Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-10-23-Speech-1-123"
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"en.20001023.10.1-123"2
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".
Mr President, I would like to thank Mrs Sartori for her report, which we have found very valuable. The aim of this Commission report is to provide a basis for examining the single facility providing medium-term financial support and for revising it, should this prove necessary.
The financial mechanism implements Article 119 of the EC Treaty, which only remains in force during the third stage of economic and monetary union for the Member States which are not participating in monetary union. The last assessment was carried out in October 1997 on the basis of a report drawn up by the Commission. On that occasion, the Council endorsed the Commission’s position, which recommended that the mechanism should be continued, and decided that a further assessment, carried out according to the same procedure, would be necessary in the light of the changes linked to the commencement of the third stage. The Commission is therefore bound to submit a report to the Council so that the Council can carry out this additional assessment of the mechanism.
The report makes three principle recommendations. Firstly, the single facility should be continued in that it is an instrument implementing Article 119 of the Treaty which will continue to apply to the Member States which are not part of the eurozone; until they participate in the single currency, these Member States, in a similar way to the new Members of the Community, are liable to encounter problems with their balances of payments and therefore to wish to have recourse to the mechanism under consideration. In view of the current level of economic, financial and monetary integration, the likelihood that these Member States will encounter difficulties related to the balance of payments is extremely low from the institutional point of view, but the mechanism must, nevertheless, remain in force.
Secondly, the possibility of having recourse to funds contributed by other Member States to finance the loans granted under the mechanism should be eliminated since, for various reasons, it has never been used. In future, recourse to the capital market should be the only option available.
Thirdly and finally, the drop in the number of Member States who could now apply for this form of financial support and the need to cover the potential borrowing requirement of new Member States justify lowering the mechanism's ceiling from EUR 16 billion to EUR 12 billion. The Economic and Financial Committee has drawn up an opinion which it sent to the Presidency on 14 July 2000. The Committee considers that the conclusions of the analysis of the single facility performed by the Commission are in line with its positions."@en1
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