Minister for Foreign Affairs Didier Reynders on Thursday said at the European Business Summit that Europe needs to go beyond fiscal consolidation measures in order to achieve growth and create jobs. "Project bonds and later euro bonds could finance investment projects in Europe", Reynders added.
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Tim Bennett, deputy editor of MoneyWeek magazine introduces the topic of one of the most popular debt markets in the world, the Eurobond. Visit www.moneyweek.com for more of Tim's investment tutorials and a range of financial advice.
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The Euro-Crisis is getting more serious each day. Many argue that there is one thing that can save the Euro: Eurobonds. But what are these Euro-Bonds, why is it so hard for the Euro-Countries to agree on this matter. explainity tries to shed some light.
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Europeans are worried that countries like Italy and Greece, struggling with heavy debts, could fail, and threaten the Euro. Their solution -- a Eurobond. Senior Editor explains what a Eurobond is, and why some people don't like the idea.
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German Chancellor Angela Merkel on Friday told the German parliament, the Bundestag, that she continues to oppose a common financing of government debts in the eurozone. The creation of Eurobonds "will not contribute to overcoming the crisis," she said in a speech ahead of next week EU's summit on the euro in Brussels. Merkel told representatives that she expects it will take years to solve the crisis. The German government leader also said that she opposes a more active role of the European Central Bank, the ECB. Some have suggested that the ECB buy state debts of problem countries, in order to keep interest rates of for example Italy and Spain lower than they are now. This video was made available by the audiovisual services of the Bundestag.
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Watch the full 12-minute video at www.goldmoney.com In this video Philipp Bagus, Assistant professor of Economics at Madrid's Universidad Rey Juan Carlos and author of The Tragedy of the Euro, talks about the problem of moral hazard within the eurozone. There is an incentive for governments to impose the cost of government spending on the holders of the currency. Since central banks are presently in the business of financing governments, immediate defaults by governments would follow if the central banks were to stop accepting government bonds as collateral to prevent this moral hazard issue. In the case of Eurobonds, Bagus sees the explicit manifestation of the implicit redistribution mechanism that existed from the beginning of the European Union. This interview was recorded on November 15 2011 in Madrid.
inflation euro crisis central banks ECB Greece Italy moral hazard EFSF Eurobonds bailouts Philipp Bagus The Tragedy of the Euro goldmoney Foundation Madrid
A paper by Carlo Favero and Alessandro Missale defends the argument for a Eurobond but states that it is hard to think of solutions for the euro debt crisis without further steps towards political integration. Subscribe the Bocconi newsletter www.unibocconi.it The prevalence of market sentiments over fundamentals in times of crisis provides the strongest economic justification to the introduction of a Eurobond, specifically a bond "issued by a group of euro-area member states backed by several and joint guarantees: each participating issuer would guarantee the totality of the obligations", according to the definition provided by Carlo Favero (Deutsche Bank Chair in Asset Pricing and Quantitative Finance, Department of Finance and IGIER) and Alessandro Missale (Università di Milano) in Sovereign Spreads in the Euro Area. Which Prospects for a Eurobond?, a paper recently presented at the Economic Policy Fifty-fourth Panel Meeting, hosted by the National Bank of Poland. The Eurobond would allow heavily indebted and less disciplined countries to access the debt market at lower rates, but would benefit also the most fiscally disciplined countries, as it could avoid the propagation of crises at a lower cost than the intervention of the European Financial Stability Facility (EFSF). The authors, though, admit that "it is hard to think of solutions of the euro debt crisis without further steps towards political integration" and suggest "some form of fiscal union to address <b>...</b>
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What social formation do you see evolving from this crisis?
www.euronews.net Germany's failed bond auction on Wednesday may lead to movement from Berlin on the subject of Eurobonds when France's Nicolas Sarkozy meets Angela Merkel today along with Italy's new leader Mario Monti. Sarkozy and others want the ECB to have a more decisive crisis-fighting role, something Germany resists, but if its bonds are losing safe haven status the time may have come to think again.
