TAILIEUCHUNG - GREEN PAPER on the feasibility of introducing Stability Bonds

Under this approach, euro-area government financing would be fully covered by the issuance of Stability Bonds with national issuance discontinued. While Member States could issue Stability Bonds on a decentralised basis via a coordinated procedure, a more efficient arrangement would imply the creation of a single euro-area debt agency16 . This centralised agency would issue Stability Bonds in the market and distribute the proceeds to Member States based on their respective financing needs. On the same basis, the agency would service Stability Bonds by gathering interest and principal payments from the Member States. The Stability Bonds would. | À EUROPEAN COMMISSION Brussels COM 2011 818 final GREEN PAPER on the feasibility of introducing Stability Bonds GREEN PAPER on the feasibility of introducing Stability Bonds 1. Rationale and pre-conditions for stability bonds1 . Background This Green Paper has the objective to launch a broad public consultation on the concept of Stability Bonds with all relevant stakeholders and interested parties . Member States financial market operators financial market industry associations academics within the EU and beyond and the wider public as a basis for allowing the European Commission to identify the appropriate way forward on this concept. The document assesses the feasibility of common issuance of sovereign bonds hereafter common issuance among the Member States of the euro area and the requiredconditions2. Sovereign issuance in the euro area is currently conducted by Member States on a decentralised basis using various issuance procedures. The introduction of commonly issued Stability Bonds would mean a pooling of sovereign issuance among the Member States and the sharing of associated revenue flows and debt-servicing costs. This would significantly alter the structure of the euro-area sovereign bond market which is the largest segment in the euro-area financial market as a whole see Annex 1 for details of euroarea sovereign bond markets . The concept of common issuance was first discussed by Member States in the late 1990s when the Giovannini Group which has advised the Commission on capital-market developments related to the euro published a report presenting a range of possible options for co-ordinating the issuance of euro-area sovereign debt3. In September 2008 interest in common issuance was revived among market participants when the European Primary Dealers Association EPDA published a discussion paper A Common European Government Bond 4. This paper confirmed that euro-area government bond markets remained highly fragmented almost 10 years .

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