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The text affirms that fears of free-riding can be overcome by carefully-crafted solutions, so debt pooling need not be automatically taboo. It also points out that the eurozone is unique in having a single currency, but no common bond market.
The resolution, authored by French Liberal Sylvie Goulard, calls on the Commission to report on the various options for pooling debt, possibly accompanying this report with a roadmap for introducing them. The resolution was adopted with 361 votes in favour, 268 against and 33 abstentions.
MEPs advocate setting up a European Redemption Fund
The resolution sets out various options. Some could be implemented immediately or in the medium term such as a European Redemption Fund, whereas common issuance of national debt or the creation of European debt would require a Treaty change.
Monetary union entails going further
The resolution notes that the eurozone is in the unique situation of having a shared currency but no common bond market or common budgetary policy. The euro bloc's stability therefore depends on its completion, which is bound to have a positive effect on financial markets.
See also ALDE: Further examination of a form of common bond issuance is justified