+++ Title of Story +++ ALDE Leader, Guy Verhofstadt, says eurobonds are the only way to solve the crisis +++ Story Summary +++ Liberal group leader in the European Parliament, Guy Verhofstadt, and one of the three parliamentary negotiators on the new fiscal compact agreement decided at the European summit on 9th December 2011 outlines why a change to the Treaty is not enough on its own to solve Europe's debt crisis and why some form of debt mutualisation has to be considered. "I am a strong believer that it is possible to create a system for the common issuance of bonds which at the same time: • lowers the refinancing costs of Member States to free resources for investment into growth, • reinforces compliance with the Stability and Growth Pact and therefore strengthens fiscal discipline, • and prepares the ground for establishing the euro as a global reserve currency. There is a growing consensus that it is possible to create a Eurobond which effectively eliminates moral hazard through fiscal discipline while at the same time reaping the benefits of a sovereign bond market comparable in size to the one of the United States of America. I also believe that the prospect of establishing a common bond market in the medium term will send a strong signal to markets that Europe puts an end to the unsustainable situation of sharing a common currency but preserving 17 national economic policies, 17 national fiscal policies and 17 national bond markets. +++ Shotlist +++ Edited <b>...</b>
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Jan 11 2011 Eurobonds have been proposed as a tool to address the last issue. Although these have been discussed for more than two years, during which the crisis has worsened, no progress has been made, perhaps because the idea seems too new, and because of the ambiguity of political positions. Yet the creation of a new instrument of public debt is not a new problem in history, and past experiences provide clear lessons. more here www.voxeu.org
President of the European Commission, Jose Manuel Barroso, on Wednesday unveiled the Commission's new proposal to issue eurobonds as opposed to national issuance by the 17 members of the euro zone. With this new plan, Mr. Barroso expects to decrease market fears on national sovereign debts and avoid continuous bail-outs of countries without financial stability. "The joint issuance of debt in the euro area could bring tremendous benefits. It could lead to greater financial integration and to the creation of a much larger and more liquid bond market -- comparable to that which exists for United States Treasuries.", Barroso said. However, the Commission stated the the new plan comes together with a more intrusive national budgetary surveillance. The new proposal comes when countries like Spain, Italy and France have seen their borrowing costs rise significantly. Barroso's eurobonds hasn't so far convinced German chancellor Angela Merkel, who defends treaty changes rather than eurobonds as a more effective solution to the current debt crisis. Barroso is calling for a public consultation to assess weather the 17 members of the eurozone could use the so-called "stability bonds" to raise money. "I would like to make an appeal for these discussions to be approached by all parties with an open mind and for them to be free of dogma.", Barroso said.
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www.euronews.net Brussels has unveiled its plans for euro bonds, seen by some as a miracle cure to the bloc's debt crisis. Despite German opposition, the consultation launched by EU Commission President Jose Manuel Barroso aims to see if all 17 euro zone countries could raise cash together.
The European Commission will present options soon for the introduction of euro area bonds, its president José Manuel Barroso said on Wednesday (14 September), urging a decisive move towards greater economic integration to drag the euro zone out of the debt crisis. An initial European Commission proposal to double the research budget to 100 billion euro for seven years has already been lowered to 80 billion. A member of the European Parliament, Maria Da Graça Carvalho, familiar with the negotiations, on Thursday told the Paradiso-FP7 conference that Germany has indicated it's willing to support a budget just below 80 billion for the seven-year period starting in 2014. That still would be a significant increase over the current seven-year budget of 50 billion euro which is ending in 2013. The current round of ICT research funding is known as FP7, or the Seventh Framework Programme. It's the type of research money that has helped for example develop the GSM mobile phone technology that now is in use globally. Also speaking in this report are: - Neelie Kroes, Vice-President of the European Commission and Commissioner for Digital Agenda. - Catherine Trautman, Member of the European Parliament and Governor of the European Internet Foundation - Anna-Maria Darmanin, Vice-President of the European Economic and Social Committee - Ziga Turk, former minister for Growth in Slovenia - Zoran Stancic, Deputy Director-General, DG INFSO, European Commission.
