вИдение Европы

kar_barabas — 27.06.2012 Драги потребовал у лидеров "vision", и Ван Ромпуй, посоветовавшись с коллегами, опубликовал это "вИдение" у себя на сайте 7-страничный план.  Текст оказался короче, чем первоначальные версии, которые по слухам были по10-15 страниц. ФТ утверждает, что убрали подробности по краткосрочным мерам стабилизации. Это и правильно, потому что сосредоточиться лидерам надо на главном, хотя тянуть с деталями до октября и тем более до декабря опасно :)  Есть, конечно, надежда на помощь Драги, если тот поверит реакции лидеров в четверг и пятницу. 

Ждем реакцию лидеров и надеемся на огромный энтузиазм в поддержке второго раздела.  Соxраним кусочек плана, который, как я уже записывал здесь и здесь, должен быть особенно важен для Меркель. Про суверенитет авторы прямо словами Драги красиво написали: "обобществление принятия бюджетных решений в соответствии с обобществлением рисков" ("greater pooling of decision making on budgets commensurate with the pooling of risks").


In the context, within the euro area, of greater pooling of decision making on budgets
commensurate with the pooling of risks, effective mechanisms to prevent and correct
unsustainable fiscal policies in each Member State are essential. Towards this end, upper
limits on the annual budget balance and on government debt levels of individual Member
States could be agreed in common. Under these rules, the issuance of government debt
beyond the level agreed in common would have to be justified and receive prior approval.
Subsequently, the euro area level would be in a position to require changes to budgetary
envelopes if they are in violation of fiscal rules, keeping in mind the need to ensure social fairness.

In a medium term perspective, the issuance of common debt could be explored as an
element of such a fiscal union and subject to progress on fiscal integration. Steps towards the introduction of joint and several sovereign liabilities could be considered as long as a robust framework for budgetary discipline and competitiveness is in place to avoid moral hazard and foster responsibility and compliance. The process towards the issuance of common debt should be criteria-based and phased, whereby progress in the pooling of decisions on budgets would be accompanied with commensurate steps towards the pooling of risks. Several options for partial common debt issuance have been proposed, such as the pooling of some short-term funding instruments on a limited and conditional basis, or the gradual roll-over into a redemption fund. Different forms of fiscal solidarity could also be envisaged.

A fully-fledged fiscal union would imply the development of a stronger capacity at the
European level, capable to manage economic interdependences, and ultimately the
development at the euro area level of a fiscal body, such as a treasury office. In addition, the appropriate role and functions of a central budget, including its articulation with national budgets, will have to be defined.


рисунок из заметки в "Экономисте" "Angela's vision".

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