In order to resolve the crisis and create the conditions for growth and more jobs, more Europe is needed, not less. More Europe: a new Europe must combine solidarity, responsibility and shared confidence. This confidence will essentially stem from the symmetrical and balanced economic governance of efficient and indispensable budgetary and fiscal harmonisation.
More Europe to guarantee budgetary responsibility and integration, more Europe to pool the risks stemming from sovereign debt, restore long-term creditworthiness, facilitate and implement structural reforms and to mobilise investment for growth, competitiveness and jobs throughout the EU in order to achieve a social Europe and well-being for all.
The EESC welcomes the publication of the Green Paper on Stability Bonds. Substantively, it is a logical part of an increasingly integrated European Union equipped with a single market and a European capital market. The EESC shares the Commission’s view that Stability Bonds must have a high credit quality to be accepted by investors and the Member States of the euro area.
As regards the various “options for issuance of Stability Bonds”, the Committee believes that ‘median’ approach, which involves “partial substitution of Stability Bond issuance for national issuance, with joint and several guarantees” is the most practicable and overall the most acceptable option.
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