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To watch more visit us @ www.youtube.com twitter.com twitter.com The Eurozone crisis comes to America's door step, literally. Eu leaders held a summit at the white house today where Barack Obama met with European Council President Herman Van Rompuy and President of the European Commission Jose Manuel Barroso today. For those of you unfamiliar with Herman Van Rompuy, we will be playing a part of our interview with European MEP and leader of UKIP, Nigel Farage, who explains. And as leaders particularly of the western world prescribe austerity with the one thank, the other is busy printing money. Central banks across five continents have reportedly turned to monetary stimulus to avoid a global economic slump, easing interest rates the most since 2009. Joining us to discuss all of this is Edward Harrison, founder and chief contributor to Credit Writedowns, a financial and economic blog. And lastly, its been 10 years since Enron collapsed, and the giant "E" outside their headquarters in Texas was auctioned off. Who got it? A company called Microcache in Houston. We track them down and tell you all about it.
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EUobserver / Brussels (11th January 2012) Eurobonds would mean that eurozone member states would share the burden of the debt crisis by pooling their debt together and propping each other up. The Liberal group in the European Parliament is a strong advocate of these bonds and has been pushing the Commission on the issue for months. French MEP Sylvie Goulard is responsible for the dossier and shares her thoughts with EUobserver in this video. What do you think? Should member states share out the burden in this manner? By Méabh Mc Mahon
In the midst of Europe's increasing economic woes, discussions surrounding common euro bonds, which would effectively pool individual governments' debt, have underscored the solid division hindering efforts to coordinate a response to the crisis. Joe Prendergast, Head of Currency and Commodity Strategy at Credit Suisse, says joint bonds are theoretically logical but politically fraught.
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Jose Manuel Barroso, President of the European Commission, on Wednesday told the European Parliament that he is strongly in favor of creating Eurobonds, setting out a collission course for the European Commission with Germany, which opposes the creation of Eurobonds.
Barroso eurobonds merkel Germany economic union Jose Manuel Barroso tax Eu EU Tax Strasbourg speech state of the union news Euro crisis European Union European Parliament EUX.tv EUX euractiv.com EUXTV euractiv
Despite denials that the EU is looking to issue eurobonds to help solve the bloc's debt crisis, the concept has been mooted in the European parliament. The announcement came during a debate to discuss the financial bailout mechanism and long term stability within the eurozone. European Commission President Jose Manuel Barroso said the eurobonds plan is "not just an act of solidarity, it's an act of self-interest." He said that the proposals may need changes to EU treaties. ... www.euronews.net
Was ist mit Eurobonds gemeint? Welche Vor und Nachteile hätte die Einführung von Euro-Bonds. Diese Fragen werden hier untersucht.
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Arriving at Monday's meeting of Eurozone Finance Minister, German Finance Minister Wolfgang Schauble explains why Germany opposes the idea of creating special eurobonds, to be issues by the European Union.
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Video Press Release ALDE welcomes the European Commission's adoption today of a new economic governance package including a Green Paper on 'Stability bonds' which paves the way to medium and long term economic stability and sustainable growth. "The Commission is right to assert its leadership role in this area despite some Member States' reluctance. If we want to make the euro zone more resilient against future crises, we will have to continue to work further towards establishing an economic and fiscal union - as outlined in recent ALDE proposals for a new 'Community Act'. The two legislative proposals to strengthen economic and budgetary surveillance are a step in this direction to closer convergence and integration," said ALDE President Guy Verhofstadt. Mr Verhofstadt welcomed in particular that the Commission not only presented ambitious ideas on how to introduce Stability Bonds in the future but also that it hinted to Member States what an immediate solution to the crisis could be by elaborating on the European redemption pact proposed by the German Council of Economic Experts. "In the absence of a proposal to solve the crisis by the Council, the Commission rightly points to the redemption fund recently proposed by the German Council of Economic Experts. The Commission should now actively promote the immediate adoption of this proposal, which does not require any modification of the Treaties".
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