Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-356-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2012-02-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"pl"^^xsd:language2
lpv:document identification number	"en.20120215.18.3-356-000"2
lpv:hasSubsequent	lp_eu:2012-02-15-Speech-3-357-0002
lpv:speaker	lp:Sławomir Nitras2
lpv:spokenAs	unknown; Platforma Obywatelska (2009-07-14--2014-06-30)3 substitute; PECH (2012-01-19--2014-06-30)3 member; EPP (2009-07-14--2014-06-30)3 substitute; Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) (2011-09-29--2014-06-30)3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (2009-09-16--2014-06-30)3 member; ECON (2012-01-19--2014-06-30)3
lpv:translated text	"The current financial crisis has laid bare the imperfections of the institutional architecture of the euro area and its economic governance. Mention should be made, here, not only of the protractedness of the decision-making process and the ineffective enforcement of fiscal discipline in the Stability and Growth Pact, but also of the susceptibility to speculative attacks and the changeability of the prices of assets in sovereign bond markets, which reduce the effectiveness of the common monetary policy. The initial proposal for the introduction of what are called stability bonds, in other words, a form similar to the common sovereign bonds issued on behalf of all the euro area Member States, is certainly worthy of attention. The potential benefits of introducing this remedy are the principal reasons which ought to persuade us to carry out an in-depth analysis of this question. The use of a form of mutualisation of debt can help increase the effectiveness, stability and resistance to sudden disruptions of the European market in government bonds. In periods of increased aversion to risk, a common bond market will make it easier for the Member States which participate in the mechanism to enjoy access to the market, and will also increase the effectiveness of the monetary transmission mechanism in the euro area. It should also be added that the effect of scale will reduce the transaction costs and strengthen the role of the euro as an international reserve currency in the global financial market. Putting this proposal into effect entails important consequences for the global financial market and the future efficiency of operation of the euro area, but in order to evaluate it objectively, it is necessary to make a comprehensive examination of all possible variations and draw up a careful benefit-risk balance."@en1

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