EU Recovery Bonds - Anleihen zur wirtschaftlichen Erholung

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Heinrich
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EU Recovery Bonds - Anleihen zur wirtschaftlichen Erholung

Beitrag von Heinrich »

Die UEF nimmt zur jüngsten Abmachung der Euro-Gruppe wie folgt Stellung:

The agreement reached yesterday evening by the Eurogroup on a set of financial measures to support EU member states in the fight against COVID 19 and its immense economic and social impact - and particularly the agreement on a new “recovery Fund” to support European economy and cohesion among member states and citizens - marks a welcome turn in the response of the European Union to the crisis, after many weeks of dis-alignment among member states. We welcome that those member states most reluctant towards European solidarity tools have moved their position and made a deal possible.

Sandro Gozi, President of the Union of European Federalists and Member of the European Parliament, declared: "The framework of the deal is positive. I believe that the most important decision is the creation of the new “recovery Fund” to help European economy rebound from the economic impact of COVID as fast as possible, even if the key features of the Fund are still undefined. EU leaders next week can take a bold decision and make the Fund a really transformative instrument for the future of the European Union, if they decide that the Fund can finance itself in the market issuing “recovery bonds”, guaranteed by the European Union itself, if necessary together with member states. That said, the Eurogroup should have reached a deal much earlier and without the display of disunity of the past weeks, which was not positive for the European Union’s image among European citizens. It is just the last evidence of the flaws of the Eurogroup, an inefficient and intransparent body, with a great power that should be moved to the proper institutions of the European Union”.

The "recovery Fund” complements a new European Re-Insurance Mechanism (SURE) to support national measures to face the raise of unemployment, the deployment of the European Investment Bank in support of businesses across Europe, and a limited but unconditional use of the European Stability Mechanism credit lines, for a total close to 600 billion Euros, which add to the already ongoing crucial actions by the European Central Bank supporting member states’ debt issuance to face the crisis.

The European Federalists urge the European Parliament to support increasing the level of ambition of the deal reached by the Eurogroup with respect to the “recovery Fund” in its plenary debate next week in preparation of the European Council and urges the Heads of State and Government to finalise an ambitious deal that can become effective already in the coming weeks.
Mit europäischen Grüßen,
Heinrich Kümmerle
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Heinrich
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Re: EU Recovery Bonds - Anleihen zur wirtschaftlichen Erholung

Beitrag von Heinrich »

Sandro Gozi nimmt wie folgt Stellung:

The Recovery Fund for European Renaissance

Europe is there, it is moving, it is responding to the health emergency and preparing for economic recovery.

For the past month, our Renaissance delegation in the European Parliament has been working hard, within the Renew Europe Group and with various Commissioners, governments and experts to respond to the emergency and prepare for the recovery. And various European movements and organisations, starting with the Union of European Federalists, have strongly supported our approach.

At first it was not easy to explain. Our starting point was very simple. If it is true that we are facing an unprecedented health emergency and a deep economic crisis, then we must deploy all the instruments we have and at the same time create other very innovative ones. If it is true that we are in a war against a transnational threat, such as the Coronavirus, then we must manage a war economy together. Above all, if we really want a European renaissance, we must project ourselves into tomorrow's world, not remain prisoners of yesterday's world debates. That is why we are convinced that the initiatives already taken and the work of the Eurogroup are a very important step forward. We must not, in fact, "choose" between the various instruments: we must put them all in place, simply and quickly. With a view to the European Summit on 23 April, there is already political agreement on some of these instruments: the European Integration Fund SURE (100 billion), the decision to make available without conditions 37 billion for the regions (over 10 billion for Italy, which we otherwise risked losing), the action of the European Investment Bank, which will mobilize up to 200 billion euros, the new purchases of securities of the European Central Bank (up to 900 billion, equal to 7.3% of the Eurozone's GDP, with which in March alone the ECB purchased 12 billion Italian securities and only 2 billion German securities...) and finally the use of the financing of the European Stability Mechanism/ESM (which has a capacity of 400 billion) to finance at least health spending without conditions (i.e. without the "troika" to put it simply). We are convinced that all these instruments should be fully exploited. And that other ones, more innovative, should be created to respond to the crisis by rapidly mobilising at least 1500 billion Euro. For this reason, we have proposed the "Recovery Bonds" issued by a "Recovery Fund". And we are pleased that several governments and some Commissioners have relaunched and developed our initial proposal.

