Activities of Olle SCHMIDT related to 2012/2028(INI)
Shadow opinions (1)
OPINION on the feasibility of introducing Stability Bonds
Amendments (13)
Amendment 1 #
Draft opinion
Paragraph -1 (new)
Paragraph -1 (new)
-1. Stresses that as a necessary precondition for a common issuance of bonds, a sustainable fiscal framework needs to be in place and Member States need to have significantly reduced their current deficit and debt levels;
Amendment 3 #
Draft opinion
Paragraph 1
Paragraph 1
1. Believes that Stability Bonds could do much to consolidate the internal market and stimulate the economy, especially by boostingif a stability culture has been credibly established the prospect of Stability Bonds could foster stability in the euro area, which is important for the completion of do the internal market and a return to growth, especially with regard to the development of small and medium- sized enterprises;
Amendment 8 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Believes that Stability Bonds could be an additional means of incentivising compliance with the stability and growth pact, provided that they address the moral hazard issue;
Amendment 16 #
Draft opinion
Paragraph 2
Paragraph 2
2. Welcomes the fact that, as regards possible Stability Bond systems, a range of options have been put forward, but believes that it is necessary to assess all of the existing proposals, as listed in Annex 2 of the Green Paper, and the recent proposal by the German Council of Economic Experts; considers that it is important to know how far the high degree of moral hazard attributed to option 1 could be counteracted by varying the interest rates to be charged to countries, or whether the higher interest rates on ‘red bonds’ would quickly become unsustainable for countries using that source of finance;
Amendment 29 #
Draft opinion
Paragraph 6
Paragraph 6
6. Recommends that, with a view to harmonising the conditions of access for Member States to these bonds, the Commission take into account the context of crisis and fiscal difficulties in a number of euro area countries when laying down the ‘strong fiscal conditions’ for entry to the Stability Bond system.a possible Stability Bond System, the Commission should clarify exit and entry criteria based on strong conditionality including budgetary discipline and high competitiveness;
Amendment 81 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes that the mutualisation of public debt violates provisions of the constitutional law in some Member States.
Amendment 121 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Reiterates that as a necessary precondition for any common issuance of bonds, enhanced economic governance in the euro area surveying and enforcing fiscal policies needs to be in place.
Amendment 149 #
Motion for a resolution
Paragraph 9
Paragraph 9
Amendment 167 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Commission to prepare contingency plans allowing a rapid implementation of theseis schemes;
Amendment 179 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Believes that, in parallel, there is an urgent need to recapitalise the European banking sector and to further complete financial integrationthe single market for financial services in the EU; calls on the Commission to put forward proposals for a single financial supervisory authority to oversee systemic financial institutions, a banking resolution regime including a recapitalisation fund and an EU-wideand eventually harmonised deposit guarantee schemes in all Member States;
Amendment 194 #
Motion for a resolution
Paragraph 12
Paragraph 12
Amendment 204 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 220 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Advocates, following the implementation of short-term measures to exit the crisis, the setting-up of a committee inspired by the Delors Committee of 1988, including representatives from Member States, the Commission and the ECB; believes that this committee should evaluate progress and make recommendations for further steps with regard to post-crisis phases, to be discussed in Parliament; takes the view that this committee should also look at the possibility of issuing genuine federal bonds;.