Text tabled : B7-0534/2011

  Juozas Imbrasas (EFD), in writing. – (LT) I welcomed this document because the forthcoming European Council is of great importance and must finally and decisively show the way forward. I believe that the following basic elements of the Council are very important: an EU plan for the recapitalisation of European banks, the communitisation of the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM), and an assessment of whether the available and envisaged means will suffice to bring the sovereign debt crisis under control, a meaningful European growth, investment and jobs plan that also includes project bonds, ways of improving Member States’ efforts to coordinate and harmonise elements of their tax systems, including measures against tax fraud, evasion and avoidance, and proposals to complete the overhaul of financial market regulation to make the EU economy more resilient to future crises. It is also important for there to be a report on the setting up of a system of common issuance of European sovereign bonds (eurosecurities) on the basis of joint and several liability before the end of 2011. These eurosecurities would serve to strengthen fiscal discipline and increase stability in the euro area through the markets, and, by taking advantage of the increase in liquidity, would ensure that Member States enjoying the highest credit ratings would not be penalised by higher interest rates.