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12th report of session 2010-11, Vol. 1: Report
出版The Stationery Office, 2011-03-28
主題Business & Economics / Economics / GeneralPolitical Science / International Relations / General
ISBN01084732369780108473234
URLhttp://books.google.com.hk/books?id=tUGPG0Rk61wC&hl=&source=gbs_api
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註釋The banking crisis in 2008 triggered a crisis of confidence in the financial health of Member States of the euro area. The effect of the crisis across the EU demonstrated the interconnection between the banking sector and public finances. In response the European Commission has put forward a series of legislative proposals that would monitor and coordinate more closely economic policies between Member States. The proposals focus on two elements: fiscal discipline and macroeconomic stability. This report says that attempts to keep the euro area stable will fail unless EU Member States stick to the rules. The Committee is sceptical that Member States will sustain the necessary political will to do so. It says that controversial proposals for a Pact for the Euro risk developing a 'two-speed' Europe, creating a significant distinction in the single market between those states inside the pact and those outside. It warns that reassurances by the UK and several other Member States that the private sector would sustain no losses on sovereign debt issued before 2013 might prove too heavy a burden for taxpayers in countries such as Greece and Ireland to sustain. The Committee recommends that the private sector share the burden of restructuring sovereign debt after the new permanent crisis mechanism comes into force after 2013. The Committee warns that proposals to monitor and correct macroeconomic imbalances must not result in corrective recommendations being issued which could hurt Member States' global competitiveness. This is particularly true for those countries with a current account surplus