Brussels, 16/02/2012 (Agence Europe) - The European Commission received the paltry total of 18 submissions to its consultation on releasing eurobonds which would allow part of the debt of the eurozone countries to be pooled. “We have received only 18 replies to the internet questionnaire and to DG ECFIN's functional mail box. These replies came mostly from private citizens and to a lesser extent from different institutions”, acknowledged Digital Agenda Commissioner Neelie Kroes, speaking on behalf of the Commission in response to an oral question from the European Parliament on Tuesday evening. Repeating the Commission's position, she said that eurobonds, or “stability bonds” could deliver “very tangible, positive results” on the integration and stability of European capital markets. “The more ambitious our approach is, the higher benefits it will bring”, she argued. The issue of these financial instruments, which will not, on their own, provide a quick fix to the sovereign debt crisis, must not be allowed to weaken efforts on budgetary consolidation.
In a resolution adopted on Wednesday 15 February, the European Parliament said that more work was needed on the release of eurobonds, including on how to make the system more attractive for those countries which have an AAA rating. It stated that the joint release of sovereign bonds requires greater coordination of budgetary policies. It looked favourably on the suggestion by the German Council of Economic Experts of a European redemption pact to manage the excessive part (above 60% of GDP) of the debt of eurozone countries (see EUROPE 10528). (MB/transl.rt)