Of	lp_eu:Feasibility of introducing stability bonds (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20120214.21.2-435-000"2
lpv:hasSubsequent	lp_eu:2012-02-14-Speech-2-436-0002
lpv:speaker	lp:Kay Swinburne2
lpv:spoken text	"Mr President, sovereign issuance of debt is a national necessity and a way in which national governments can raise the funding required to pay for their policy delivery. The cost of funding to a sovereign is the single most important method of ensuring they do not live beyond their means. Fiscal prudence and the direct relationship between lender and borrower, in this case the Member State and the financial investors in government bond markets, are the brakes on the system, preventing overspending in the short, medium, and long term. Currently sovereign issuance in the euro zone is still conducted individually by euro zone Member States, but the stability bonds being proposed would entail a significant pooling of sovereign issuance. It remains to be seen whether a stability bond could be designed so that it does not lead to an increased risk of moral hazard. Removing the direct link between a sovereign and its investor is a risky strategy. However, designing a stability bond which delivers a reduced cost of debt for some poorer euro zone countries at an acceptable expense for the more wealthy is as big a challenge. As the German Ambassador recently said to a House of Lords inquiry, stability bonds are not a solution to the existing crisis. If there is any debate about Eurobonds this is not the time to have it. This is something that could be the crown to an existing fiscal union, but it would have very great moral hazard in an incomplete monetary union. We need to listen to his wisdom. If a Member State spends or borrows too much, it risks losing investor confidence. Collective issuance of debt will not disguise the fundamentals and investor confidence in the whole of the euro zone may unnecessarily be put at further risk."@en1
lpv:spokenAs	member; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2012-03-27)3 substitute; CULT (2012-01-25--2014-06-30)3 substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3 substitute; Delegation for relations with the Palestinian Legislative Council (2009-10-19--2014-06-30)3 member; ECON (2012-01-19--2014-06-30)3 unknown; Conservative Party (2009-07-14--2014-06-30)3 member; PECH (2009-07-14--2014-06-30)3
lpv:unclassifiedMetadata	"Kay Swinburne,"1 "on behalf of the ECR Group"1
lpv:videoURI	<go to Events_and_structure europarl>2

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