A difficult path, even more complicated by the way the media and politicians have debated it in the various countries. Why? Because so many have fuelled debates of yesterday's world instead of projecting themselves into tomorrow's world. On the one hand, Eurobonds have been relaunched: a wonderful idea, involving the mutualisation of at least part of the existing national debts, linked to a political Union, with a Eurozone budget, etc., and this is a very good idea. The problem is that relaunching this debate has now reactivated yesterday world's divisions, the Greek crisis, between North and South, cicadas and ants and other even less pleasant stereotypes. And we do not have time now to get bogged down in this debate, we need to act, in an innovative and effective way. In Italy, then, the absurd debate on the ESM continues to be heated, which can and must be part of the response (in new ways). While those who voted for it in 2010, the ineffable Matteo Salvini and Giorgia Meloni, today agitate it as if it were the devil. And those who got a good deal, the Italian government, say they don't want to use it. In his last conference, Giuseppe Conte played into the hands of Salvini and Meloni, saying that he does not want the ESM even in new ways, thus contradicting the position defended by Italy in the Eurogroup. We know the reasons: but the Prime Minister should think of Italy and Europe, not the bellyaches of the 5-star Movement. They have not done better in Germany and the Netherlands, where many, including ministers Peter Altmeier and Wopke Hoekstra, nationalist parties, the newspaper Die Welt made short-sighted, stupid and offensive statements.

In this situation, we have tried to propose innovative solutions, build new alliances and fuel the debate in the two key countries: Germany and the Netherlands.

That is why, at risk of appearing fussy, we insisted from the outset on the idea of Recovery Bonds and the Recovery Fund: unlike Eurobonds, Recovery Bonds do not involve mutualisation of debt: nobody asks the German taxpayer to pay the Italian debt. On the contrary, we need to establish a European Recovery Plan, identify common objectives and European investments, establish the necessary additional resources and find them through the issuance of common European bonds guaranteed by the EU budget: these are the Recovery Bonds. This is an innovative proposal on which we have brought the Renew Europe Group together for the first time and on the basis of which we hope to reach as broad an agreement as possible with the other political groups in the European Parliament on 16 April. This proposal has been redrafted and defended by the French Government in the Eurogroup. And on which Dutch government parties in our group, such as D66, politicians such as Sophie int'Veld or Daniel Cohn Bendit, along with many others, have fed the Dutch and German debate. Without mentioning the German war debts, in short, but working on the new European challenges...

The Eurogroup has approved the idea of the Recovery Fund.

It is now up to the European Parliament and the European Council to give their opinion on the Recovery Fund.

Above all, European leaders must show a sense of urgency and decide immediately "how much" and "when". How much: the Recovery Fund should enable us to find another 1000 billion new resources. When: in a few months. How: by rapidly modifying the EU budget. That is why we are very pleased with the positions taken by Commissioners Thierry Breton and Paolo Gentiloni. But now, it is the Commission as a whole - and President Ursula Von der Leyen - that must take a clear stance in favour of the Recovery Bond and present the necessary budgetary changes as a matter of urgency. Speed: this is the key word now. Until now, we have made better use of the Europe that exists. With the Recovery Fund we have to start building the Europe that is not there. And then start that Conference on the future of Europe proposed by Emmanuel Macron on 2 March 2019 to enshrine a new European Constitutional Pact. The European Renaissance Marathon continues...
Mit europäischen Grüßen,
Heinrich Kümmerle
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