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EXPERT GROUP ON DEBT REDEMPTION FUND AND EUROBILLS

Chaired by Gertrude Tumpel-Gugerell Chaired by Gertrude Tumpel-Gugerell

Following a commitment made on 12 March 2013 to the European Parliament as part of the overall agreement on the Two Pack legislation, the European Commission established, in July 2013, this Expert Group on a Debt Redemption Fund and Eurobills. In its declaration of 12 March 2013, the Commission defined the mandate of the Expert Group as follows:

"The Commission will establish an Expert Group to deepen the analysis on the possible merits, risks, requirements and obstacles of partial substitution of national issuance of debt through joint issuance in the form of a redemption fund and eurobills. The Group will be tasked to thoroughly assess, what could be their features in terms of legal provisions, financial architecture and the necessary complementary economic and budgetary framework. Democratic accountability will be a central issue to be considered. The Group will take into account the on-going reform of the European economic and budgetary governance and assess the added value for such instruments in this context. The Group will pay particular attention to recent and on-going reforms, such as the implementation of the twoPack, the ESM and any other relevant instruments. In its analysis the Group will pay particular attention to sustainability of public finances, to the avoidance of moral hazard, as well as to other central issues, such as financial stability, financial integration and monetary policy transmission."

{edocs}http://www.todiktio.eu/pdf/EXPERT-GROUP-ON-DEBT-REDEMPTION-FUND-AND-EUROBILLS.pdf,800,800{/edocs}